Allied Minds

LN: ALM

Market Cap£55m

Last Close 23.1p

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

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Investment summary

Allied Minds’ shares trade at a signficant discount to our FY20 adjusted NAV per share of 42.5p. Despite this, Allied Minds’ board is increasingly confident of delivering VC-like returns. In particular, management continues to believe in the potential for significant further value uplift from Federated Wireless as it continues to make good progress. Management continues its share buyback programme and expects to announce its H121 results in mid-September 2021. In a narrowing portfolio, funding rounds are still anticipated for Federated Wireless and BridgeComm. Given limited cash resources (H121: US$17.8m parent net cash), management will need to be cautious about its level of support for future rounds.

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2019A 2.7 (47.2) 49.5 20.97 1.5 N/A
2020A 0.5 (12.9) (54.5) (21.49) N/A N/A
2021E N/A N/A N/A N/A N/A N/A
2022E N/A N/A N/A N/A N/A N/A
Industry outlook

COVID-19 fears have largely abated, with sustained tech valuations and amidst a robust funding environment. Investors have preferred stocks that demonstrate portfolio progress and offer the opportunity for meaningful exits in a realistic timeframe and upside potential.

Last updated on 21/09/2021
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Share price graph
Balance sheet
Forecast net debt (US$m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (11.2) 12.7 (25.5)
Relative* (10.0) 12.6 (40.1)
52-week high/low 41.2p/19.5p
*% relative to local index
Key management
Harry Rein Chairman

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