Allied Minds

LN: ALM

£108.6m market cap

45p last close

Allied Minds is an IP commercialisation company with a concentrated investment portfolio focused on early-stage companies within life sciences and technology. Its portfolio companies are spin-outs from US federal government laboratories and universities.

Investment summary

Allied Minds is a holding company focused on early-stage US-based technology businesses. H119 has been a period of real progress for Allied Minds, with strategic funding rounds for its portfolio companies, Federated Wireless and HawkEye 360, as well as the proposed $65.6m sale of Allied Minds’ stake in HawkEye 360 to Advance. The transaction remains subject to shareholder approval on 6 November, with 50% of the sale proceeds ($32.8m, c 11p/share) expected to be returned to shareholders thereafter.

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2017A 5.0 (88.4) (101.2) (27.88) N/A N/A
2018A 5.6 (77.5) 55.3 19.67 2.9 N/A
2019E N/A N/A N/A N/A N/A N/A
2020E N/A N/A N/A N/A N/A N/A
Industry outlook

2019 has so far been a difficult year for patient capital, with stocks continuing to trade at a material discount to NAV. However, with Woodford-related issues now reaching their conclusion, there is scope for a recovery of sentiment and the closing of the NAV discounts as investors search for value. We expect investors to continue to differentiate between stocks that demonstrate progress and offer the potential for meaningful exits in a realistic time frame and those that do not.

Last updated on 12/12/2019
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 (6.3) (21.3) (34.8)
Relative* (5.3) (20.8) (39.5)
52-week high/low 84.2p/45.0p
*% relative to local index
Key management
Peter Dolan Chairman
Joseph Pignato Co-CEO, CFO
Mike Turner Co-CEO, general counsel

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