Allied Minds' FY20 results confirmed parent cash of US$22.3m, with revenues of US$0.5m (FY19: US$2.7m), mainly from one-off engineering and service contracts. There has been no further material news on portfolio developments, with FY21 funding rounds anticipated for Federated Wireless, BridgeComm, Spin Memory and Spark Insights. Given their short-term need for cash, we have elected to reduce the value of Spin Memory and Spark Insights to zero in our estimated NAV, so any funding news should be a positive catalyst. Allied Minds' shares trade at a c 48% discount to our FY20 adjusted NAV estimate of 43.3p, which is based on the reported last available funding rounds. We will be interested to hear directly from the portfolio companies at the capital markets day (CMD) on 14 April 2021.Den vollständigen Artikel lesen ...