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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Tmt Investments Plc | TMT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.01 | 0.27% | 3.68 | 16:35:28 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 3.68 | 3.67 |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 09/07/2019 | Special | USD | 0.2 | 18/07/2019 | 19/07/2019 | 31/07/2019 |
| Top Posts |
|---|
Posted at 20/3/2024 18:52 by widescreen07 Here's the piece from IC:A smart way to own US tech stocks A cash-rich venture capital company is priced 45 per cent below book value even though its largest investee company is planning an IPO March 20, 2024 by Simon Thompson • Net asset value up from $201.7mn to $208.1mn (662¢) • Net cash of $11mn in mid-March 2024 • Bolt holding conservatively valued at $72mn • Backblaze stock price soars 34 per cent post year-end TMT Investments (TMT: 378¢), a venture capital company with a portfolio of more than 50 high-growth, internet-based companies, reported an annual pre-tax profit of $6.4mn after booking $7.4mn net gains on its investment portfolio last year. Notable uplifts include a $5.4mn gain on its listed holding in Nasdaq-quoted cloud storage group BackBlaze (US: BLZE) and $14.6mn of cumulative gains on 11 unlisted holdings to reflect higher valuations following equity funding rounds. TMT’s investments in Collectly, a US patient billing platform for medical organisations, and Educate Online, a distance education platform for children and young adults both trebled in value to $6.4mn and $2.85mn, respectively. TMT’s stake in UK-based challenger bank 3S Money Club increased $3mn in value to $17.1mn, too. Of course there were also negative valuation movements, one of which reduced the carry value of TMT's holding in Pandadoc, a proposal automation and contract management software provider, by $2.8mn to $8mn. It was based on an independent secondary share sale offer received by TMT. However, this should not negate the fact that the portfolio still delivered growth. Since the period end, BackBlaze’s stock price has risen sharply following earnings upgrades, which has lifted TMT’s proforma NAV per share to 690¢. Management has taken the opportunity to sell down a further $4.2mn of its stake, which boosts the debt free group's cash pile to $11mn to fund follow-on or new investments, and still retains a holding in BackBlaze worth more than $30mn (95¢). Bolt IPO to release hidden balance sheet value It’s worth noting that TMT’s 1.26 per cent stake in international taxi and food delivery group Bolt is held in the accounts at $72.2mn (230¢) even though it had a read through valuation of $103.3mn following Bolt’s €628mn fundraising round in January 2022, led by Fidelity and Sequoia, that valued the fast-growing company at €7.4bn ($6.8bn). Since then Bolt has delivered double-digit annualised revenue growth, is forecast to move into profit this year and is planning to IPO in 2025. Bearing this in mind, the stock price of closest comparable, Uber Technologies (US: UBER), a $160bn market capitalisation group, has surged 82 per cent since Bolt’s fundraising two years ago. In the real world, it’s highly unlikely TMT’s stake in Bolt is worth anything less than the $103mn implied valuation at the January 2022 fundraise, implying potential for a $31mn (99¢) revaluation in TMT’s accounts when Bolt launches its IPO. That’s simply not in the price. Since I included TMT’s shares in my 2023 Bargain Share Portfolio they have risen 28 per cent in value, but they still trade on an unwarranted 45 per cent discount to proforma NAV of 690¢ and that excludes the hidden value in the Bolt stake. Buy. |
Posted at 20/3/2024 15:14 by widescreen07 Investors Chronicle has given TMT thumbs up again post Results. Strong cash pile of $11m, debt free, conservative valuation of Bolt and savyy management.Nice to see recent investments in US companies that have all raised chunky Series A rounds including Rain hxxps://www.business and Forta in Jan 24 hxxps://techcrunch.c |
Posted at 19/3/2024 07:32 by rimau1 Great work by proactive management, partially disposing of backblaze to take advantage of the price rise now leaves tmt with sufficient liquidity for new and follow on investments. Pandadoc took a hammering but interestingly Bolt was only revalued upwards by 500bps despite the meteoric rise in Lyft and Uber in 2023. NAv $6.62 v $3.82 with hidden value in Bolt |
Posted at 19/2/2024 16:32 by value hound More from ST today...--- ...the stock price of Nasdaq-quoted cloud storage group Backblaze (US: BLZE) soared 45 per cent on 16 February 2024 following a forecast-busting set of results that led to analyst upgrades. It was the day my 2023 Bargain Shares Review was published. One of the constituents is TMT Investments (TMT: 342¢), a venture capital company with a portfolio of 55 high-growth, internet-based companies, one of which is Backblaze. TMT’s 10.4 per cent stake in the US company is now worth $44.3mn (139¢), or 172 per cent more than the $16.2mn (51¢) carrying valuation on 30 June 2023. Last Friday’s 45 per cent price surge accounts for half the increase. It means that TMT’s spot NAV of $227mn (721¢) is 110 per cent higher than its market capitalisation of $108mn even though the company’s 1.3 per cent stake in taxi and food delivery group Bolt is conservatively valued at $71.3mn (226¢). The stock price of the closest comparable, Uber Technologies (US:UBER), has surged 82 per cent since TMT’s last valued its stake in Bolt. The pricing anomaly in TMT’s shares is worth exploiting. Buy. |
Posted at 19/2/2024 08:19 by rimau1 BBLZE plus cash is now worth 50% of the marketcap, TMT really should have rerated to $4 just on BBLZE news. I suppose we need to wait for march results for revaluation news and the wider portfolio. 75% held by 12 holders means the spread probably puts folks off. |
Posted at 15/2/2024 11:09 by sev22 Simon Thompson's 2023 Bargain Shares Review, 14th February 2024.Aim: Share price: 311¢ Bid-offer spread: 310-312¢ Market value: $97.8mn *55 per cent share price discount to spot NAV estimate *Combined value of stakes in Bolt and Backlaze worth more than TMT’s own market capitalisation TMT Investments (TMT) is a venture capital company with a portfolio of 55 high-growth, internet-based companies in high-growth market segments: software as a service (SaaS), marketplaces, big data/cloud, EdTech, FinTech, ecommerce and foodtech solutions. The below-the-radar company continues to offer material share price upside, as well as hidden value in its portfolio. For instance, when TMT reported a modest $2mn fall in NAV to $199mn (632¢) in the first half of 2023, the carrying valuation of its 1.3 per cent stake in international taxi and food delivery group Bolt was conservatively raised by $1.5mn to $71.3mn (226¢), implying a $5.7bn valuation for the whole company. Since then, the stock price of its closest and comparable rival, Uber Technologies (US:UBER), a $145bn market capitalisation company, has rallied 63 per cent. Bolt continues to record double-digit annualised revenue growth, and is targeting a move into profitability this year and a potential IPO in 2025. In addition, TMT’s 10.4 per cent stake in Nasdaq-quoted cloud storage group Backblaze (US:BLZE) has risen 110 per cent in value from $16.2mn (51¢) to $34.1mn (107¢) since TMT’s half-year end. The holding now backs up more than a third of TMT’s market capitalisation of $97.8mn. Furthermore, TMT should still retain cash of around $6mn (19¢) after factoring in $0.9mn of new investments and $0.7mn of estimated second-half administration costs. TMT’s undervaluation is even more anomalous when you consider that it has delivered an internal rate of return (IRR) of 16.3 per cent since IPO in December 2010, having invested in 95 companies, and realised 19 profitable full and partial exits. TMT was one of the earliest investors in four technology sector unicorns: Wrike (exited in 2018), Pipedrive (exited 2020), Bolt and Pandadoc, a proposal automation and contract management software provider. True, TMT’s shares are tightly held, with 12 shareholders holding three-quarters of the shares in issue. However, the below-average liquidity certainly doesn’t warrant a read-through 55 per cent share price discount to spot NAV, and one that could be substantially wider if the Bolt stake is (as seems highly likely) revalued upwards in the 2023 annual accounts to reflect the higher ratings of listed peers. In any case, an IPO of Bolt will highlight the hidden value on offer in TMT’s shares and should drive a material rerating. BUY. |
Posted at 14/2/2024 20:08 by popit That is ok then!I was expecting the share price of TMT to collapse! lol |
Posted at 07/11/2023 10:43 by sev22 Exploit this glaring market anomaly.A cash-rich venture capital company is rated on a 64 per cent discount to book value despite an impressive track record. November 7, 2023 by Simon Thompson *64 per cent discount to last reported NAV. *Positive portfolio revaluations likely at year-end. *Net cash position. *Stake in Bolt worth more than TMT’s market value. TMT Investments (TMT:228¢), a venture capital company with a portfolio of more than 55 high-growth, internet-based companies, has been severely de-rated since the interim results in mid-August 2023. It’s completely unwarranted. To put the magnitude of the undervaluation into perspective, the $71.3mn (227¢) carrying value of the company’s largest holding, a 1.26 per cent stake in international taxi and food delivery group Bolt, is the same as TMT’s own market capitalisation. Effectively, cash and all the company's other investments are in the price for free. It’s not as though the holding in Bolt is being overvalued. If anything, the opposite is the case. That’s because the $103.3mn read-through valuation following Bolt’s €628mn fundraising round in January 2022 was reduced by a third to $69.7mn in TMT’s 2022 annual accounts. The write-down reflected lower comparable valuations of listed rivals after last year’s technology sector rout, and placed a valuation of $5.5bn on Bolt’s equity. However, the stock price of its closest rival, Uber Technologies (US:UBER), a $98mn market capitalisation company, has doubled in value this year and is trading 14 per cent higher than in January 2022 when Bolt carried out its own fundraising. Bolt continues to record double-digit annualised revenue growth, so has hardly gone ex-growth. In fact, it is targeting a move into profitability in 2024 and a potential IPO in 2025. In addition, when TMT reported a modest $2mn fall in net asset value (NAV) to $199mn (632¢) in the first six months of 2023, the carrying valuation of the Bolt stake was conservatively raised by $1.5mn to $71.3mn. The stock price of Uber has rallied 10 per cent since then, adding further weight to the view that TMT’s holding in Bolt is conservatively valued. Huge ‘margin of safety’ It’s worth pointing out that TMT’s 10.39 per cent stake in Nasdaq-quoted cloud storage group Backblaze (US:BLZE) has increased 33 per cent in value from $16.2mn (51¢) to $21.6mn (69¢) since TMT’s half-year end. The holding backs up 30 per cent of TMT’s market capitalisation. Also, TMT had cash of $8mn on 14 August 2023 and no debt. The company should still retain cash of at least $6mn (19¢) after factoring in $0.9mn of new investments made since then, as well as $0.7mn of second-half administration costs. Or put it another way, the conservatively valued holding in Bolt, listed holding in Backblaze and pro-forma cash are not only cumulatively worth $99mn (315¢), or 38 per cent more than TMT’s market capitalisation, but other investments in more than 50 technology companies are being ascribed no value at all. They have a combined valuation of $106mn (337¢). TMT’s undervaluation is even more absurd when you consider that since IPO in December 2010, the investment manager has invested in 95 companies, realised 19 profitable full and partial exits and delivered an internal rate of return (IRR) of 16.3 per cent. TMT was one of the earliest investors in some of its most successful technology portfolio companies, including four unicorns: Wrike (exited in 2018), Pipedrive (exited 2020), Bolt and Pandadoc, a proposal automation and contract management software provider. TMT’s 1.1 per cent stake in Pandadoc is valued at $10.8mn, a 32-fold return on its investment, and the Bolt investment has increased 222 times in value since TMT invested $0.32mn in 2014. On any basis, the Aim-traded shares are materially undervalued and due a re-rating. So, having suggested buying them, at 285¢, in my 2023 Bargain Shares Portfolio, I have no hesitation reiterating that advice despite the fact the holding is underwater. The ‘margin of safety’ on offer is huge. BUY. |
Posted at 22/8/2023 17:43 by sev22 Despite write-downs, TMT is a bargain way to own start-ups.The venture capital group is priced on less than half NAV and delivered a resilient first-half performance. August 16, 2023 By Simon Thompson *NAV edges down 1 per cent to $199mn (632¢) *$6.3mn positive revaluations of four smaller investee companies offsets $5.26mn write-downs on four unlisted holdings *1.3 per cent stake in Bolt rises $1.5mn to $71.2mn Investors' increased focus on start-ups' profitability has created a ‘survival of the fittest’ environment in the venture capital market. On the one hand, companies with superior products and business models that continue to grow and improve profitability are attracting new capital at higher valuations. On the other hand, companies with weaker business models or non-mission-critical products that were more dependent on future funding have come under increased pressure. In line with the market, TMT Investments (TMT:300¢), a venture capital company with a portfolio of more than 55 high-growth, internet-based companies, has continued to see divergence between its stronger and weaker performers. Indeed, there were significant revaluation uplifts on new funding rounds for several portfolio companies as investors continue to back fast-growing, high-quality digital technology companies. 1Fit, a mobile app providing users with access to multiple gyms and yoga studios in Central Asia, completed a new SAFE funding round that led to a 216 per cent uplift to $1.6mn in the value of TMT’s 4.7 per cent stake. Collectly, a patient billing platform for medical organisations, completed an equity raise that more than trebled the value of TMT’s 3.23 per cent holding to $6.4mn. However, there were $5.2mn of write-downs on four unlisted portfolio companies, too, a reflection of the negative impact of the current macroeconomic environment on their businesses. The impairments accounted for 76 per cent of their average carrying valuations at the end of 2022. Also, TMT took a 28 per cent hit on its 10.39 per cent stake in Nasdaq-quoted cloud storage group Backblaze (US:BLZE). The holding is now worth $16.2mn (51¢). This is part and parcel of investing in early-stage technology companies, as is seeking out new investments to uncover the next unicorn. TMT made $0.8mn follow-on investments in four exiting holdings, including Cyberwrite, an artificial intelligence (AI) cyber insurance platform providing cyber security insights and risk quantification for businesses. Since the period end, the group has also invested $0.2mn in Mobilo, a smart digital card solution, $1mn in fashion and sports AI chat platform GameOn, and $0.5mn in Phoenix Health, a Canadian direct-to-consumer health platform for men. TMT still holds $7.8mn (25¢) of net cash so is well funded. It’s worth noting that TMT's 1.3 per cent stake in Bolt is being very conservatively valued. It was revalued upwards by 2 per cent to $71.2mn (227¢) even though it had a read-through valuation of $103.3mn following Bolt’s €628mn (£555mn) fundraising round in January 2022. Moreover, the share price of its closest comparable, listed rival Uber Technologies (US:UBER), has surged 81 per cent this year to above the level in January 2022, recouping all the paper losses in last year’s tech rout. Bolt continues to record double-digit annualised revenue growth, too. The point is that the stake in Bolt, cash and the listed stake in BackBlaze are cumulatively worth 303¢, so back up all of TMT’s share price. That leaves more than 50 investments in the price for free, a ‘margin of safety’ that made the shares a shoe-in, at 285¢, in my 2023 Bargain Share Portfolio. That’s still the case with the shares priced on less than half book value. BUY. |
Posted at 29/3/2023 12:20 by sev22 Exploit the huge discount at this venture capital company.Its portfolio of high-growth, internet-based companies has suffered but makes it a great recovery play. March 28, 2023 By Simon Thompson *AV declines from $283mn to $201.7mn (641¢) in 2022 *2022 pre-tax loss of $81.4mn completely reverses $86.7mn profit in 2021 *$9.6mn of investments made across nine new and existing companies in 2022 *$11.4mn of cash reserves (27 March 2023) Annual results from TMT Investments (TMT:282¢), a venture capital company with a portfolio of high-growth, internet-based companies, reflect last year’s technology sector rout, which impacted valuations of privately held start-ups. The group booked almost $80mn of losses on investments including a 33 per cent write-down to $69.7mn on its 1.26 per cent stake in international taxi and food delivery company Bolt. The shareholding had previously been valued at $103.3mn (£84mn) following a €628mn (£555mn) fundraising round in January 2022, led by Fidelity and Sequoia, that placed a €7.4bn ($6.8bn) valuation on the fast-growing company. However, valuations of listed rivals Uber Technologies (US:UBER) and Lyft (US:LYFT) got hammered last year so TMT’s valuation committee adopted a more prudent approach to the carrying value of the group’s largest investment. That said, Uber’s stock price has rallied 24 per cent since TMT’s financial year-end, valuing Bolt’s larger rival at $61.6bn, suggesting that a chunk of the hefty write-down could be reversed in TMT’s accounts for the first half of 2023. The 64 per cent decline from $63.1mn to $22.9mn in TMT’s 11.2 per cent stake in Nasdaq-quoted cloud storage group Backblaze (US:BLZE) was the other main reason for the portfolio reversal. TMT’s shareholding is worth $18.6mn at current prices, albeit the likely gain on Uber since the start of 2023 will more than compensate for this year’s paper loss on Backblaze. Prudent approach to new investments. Importantly, TMT has taken a sensible approach to new investments, making nine in total last year across nine portfolio companies. Although the top five holdings account for $124.3mn (64 per cent) of the year-end portfolio valuation, a further 50 holdings are worth $71mn, thus offering diversification which mitigates investment risk. Around 45 per cent of the portfolio is invested in early-stage and mid-stage companies, segments of the venture capital market that have held up remarkably well, and highlighting defensive characteristics in the current uncertain climate. Also, investments are conservatively valued at cost or the read-through valuation of the last funding round for its investee companies. Anomalous valuation worth exploiting. I selected TMT around the current price as one of my 2023 Bargain Shares, the decision primarily based on the fact that the shares are trading on a 55 per cent discount to net asset value (NAV) even though there is scope for a reversal of some of last year’s impairments. That’s a derisory rating for a group that has delivered an impressive internal rate of return (IRR) of 22.8 per cent over the past five years. I also feel that many of TMT’s holdings are conservatively valued, a view supported by funding rounds for several investee companies that led to positive revaluations, as I highlighted in last month’s feature. Any improvement in investor risk appetite for technology investments is likely to drive a material re-rating to reward bottom fishers. BUY. |
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