Allied Minds

LN: ALM

£63.6m market cap

26.28p last close

Allied Minds is a technology investment company with a concentrated portfolio focused on early-stage spin-outs from US federal government laboratories and universities.

Investment summary

In a portfolio update in January, management highlighted robust commercial progress across the majority of the portfolio in FY20 (notably at Federated Wireless, BridgeComm and Orbital Sidekick), which is expected to lead to multiple funding rounds in FY21. However, commercial progress at Spin Memory has been limited by COVID-19 with management flagging a likely down-round. Subsequently, as part of a streamlining process, it was announced that the CEO had decided to step down, with the board taking on direct responsibility for the portfolio. We estimate year-end parent cash of c US$20m.

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2018A 5.6 (77.5) 53.3 19.0 1.9 N/A
2019A 2.7 (47.2) 49.5 21.0 1.7 N/A
2020E N/A N/A N/A N/A N/A N/A
2021E N/A N/A N/A N/A N/A N/A
Industry outlook

Discounts to NAV have been narrowing or closing amongst the early-stage tech investors as COVID-19 fears ease. Investors have preferred stocks that demonstrate progress and offer the potential for meaningful exits in a realistic timeframe. Transparency, NAV growth, consistency of performance, capital preservation and investor returns are the key metrics by which to judge success.

Last updated on 26/02/2021
Register to receive research on Allied Minds as it is published
Sector
TMT
Share price graph
Balance sheet
Forecast net debt (US$m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (6.2) (29.0) (28.1)
Relative* (4.7) (31.2) (23.7)
52-week high/low 44.8p/20.8p
*% relative to local index
Key management
Joseph Pignato CEO

Content on Allied Minds

You may also be interested in…