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Tmt Investments Plc (TMT) Share Price

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Tmt Investments Plc	LSE:TMT	London	Ordinary Share	JE00B3RQZ289	ORD NPV

	Price Change	% Change	Share Price	Shares Traded	Last Trade
	0.00	0.0%	2.89	0.00	08:00:17

Bid Price		Offer Price	High Price	Low Price	Open Price
2.80		2.98

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Security Brokers & Dealers	-79.75	-81.39	-	-	90.89

Last Trade Time	Trade Type	Trade Size	Trade Price	Currency
-	O	0	2.89	USD

Tmt Investments (TMT) Latest News

Tmt Investments News

Date	Time	Source	Headline
23/5/2023	15:48	UKREG	TMT Investments PLC Result of AGM
11/4/2023	07:00	UKREG	TMT Investments PLC Holdings in Company
28/3/2023	07:00	UKREG	TMT Investments PLC Final Results and Notice of AGM
13/3/2023	17:51	UKREG	TMT Investments PLC Update re Silicon Valley Bank
13/12/2022	07:00	UKREG	TMT Investments PLC Portfolio Update
08/12/2022	14:58	UKREG	TMT Investments PLC Director/PDMR Shareholding
07/10/2022	17:30	UKREG	TMT Investments PLC Holding(s) in Company
19/8/2022	10:24	ALNC	IN BRIEF: TMT Investment executives and heads buy USD300,000 in shares
19/8/2022	07:00	UKREG	TMT Investments PLC PDMR and Major Shareholdings
16/8/2022	16:24	ALNC	TRADING UPDATES: Castings expects revenue growth on input price rise

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Tmt Investments Forums and Chat

Date	Time	Title	Posts
30/3/2023	12:42	TMT Investments	122
12/3/2018	10:18	AIM listed TMT Investments launches $60mCrypto/Blockchain Fund	29
30/3/2007	08:46	The new Akers experience	13
07/3/2002	10:51	Why does the Techmark lag the Nasdaq?	-
28/2/2002	06:06	IS TECHNOLOGY REALLY A SENSIBLE PLACE TO INVEST YOUR MONEY?	10

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Posted at 30/3/2023 12:42 by waterfall city Tmt and Grow stand out from a discount perspective, are they comparable? Read Full Thread Follow Reply
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. Read Full Thread Follow Reply
Posted at 10/2/2023 14:00 by andrbea TMT mentioned, about two-thirds down the link Https://www.investorschronicle.co.uk/ideas/2023/02/09/bargain-shares-2023/ Read Full Thread Follow Reply
Posted at 25/3/2022 08:00 by sev22 TMT’s over 50 per cent share price discount to NAV makes this an absolute bargain! https://www.investegate.co.uk/tmt-investments--tmt-/rns/final-results-and-notice-of-agm/202203250700069821F/ Read Full Thread Follow Reply
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” for commercial property-backed loans, is set to formally launch in the UK when it opens an office in Manchester in March. 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. Read Full Thread Follow Reply
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-Service is forecast to grow to $54.6bn by 2025 (compound annual growth rate of 27 per cent) and for Data-Protection-as-a-Service to $11bn by 2025 (CAGR of 19 per cent). 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. Read Full Thread Follow Reply
Posted at 25/10/2021 19:22 by sev22 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-Service is forecast to grow to $54.6bn by 2025 (compound annual growth rate of 27 per cent) and for Data-Protection-as-a-Service to $11bn by 2025 (CAGR of 19 per cent). 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. Read Full Thread Follow Reply
Posted at 04/10/2021 09:44 by sev22 Bargain Shares: TMT Investment’s offer worth backing. A subscription offer from a venture capital company that invests in high-growth, internet-based companies is worth taking up, but you will have to act quickly. October 4, 2021 By Simon Thompson US$18.5m placing and US$1.5m subscription offer at 850¢. Depositphotos and PandaDoc transactions result in 30 per cent plus revaluation uplifts. TMT’s management and shareholders forming part of Concert Party subscribe for 598,799 shares in offer. TMT Investments (TMT:895¢), a venture capital company that invests in high-growth, internet-based companies, is raising US$18.5m through a conditional placing and US$1.5m through a PrimaryBid.com subscription offer at 850¢ a share. The announcement was made as the market closed on Friday, 1 October and the PrimaryBid offer is open until 12pm today. It’s worth buying into. In the first six months of 2021, TMT reported a 23 per cent rise in net asset value (NAV) from $177.9m to $218.6m (749¢ a share), buoyed by gains on two its largest holdings: global ride-hailing and food delivery company Bolt ($30m valuation uplift to $66.2m on TMT’s 1.42 per cent stake), and proposal automation and contract management software provider PandaDoc ($10.4m uplift to $14m on TMT’s 1.32 per cent). TMT has subsequently sold 11 per cent of its interest in Pandadoc for US$2m, implying a fair value uplift of 30 per cent. The company has also signed a conditional agreement to dispose of its entire holding in Depositphotos, a leading stock photo and video marketplace, for US$14.3m in cash. This represents a revaluation uplift of US$3.5m (or 32.2 per cent) compared the 30 June 2021 valuation. These two transactions increase TMT’s proforma NAV per share to 775¢. Since the half year-end, the company has also made a further 12 investments worth $13m, and currently has net cash of US$11.2m (38¢). The placing and subscription offer not only widens the shareholder base, but will enable TMT’s investment managers to take advantage of an attractive pipeline of further investments. The offer is effectively pitched at a 9.6 per cent premium to proforma NAV, a price point that reflects investment managers impressive track record, having generated an eye-catching NAV-based internal rate of return (IRR) of 34.2 per cent over the past five years, and increased NAV per share 675 per cent since IPO in December 2010. TMT’s shares have risen from 318¢ to 870¢ on an offer-to-bid basis since I turned buyer again 16 months ago (‘On the hunt for recovery buys’, 6 July 2020), and are currently offered in the market at 895¢, in line with the level of my last buy recommendation ('Bargain Shares: On the technology beat’, 24 August 2021). I advise taking up the PrimaryBid offer before the 12pm deadline today and continue to rate the shares a buy. Read Full Thread Follow Reply
Posted at 26/8/2021 08:14 by sev22 Here is Simon Thompson's recommendation in full from yesterday: NAV per share surges 23 per cent in first six months of 2021. Massive valuation uplifts on stakes in Bolt and PandaDoc following successful equity funding rounds. Profitable exits from two investee companies. 20 investments worth $21.4m made in 2021. TMT Investments (TMT:898¢), a venture capital company that invests in high-growth, internet-based companies, has reported a 23 per cent rise in net asset value (NAV) from $177.9m to $218.6m (749¢ a share) in the first six months of 2021, buoyed by eye-watering gains on two its largest holdings. The major contributors were global ride-hailing and food delivery company Bolt ($30m valuation uplift to $66.2m on TMT’s 1.42 per cent stake), and proposal automation and contract management software provider PandaDoc ($10.4m uplift to $14m on TMT’s 1.32 per cent). Both investee companies completed equity funding rounds at significant premiums to the pre-money valuations used in TMT’s carrying valuations, thus highlighting the conservative nature of its accounting practises. True, there was no movement on TMT’s second-largest holding, a 9.97 per cent stake in cloud storage provider, Backblaze, which remains valued at US$56m (192¢). However, in the event of an IPO of the company, as seems highly likely, the stake could easily be worth double TMT’s carrying value as I reported at the end of last year (‘Exploiting share price dislocations’, 7 December 2020). Moreover, it would wipe out TMT’s current 20 per cent share price premium to NAV at a stroke. Importantly, there was enough movement on smaller holdings to suggest that TMT’s investment managers have been working their magic again, successfully recycling the US$41m cash proceeds from last December’s exit from customer relationship management software tool developer Pipedrive. For example, TMT’s 1.22 per cent stake in Novakid, an English language school for children, has been revalued from $500,000 to $2.3m after the company completed a new equity funding round. TMT only made its investment last November. In addition, 3S Money Club, a UK-based bank challenger providing corporate clients with multi-currency bank accounts, completed a new equity funding round which led to an uplift of $1.9m (to $5.2m) in the fair value of TMT's investment. The company first invested in April 2020. In the first half, the investment managers made $14.1m of investments across 13 new and existing portfolio companies, and have completed a further seven investments, worth $8.3m, since the 30 June 2021 period end including: a further $640,000 in Novakid; $2m in Collectify, a tech-enabled patient billing platform; $1.1m in VertoFX, a UK-based cross-border payments and foreign exchange solution that is rapidly expanding in Africa; and $1m in Academy of Change, a personalised educational service for women on lifestyle topics. TMT still has $14.2m of cash reserves to deploy, so expect further investments to be made. In my opinion, there is clear potential for TMT to realise further material investment gains on its portfolio of 45 investee technology companies, the majority of which are focused on big data/cloud, e-commerce, SaaS (software-as-a-service), marketplaces and EdTech, areas that are benefiting from the accelerated shift to online consumer habits and remote working. Indeed, the tech venture capital investment space is one of the few beneficiaries of the new market environment caused by Covid-19. Importantly, the general trends in the digital technology sector are also leading to highly profitable exit opportunities – TMT booked $1.6m of gains in the first half from two full exits, for example. TMT’s shares have risen from 318¢ to 870¢ on an offer-to-bid basis since I turned buyer again 13 months ago (‘On the hunt for recovery buys’, 6 July 2020), albeit the share price has pulled back from the 1,100¢ level when I suggested running profits ahead of this month’s results (‘Bargain shares: Tapping into high growth technology stocks’, 6 July 2021). The share price subsequently hit 1,290¢ after that July article was published before profit taking took hold. I think it has now run its course. So, with TMT’s shares currently priced around 900¢, the risk-reward is skewed to the upside once again for a company that has generated an eye-catching NAV-based internal rate of return (IRR) of 34.2 per cent over the past five years, and increased NAV per share 650 per cent since IPO in December 2010. TMT has paid out special dividends from realisations, too. Please note that 81.8 per cent of the 29.2m shares in issue are owned by the 10 largest shareholders in the $263m market capitalisation company, so a below-average free float means that the shares can be volatile. I have taken factor this into account. STRONG BUY. Read Full Thread Follow Reply
Posted at 09/4/2021 14:09 by petrossian This may explain why https://www.investorschronicle.co.uk/ideas/2021/04/08/five-investment-company-bargains/ TMT’s eye-catching results 163 per cent valuation uplift on Backblaze shareholding. US$41m Pipedrive exit realises 51 times original investment. Cash recycled into exciting new investments. Annual results from TMT Investments (TMT:738¢), a venture capital company that invests in high-growth, internet-based companies, fully justified my decision to turn buyer on the shares, at 318¢ (‘On the hunt for recovery buys’, 6 July 2020). Net asset value (NAV) per share surged by 73 per cent to US$178m (610¢ a share), buoyed by a US$29.3m gain on the sale of TMT’s holding in customer relationship management (CRM) software tool developer Pipedrive. Other major contributors were global ride-hailing and food delivery company Bolt (US$14.1m valuation uplift), and cloud storage company Backblaze (US$34.8m uplift). Since admission to Aim in December 2010, TMT has invested in over 65 companies, realised 14 profitable full and partial exits, and increased NAV per share 6.4 times including dividends. The portfolio of 35 companies has real potential to deliver further material gains especially as TMT’s 10.85 per cent holding in Backblaze is still only valued at US$56m (192¢). The holding could double in value again if Backblaze gets anywhere near to achieving a rumoured US$1bn IPO (‘Exploiting share price dislocations’, 7 December 2020), a valuation supported by forecast growth in the global cloud storage service market from $50.1bn to $137.3bn by 2025 (MarketsandMarkets estimates). TMT’s astute investment managers have been deploying a cash-rich balance sheet to make 16 investments including an additional US$0.5m in Scalarr, a machine learning-based fraud detection solution focused on the advertising market; US$0.5m in NovaKid and US$0.75m in Virtual Mentor, online schools for children learning English; and US$0.3m in perfume, wellness and beauty product subscription service Scentbird. The short-term impact of the Covid-19 pandemic on Scentbird’s revenues has been positive as the company continues to grow its annualised revenue at double-digits, and its subscriber base now exceeds 400,000, up 20 per cent year on year. TMT’s holding has doubled in value to US$6.6m in the past 12 months. The same is true for TMT’s fifth largest portfolio holding, proposal automation and contract management software provider, PandaDoc. Its solutions, which enable sales teams to remotely manage their selling processes “from propose to close”, have become even more relevant since the Covid-19 pandemic, so much so that following a recent equity round TMT’s investment has been revalued upwards by 63 per cent to US$3.6m. The bottom line is that with material gains likely to be realised on a conservatively valued portfolio, and net cash of US$34.6m providing ample firepower to fund more investments, the 16 per cent share price premium to NAV should be more than wiped out this year. Buy. Read Full Thread Follow Reply

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