In its trading update, Molten Ventures announced that its H123 NAV per share is expected to fall to not less than 830p (H122: 887p), 12% below the FY22 NAV/share of 937p. This corresponds to a 17% fall in gross portfolio value (GPV) on a constant currency basis, a net fall of 12% after reflecting exchange rate gains. In turn, GPV is expected to be not less than £1.45bn (FY22: £1.53bn). The falls in valuation were cushioned by the vast majority (c 90%) of Molten's holdings being structured as preference shares. The portfolio remains resilient, with average core portfolio revenues growing at more than 70% and well-funded, with over 75% of the core portfolio having more than 18 months' cash runway. Molten invested £112m in H123, but management expects the rate of investment to slow materially in H223, with FY23 targeted investment of c £150m, implying c £38m of investment in H223. Cash realisations in H123 came to c £13m (H122: £67m), including UiPath and Minit (via Earlybird). Period-end plc cash stood at £28m (FY22: £78m) with £23m of listed assets. The group also has a new £150m debt facility, providing the cash needed to see it through the downturn. Molten trades at 0.44x NAV, below its peers on an average of 0.59x NAV.Den vollständigen Artikel lesen ...
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