Tmt Investments Share Discussion Threads

[boystown] 17/6/2025 13:01:01

Re-tipped by Simo T today; "Plenty of value left in this venture capital fund"

An unscheduled trading update from TMT Investments (TMT:252¢) highlights the chronic undervaluation of the venture capital company.

TMT’s portfolio of more than 50 high-growth, internet-based companies had a book value of $202mn (£149mn) at the start of the year. The largest investment is a 1.26 per cent stake in Bolt, an international taxi and food delivery group that plans a Nasdaq IPO next year. The investment had a carrying valuation of $67.6mn (215¢) in the 2024 accounts. However, TMT has sold $0.8mn of Bolt shares at a euro-denominated price that implies a $9.7mn (31¢) positive revaluation uplift on its holding.

It means that the Bolt shareholding is worth almost as much as TMT’s market capitalisation of $79.2mn, so you are getting a free ride on the rest of the portfolio even though TMT has delivered an impressive internal rate of return (IRR) of 14.5 per cent since being founded in 2010. The investment team is certainly not losing its touch.

In fact, the trading update revealed that data-labelling company Scale AI has announced a significant new investment from Meta Platforms (US:META) that values Scale at more than $29bn. The transaction represents a revaluation uplift of 138 per cent ($0.7mn) on the previous $0.5mn fair valuation of TMT’s holding in Scale. As part of the transaction, TMT also expects to receive a $0.6mn cash dividend on an investment that was only made eight months ago. This highlights how significant returns can be generated from risky, but carefully selected, AI opportunities.

True, the fair valuation of TMT’s only listed holding, a stake in Nasdaq-quoted Backblaze (US:BLZE), has fallen by $2.9mn (9¢) to $15.7mn (50¢) this year, but this is more than offset by the $10.4mn (33¢) cumulative gains on the investments in Bolt and Scale AI. Furthermore, pro-forma net asset value (NAV) of $213mn (679¢) is 169 per cent higher than TMT’s market capitalisation of $79.2mn (252¢), highlighting the value on offer.

TMT’s shares are volatile due to a low free float, and currently trade below the 285¢ entry point in my 2023 Bargain Shares Portfolio. Buy.

[tvh123] 16/6/2025 15:35:19

The market is still sleeping at the value on offer. The discount is unwarranted given just how conservative TMT have been with valuations - a mark-to-market valuation for Bolt alone is $100m+!

[craigso] 16/6/2025 15:04:21

I was thinking more along the lines of Bolt being on the books at $67m and actually being worth 100m+ when applying Uber / Lyft-esque multiples and growth expectations to it as a publicly-traded company.

Anyhow, the share price movement today shows that it's not "bad" news, merely not enough of a catalyst to get the share price to $4+...

[rimau1] 16/6/2025 13:41:38

I think it is the case Craig, bolt is in TMTs books at usd67m and based on the current valuation its worth usd76m.

[craigso] 16/6/2025 13:00:38

You beat me to it @tvh123

But I'm actually somewhat disappointed. I was hoping that Bolt was also on TMT's books at a very conservative valuation, but that seems to not really be the case.

Nonetheless, this deal might help to get the share price moving in the right direction...

[tvh123] 16/6/2025 12:22:18

"The current fair value of TMT's investment in Bolt has now been further verified by a partial cash sale transaction with an independent buyer. At the 1.15 Euro/USD exchange rate, the US$76.5 million value of TMT's position in Bolt alone was US$4.5 million greater than TMT's entire market capitalisation as of 13 June 2025. This effectively means that TMT's portfolio of around 50 other investments is assigned negative value. This situation should present smart investors with a rare investment opportunity.

The majority of TMT's portfolio companies, including its largest holdings, continue to demonstrate good business progress. We look forward to keeping shareholders updated on relevant developments in due course."

[rimau1] 09/4/2025 10:52:46

Yes, at one point on Monday TMT marketcap was less than my expected Bolt IPO valuation.

[craigso] 09/4/2025 10:50:17

Share price has recovered a bit today.

But if you've got some US dollars you can put away for a couple of years, there's surely incredible upside from taking advantage of current market turmoil. Just patiently wait for the Bolt IPO to happen. (or for Uber, Lyft or Grab to make a play)

[skyship] 25/3/2025 16:51:35

Bought back in at 270c (208.75p). I wonder at what time ST published his new piece in the IC - certainly appears to have had no effect on the share price

His Aug'24 tip pushed them up 20% in double-quick time!

[value hound] 25/3/2025 16:25:18

Tipped again by Simon Thompson;

--

Exploit this tech investment company’s hidden value

• Net asset value dipped slightly to $205.9mn (655¢) in 2024

• 14.5 per cent annual internal rate of return since inception

• Net cash of $4.8mn (24 March 2025)

• 60 per cent discount to book value

TMT Investments (TMT: 265¢) reported a relatively stable net asset value (NAV) last year in a subdued market environment for technology venture capital, IPO and mergers & acquisition (M&A) activity.

However, TMT’s venture capital portfolio of more than 50 high-growth, internet-based companies continue to show an increased divergence between the good and bad performers. In the 2024 accounts, TMT booked $19.7mn of positive revaluations on 12 holdings, including a bumper $4.6mn gain on Praktika AI, a language learning app, with personalised AI-powered avatar tutors, following a funding round. TMT invested $0.4mn in the company in December 2023, making it the fastest significant revaluation in its history.

It highlights the bumper returns that can be made by backing early-stage start-ups whose business models and products are based on genuine technologies and applications. For instance, TMT also doubled its money on Educate Online Inc, a distance education platform for children and young adults aged 4-19. That holding has a carrying value of $5.7mn following a funding round.

However, TMT’s prudent approach to valuing its portfolio investments resulted in writedowns on investments that are not showing the progress required to justify previous valuation levels. As a result, the company partially or fully wrote down the value of 15 investments by a total of $16mn (excluding writedowns related to exchange rate fluctuations). The impairments include a 14 per cent fair valuation reduction on the carrying value of TMT’s stake in Nasdaq-quoted BackBlaze (US: BLZE), a $300mn market capitalisation cloud storage company that increased revenue by 25 per cent to $127mn and moved into cash profit in 2024. The $18.6mn equity holding accounts for 9 per cent of the portfolio valuation.

Bolt IPO could drive re-rating

TMT’s largest investment is a 1.26 per cent stake in international taxi and food delivery group Bolt. The latest carrying valuation of $67.6mn (215¢) is below the level 12 months earlier ($72.2mn) due to foreign currency movements. It is also below the read-through valuation at the time of Bolt’s €628mn fundraising round in January 2022, which valued the company at €7.4bn ($6.85bn).

Bolt continues to generate double-digit annual revenue growth and has moved into operating profit ahead of a potential IPO in 2026, albeit that is later than previous expectations. More importantly, TMT’s conservative valuation for Bolt equates to only 3.3 per cent of rival Uber Technologies’ (US:UBER) market capitalisation of $160bn, suggesting scope for TMT to unlock a substantial windfall on IPO.

So, although TMT’s share price is unchanged since the interim results (‘Buy into Bolt’s IPO via this bargain company’, 15 August 2024), and is below the 285¢ entry point in my 2023 Bargain Share Portfolio, an IPO of Bolt is still likely to narrow the deep 60 per cent discount to book value and drive a re-rating. Buy.

[widescreen07] 25/3/2025 13:51:15

Nice, high quality acquisition in Denmark, a great article. And remember in their 2022 Results TMT said they had prudently reduced the value of TMT's stake in Bolt because the Uber share price was down at the time with Covid. Since then it's more than doubled but TMT hasn't revalued it upwards. Lots of upside here.

28 March 2023

Consistent with TMT’s prudent valuation policy, the Company has also decided to reduce the fair value of its equity stake in Bolt (www.bolt.eu) by 33%, despite the fact that the previous valuation level was established on the back of Bolt’s successful €628 million equity raise, which completed in January 2022 and after the market correction had started. This decision reflects the reduction in the values of Bolt’s publicly traded peers, namely Uber, as of 31 December 2022. Business-wise, Bolt continued to perform reasonably well in 2022, recording double-digit revenue growth, making progress towards operating profitability and enjoying the benefits of its significant net cash reserves. As a business, Bolt also benefits from a highly diversified geographical revenue base, with over 100 million customers in more than 45 countries across the globe, as well as leveraging its technology to serve six business segments: rides, scooter rental, car sharing, food delivery, grocery delivery and business travel.

[rimau1] 25/3/2025 12:07:30

Bolt at a $9bn valuation covers the entire marketcap of TMT. I rose my head above the surface for a look today and will sink back down again until 2026. When bolt announces its intention to IPO TMT will do a very quick 50percent. Target price Apr 2026: $4

[andyandyoj] 25/3/2025 11:36:20

https://techfundingnews.com/estonian-unicorn-bolt-acquires-danish-taxi-startup-viggo-plans-ipo-for-2026-heres-what-we-know/

[skyship] 25/3/2025 08:30:46

Indeed. Still have these on my Monitor so saw the RNS. All the way back down to 2.70; so could be cheap. However no dividend and no DCM; so discount could widen out yet further.


free stock charts from uk.advfn.com

[rimau1] 25/3/2025 07:50:04

Flat NAV is a big result here, results read well and they are prudent in valuations.

[andyandyoj] 27/2/2025 14:25:10

https://www.indexbox.io/blog/bolt-technologys-strategic-plans-for-an-ipo-amid-global-expansion/

[craigso] 22/11/2024 14:18:50

Haven't been following this for long, but today's share price action looks a bit unusual.

At least I got my bid taken up at a reasonable price. Bring on the Bolt IPO! :)

[craigso] 13/11/2024 13:36:39

Sigh... tried to buy a few thousand shares at $3 a few days ago but there's so little liquidity.

Would be odd for TMT to jump more on a potential IPO of Bolt than CHRY on news of the actual filing. But there is certainly lots of upside from Bolt going public at a decent valuation.

[rimau1] 13/11/2024 13:21:15

TMT shooting up on no news, is this in anticipation of an early Bolt IPO on the back of Klarna, Q42024 is now a realistic possibility. If Bolt IPOs then TMT will rerate significantly IMO.

[widescreen07] 29/8/2024 11:52:26

sorry correct link here

hxxps://www.linkedin.com/posts/pandadoc_pandadoc-surpasses-100m-arr-activity-7234214297315254272-N5y7?utm_source=share&utm_medium=member_desktop

[widescreen07] 29/8/2024 11:50:24

PandaDoc just posted on LI it hit $100m ARR. The Interim Results 24 report shows TMT holds a <5% stake in it, valued at $8m.

Today is a huge day at PandaDoc: we’ve surpassed $100 million in annual recurring revenue! 🚀📈&#128165;

Over 10 years ago, Mikita Mikado and Sergey Barysiuk founded PandaDoc as a small startup in Belarus, focused on helping organizations create basic quotes. Since then, we have evolved into a comprehensive hashtag#documentworkflow platform, enabling businesses to customize and scale any type of agreement process. ✅

Today, we proudly partner with over 60,000 customers across 177 countries, and we're growing every day. This remarkable $100M milestone is a testament to the incredible customers who have been with us on this journey—thank you for being a part of our success! 💚

As PandaDoc continues to hit milestones, we can’t help but look back at the key wins from the past 10 years since Mikita and Sergey founded the company in 2014.

🚀June 2023: PandaDoc hits 50K customers. Today, we have over 60K and counting.
🚀 September 2021: PandaDoc raises Series C funding, and is valued at $1B, making us a hashtag#TechUnicorn.
🚀 2014: PandaDoc’s co founders, officially launched our business and started on a 10+ year journey to build it into what it is today.

See how PandaDoc saves time and money in your document workflow: hxxps://lnkd.in/g9WNwvq7

hashtag#ARR hashtag#100millionARR hashtag#ARRmilestone hashtag#technews hashtag#PandaDoc hashtag#documentwor

hxxps://www.linkedin.com/posts/pandadoc_pandadoc-surpasses-100m-arr-activity-7234214297315254272-N5y7?utm_source=share&amp;utm_medium=member_desktop

[value hound] 28/8/2024 11:01:54

Unless you need the cash - why not just wait for the Bolt IPO as that's when it might get interesting?

It may not all work out - but as the ST article points out, Bolt's implied value is / was c.$6.7bn, whilst Uber's is >$152bn. This may not be all that helpful, but it does at least give some broad idea of the possibilities.

[rimau1] 28/8/2024 10:34:02

Nice recovery from the $2.70's i am resisting the temptation to sell my top up, holding now until the inevitable Bolt IPO in 2025. See you all next year when TMT begins with a $4 Limit buys remain for cheap shares of course, hope you get the opportunity to buyback in Skyship