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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
|
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|---|---|---|---|---|
| 0.01 | 0.29% | 3.48 | 16:35:27 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 3.56 | 3.56 | 3.56 | 3.48 | 3.47 |
| Top Posts |
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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 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 10/12/2023 12:27 by popit It may look a bit odd for Bolt to try to take over a Venture Capital company that had been one of their early investorsMore likely and more sensible for TMT to start buying back their shares and this will increase the NAV per share and the discount At present the discount to NAV is 65% so perhaps the market will take some notice when the discount reaches 80% |
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. |
Posted at 23/2/2022 16:36 by widescreen07 Thanks for posting the piece in Investors Chronicle, very helpful. A lot of embedded value in TMT and a strong mid-long term play. Many of the recent companies TMT has invested are doing very well, though takes some time to track them all as there are so many now 50+ |
Posted at 17/2/2022 15:12 by sev22 TMT Investments are an investor in LegionFarm.SAN FRANCISCO, CALIFORNIA, Feb. 15, 2022 (GLOBE NEWSWIRE) -- LegionFarm, a Y-Combinator-backed startup based out of San Francisco announced that on February 12th, 2022 it would be hosting the first ever professional fight in the Metaverse; starring MMA Legends Khabib Nurmagomedov and Max Holloway in the main event. The renowned fighters came together in the Creed: Rise to Glory multiplayer VR Boxing game while Martial Arts Legend, Daniel Cormier, acted as commentator at the event; streamed live on Twitch. |
Posted at 14/1/2022 08:44 by sev22 TMT Investments are highlighted in the last two paragraphs:Peer-to-peer property lender eyes March launch (13th January 2022). A pan-European property-only P2P lending platform is about to launch in the UK. Is the risk-reward promise too good to be true? EstateGuru poised for March launch, FCA permit pending. Platform says annual returns to date exceed 11 per cent. So far, 2022 has started where 2021 ended: with inflation at multi-year highs and yields from corporate credit and bond funds stubbornly low. Faced with this outlook, many UK investors will have resolved to search for assets that can beat inflation without adding exposure to equities. Soon they will have a new option to weigh. EstateGuru, a “marketplace&# To some, the peer-to-peer (P2P) lender’s promise will look too good to be true. Since it was founded in 2014, the pan-European platform claims to have generated an average annualised return of 11.25 per cent for its 112,000 users, with just 0.01 per cent of loans made to date written off. A “fast and flexible” approach to underwriting also means lending is growing at a rapid rate. As of this week, the group has funded €500m-worth (£417m) of loans and plans to hit €5bn by 2025. Credit is extended to commercial borrowers, typically for under a year, and split across bridge, project development and business finance products. Unlike other P2P platforms, EstateGuru financing is also asset-backed; residential property is offered as collateral in around half of all loans, with the rest split between land and buildings under construction and commercial real estate. The average loan-to-value is also reassuring at just under 60 per cent, meaning a property would need to lose at least 40 per cent of its value before lenders start to lose their principal. EstateGuru plans to offer both investor accounts and the opportunity to borrow through the site on its UK launch. For the first time, both groups will also be able to borrow from or lend to the platform’s existing European network of investors and projects. A spokesperson said re-authorisation from the Financial Conduct Authority (FCA) is expected this quarter. While the group was first granted permission to operate by the regulator in October 2019, its licence was frozen last August as the pandemic put its original launch plans on hold. Despite this, several thousand UK-based investors – including high-net-worth individuals – have been able to fund projects in Europe. Peer-to-peer lenders work by matching borrowers with retail investors and collecting arrangement fees or a cut of interest paid by borrowers. P2P platforms grew rapidly after the global financial crisis, as they offered higher rates to savers and better terms to borrowers than high-street banks. The arrival of EstateGuru follows a chequered history for P2P firms in the UK. Despite participating heavily in the government-backed coronavirus support lending, Funding Circle (FCH) has struggled to turn a profit since its 2018 initial public offering, and it shares currently trade more than three-quarters below their debut price. Other issues with P2P lenders’ models have included the ability to price credit risk while meeting targeted investor returns. Zopa, one of the best-known names in the sector, launched in 2005, but has since closed new peer-to-peer investing accounts in favour of traditional banking products to fund its loans on a more stable footing. The group could list in London later this year. Similarly, one of the major challenges facing EstateGuru as it grows is the need to balance credit risk with investors’ desire for high returns in a market already well-supplied and understood by finance. Historically, over two-fifths of EstateGuru loans have been made in Estonia, the small Baltic state where the group is headquartered, and which in recent years has gained prominence as a hub for fintech businesses. Wise (WISE), the London-based cross-border payments firm that joined the FTSE 100 last year, was founded by Estonian businessmen Kristo Käärmann and Taavet Hinrikus. EstateGuru now has a presence across the Baltic states, as well as inSweden, Finland and Spain. A large proportion of loans are now originated in Germany after the group opened an office in the EU’s largest economy last year. Further expansion is also slated for the Netherlands, Italy and France. Ross Gandy, the platform’s managing director for the UK, is confident of replicating the success in Germany, and has a target to fund £70m of loans – initially ranging in size from £50,000 to £3m – in the first year of operation. The UK office is also lining up a £300m credit line from several major banks to underwrite loan funds that can be marketed to institutional and high-net-worth investors. Asked how the group plans to compete with incumbent lenders, Gandy points to EstateGuru’s existing infrastructure and funding knowhow, as well as speedy and light upfront credit checks, as differentiators. “Yes, it’s a very saturated [property finance] market in the UK,” he acknowledges. “But the fact we’re a fintech is a major selling point; we’re digitised, and our underwriting is a lot slicker and more simplified.” For investors, the kitemark of FCA approval will be key. So, too, will be EstateGuru’s ability to maintain double- or high-single-digit returns. Evidence that the group’s own funding and expansion strategy are stable are other considerations. Although EstateGuru is a private company, disclosures show it was profitable in 2020, and has since secured additional financing through the Seedrs crowdfunding platform and a €5.8m follow-on Series A funding round in which Aim-traded venture capital firm TMT Investments (TMT) participated. At the time, TMT co-founder Artyom Inyutin lauded the company for “attracting money to real estate and at the same time making it possible to invest investors’ funds at a profit”. That solution takes on fresh significance with this push into a nation of property-obsessed (and yield-hungry) investors. |
Posted at 07/12/2021 13:33 by sev22 This looks very oversold now. Over a 50% uplift is possible following Simon Thompson's last recommendation:Exploiting market anomalies. By Simon Thompson, Investors Chronicle, 25th October 2021. Backblaze IPO supports TMT investment case. *Hugo stake sold for $3.78m, or 112 per cent premium to book value. *IPO of cloud storage company Backblaze to raise $100m. TMT Investments (TMT:920¢), a venture capital company that invests in high-growth, internet-based companies, has announced the disposal of its 3.55 per cent stake in Central American delivery and transportation technology company Hugo and the Nasdaq IPO of its second-largest investment, cloud storage group BackBlaze. The Hugo exit represents a 112 per cent premium to the $1.78m book value of TMT’s 3.55 per cent stake and comes only 33 months after the company made its initial investment. This means that TMT has realised US$20.1m from exits since its 2021 half-year results on 18 August 2021. Furthermore, the company looks set to reap hefty gains on its 9.97 per cent stake in Backblaze. TMT first invested $5m in July 2012 and 2013, made a partial $2m disposal in 2019, and the holding was last valued at $56m (178¢ a share) at 30 June 2021 after which TMT invested an additional $2m in August. I expect the IPO to be well received given the strong dynamics supporting explosive growth in digital data creation and consumption. These include artificial intelligence and machine learning, regulatory and compliance requirements (driving retention of data), and cybersecurity threats, such as ransomware, all of which make it imperative for organisations to scale up and secure their digital data storage. Servicing 485,000 customers across more than 175 countries, Backblaze protects their business data on storage capacity of two trillion megabytes. The group’s revenue increased 25 per cent to $31.5m in the first half of this year, an organic growth rate that looks set to be maintained. Based on analysis of International Data Corporation data, Backblaze’s opportunity in the mid-market for Public Cloud Infrastructure-as-a- True, Backblaze is lossmaking, posting a $6m pre-tax loss in the first half of 2021. However, with gross margin of 50 per cent (75 per cent excluding non-cash depreciation and amortisation costs), and net revenue retention rates above 100 per cent (average revenue per customer has risen 30 per cent to $133 in the past four years), then this is a highly scalable operationally geared business. It has also required limited outside investment since being founded in 2007. At a $1bn potential post-money valuation on listing, the group’s holding in Backblaze would lift my pro-forma net asset value (NAV) per share by 15 per cent to 900¢. I have also taken account of the Hugo realisation, and TMT’s recent $19.3m equity raise, at 850¢. The bottom line is that TMT’s shares could be trading close to spot NAV before the year-end, a valuation that fails to reflect potential for further profitable exits from a portfolio of more than 50 investee companies. BUY. |
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