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TMT Tmt Investments Plc

0.05 (2.03%)
07 Dec 2023 - Closed
Delayed by 15 minutes
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
  0.05 2.03% 2.51 360 16:35:27
Bid Price Offer Price High Price Low Price Open Price
2.46 2.60
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Security Brokers & Dealers -79.75M -81.39M -2.5879 -0.95 77.37M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:28:25 O 360 2.525 USD

Tmt Investments (TMT) Latest News

Tmt Investments (TMT) Discussions and Chat

Tmt Investments (TMT) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-12-07 16:28:262.533600.00O

Tmt Investments (TMT) Top Chat Posts

Top Posts
Posted at 07/12/2023 08:20 by Tmt Investments Daily Update
Tmt Investments Plc is listed in the Security Brokers & Dealers sector of the London Stock Exchange with ticker TMT. The last closing price for Tmt Investments was US$2.46.
Tmt Investments currently has 31,451,538 shares in issue. The market capitalisation of Tmt Investments is £77,370,783.
Tmt Investments has a price to earnings ratio (PE ratio) of -0.95.
This morning TMT shares opened at -
Posted at 15/11/2023 11:38 by rimau1
TMT could be the cheapest fund in the market on a risk/reward basis. Uber is 80% up ytd. Even applying a conservative 50% of this growth to Bolt our 1.26% stake would now be worth $98m. Backblaze at $6 a share is worth $24m and we have a net cash position of say $6m. $128m versus a marketcap of $78m and valuing all other investments at zero.
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 16:43 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 30/3/2023 11:42 by waterfall city
Tmt and Grow stand out from a discount perspective, are they comparable?
Posted at 29/3/2023 11:20 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.

Posted at 10/2/2023 14:00 by andrbea
TMT mentioned, about two-thirds down the link
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.
Posted at 04/10/2021 08:44 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 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.
Posted at 26/8/2021 07:14 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.
Posted at 09/4/2021 13:09 by petrossian
This may explain why

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.
Tmt Investments share price data is direct from the London Stock Exchange

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