Tmt Investments Share Discussion Threads

[craigso] 13/11/2024 13:36

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

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 10:52

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 10:50

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 10:01

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 09:34

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

[skyship] 19/8/2024 09:35

Thankyou once again ST. Taken the 10% turn; happy with that.

[sev22] 19/8/2024 07:15

Buy into Bolt's IPO via this bargain company.

This VC stock trades on a 59 per cent discount despite the IPO potentially providing a cash windfall bigger than its market cap.

Published on August 15, 2024
by Simon Thompson

*Unchanged NAV of $208.1mn (662¢)
*Portfolio valued at $199.6mn
*Net cash of $9.8mn
*59.5 per cent discount to NAV

TMT Investments (TMT: 268¢), a venture capital company with a portfolio of more than 50 high-growth, internet-based companies, has reported an unchanged net asset value of $208.1mn and a miniscule $27,600 pre-tax loss in the first half of 2024.

That’s not say the investment manager is losing its touch, having delivered a net asset value (NAV)-based internal rate of return (IRR) of 12.5 per cent in the past five years. Indeed, TMT booked $11mn of gains on seven holdings in the latest six-month period, including a hefty $4.6mn paper gain on Praktika.AI, a language learning app, with personalised AI-powered avatar tutors, following a new equity funding round. TMT invested $0.4mn in the company last December, making the 12.4 times return the fastest significant revaluation in its history.

Following funding rounds, the stake in Educate Online Inc, a distance education platform for children and young adults, doubled in value to $5.7mn, and the holding in MedVidi Inc, an online provider of medication management and mental care services, soared in value from $1mn to $2.5mn, too.

However, net gains on the $199.6mn investment portfolio were trimmed to $0.5mn due to negative valuation movements on 10 holdings. The largest write-down was a $3.2mn hit on the listed holding in Nasdaq-quoted cloud storage group BackBlaze (US: BLZE). TMT’s 7.2 per cent equity stake is now carried in the books at $19mn, accounting for 10 per cent of the portfolio. It should have upside as Backblaze has just upgraded cash profit expectations for the fourth time in the past 12 months, reflecting ongoing revenue growth, tight control of costs, and a high level of customer retention, following price increases implemented in the final quarter of 2023.

Following BackBlaze’s second-quarter results, analysts at Cavendish upgraded their adjusted cash profit estimate by 13 per cent to $12.8mn, up from a loss of $3.9mn in 2023, based on 22 per cent higher annual revenue of $127mn. The broking house is expecting cash profit to rise 38 per cent in 2025, implying the shares are rated on a multiple of 13.5 times prospective cash profit to enterprise valuation. Cavendish has a fair valuation of $15.9 per share, or 150 per cent higher than BackBlaze’s current stock price.

Bolt stake conservatively valued.

TMT’s largest holding is a 1.26 per cent stake in international taxi and food delivery group Bolt. The investment has a carrying valuation of $70mn (223¢) in the latest accounts, or a third less than the read-through valuation at the time of Bolt’s €628mn fundraising round in January 2022 that valued the company at €7.4bn ($6.7bn). Bolt is delivering double-digit annualised revenue growth and forecasts a move into profit this year ahead of an IPO in 2025. TMT’s valuation looks ultra conservative, implying a $4.5bn equity valuation for Bolt, or only 3 per cent of rival Uber Technologies' (US: UBER) market capitalisation of $151bn.

I included TMT’s shares at 285¢ in my 2023 Bargain Share Portfolio and they were trading at 378¢ when I covered the annual results (‘A smart way to own US tech stocks’, 20 March 2024). However, following profit-taking, the shares now trade on an unwarranted 59 per cent discount to NAV even though valuations have held up and an IPO of Bolt could unlock a substantial cash windfall.

Effectively, TMT’s net cash of $9.8mn and the conservatively valued stake in Bolt are worth almost as much as the company’s market capitalisation of $84mn, leaving the holdings in BackBlaze ($19mn) and 51 other companies (cumulatively worth $110mn) in the price for free. BUY.

[value hound] 15/8/2024 15:42

Re-tipped by Simon T, inevitably, under the heading: "Buy into Bolt's IPO via this bargain company" with the conclusion:

"Effectively, TMT’s net cash of $9.8mn and the conservatively valued stake in Bolt are worth almost as much as the company’s market capitalisation of $84mn, leaving the holdings in BackBlaze ($19mn) and 51 other companies (cumulatively worth $110mn) in the price for free. Buy."

[rimau1] 15/8/2024 14:41

$3.8m partial disposal of backblaze still have a decent chunk. 2 big points from me, flat nav is a good result given June messaging on downward portfolio revaluations and secondly the hidden balance sheet value of bolt which is still conservatively valued. IMO when bolt IPO's it will be close to the total marketcap of the company.

[skyship] 15/8/2024 07:24

NAV unchanged at $6.62. So - a 59% discount and no clear reason why it should reduce as the BoD seems quite content just to sit on their hands doing nothing to restore shareholder value.

Backblaze sold.

[rimau1] 08/8/2024 14:02

I just had a limit buy filled at $2.75 so the spread has narrowed considerably

[rimau1] 07/8/2024 21:11

Come on skyship you are better than that. As you know IT's with unlisted stocks have derated again - you know AUGM plus TMT will take its cue from the Nasdaq especially with backblaze. Bolt IPO's in 2025 after Klarna. US elections were always going to delay any IPO into Q125 and now we have more market volatility hence uncertainty. i am a LTH here but expect to see my breakeven price of 2.45 again this month.

[skyship] 07/8/2024 20:03

2.80 - thinking I may get back in here soon...

[skyship] 30/7/2024 15:08

Well, here we are back to $3.00

Has anyone got any news on Bolt? Possible IPO; or are things going in reverse like the TMT sp?

[popit] 07/7/2024 03:14

There was nothing in the update to suggest that any write downs and write offs would not be at least balanced out by increases in valuation

This still looks ridiculously undervalued

Why would anyone bother waiting to buy Bolt shares in the IPO when you can buy Bolt shares here and then get the same value back in free shares?

It is like buying Bolt shares at half price

[rimau1] 06/7/2024 16:57

The June 06 update had a cautious comment around expecting to announce a few write-downs and write-offs. As a long term holder our discount to NAV will likely remain at these levels until the IPO market picks up which will probably be triggered by Klarna but only post US elections in Q4, IMO.

[popit] 06/7/2024 16:10

Why is the share price only at just above $3 ?

The Bolt stake alone is worth over $100m and more than the $3 share price

And so the other 50 TMT investments valued at over $100 million are available for free

NAV is about $7 but Bolt has not been revalued for a long time

Uber has risen a lot since the last Bolt valuation and so the real NAV for TMT here is nearer $10

So you can buy TMT now at $3 for a discount of about 70% to NAV of $10

[widescreen07] 27/3/2024 11:57

OneNotary Series A and partnership with DocuSign, world's number one electronic signing service ... possible acquisition on the way?

hxxps://www.finsmes.com/2024/03/onenotary-raises-5-m-in-series-a-funding.html


hxxps://www.linkedin.com/feed/update/urn:li:activity:7178709187961487361

hxxps://x.com/TMT_PLC/status/1772951648152732030?s=20

[widescreen07] 25/3/2024 15:46

Nice to see :)

Bolt Business records a 70% year-on-year rise in new signups


hxxps://bolt.eu/en/blog/bolt-business-growth-in-2023/

[widescreen07] 20/3/2024 18:52

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.

[value hound] 20/3/2024 17:03

A few highlights from the article FWIW...

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

- 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

... 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.

[widescreen07] 20/3/2024 15:14

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.businesswire.com/news/home/20230321005258/en/Rain-Instant-Pay-Closes-Historic-Funding

and Forta in Jan 24 hxxps://techcrunch.com/2024/01/23/forta-55m-series-a/