Draper Esprit

LN: GROW

Market Cap£1469m

Last Close 960p

Draper Esprit is a London-based venture capital (VC) firm that invests in the European technology sector. Draper Esprit has a portfolio of c 70 investee companies and includes a range of funds (seed, EIS and VCT) within the group, as well as its flagship balance sheet VC fund.

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Investment summary

Having moved to the main market and joined the FTSE 250, Draper Esprit’s share price has continued to climb in a strong private company funding environment. In a pre-close trading update, the group noted multiple additional funding rounds in H122 (notably Cazoo, CoachHub and Form3), on top of previously announced rounds including Revolut’s US$800m Series E from Softbank and Tiger Global, valuing it at US$33bn. Recent press reports suggest there could be two potential portfolio company IPOs in the next few months. Draper Esprit shares now trade at a more than 50% premium to its FY21 NAV of 743p as the group continues to deliver on its exciting potential.

Y/E Mar
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2020A 52.0 N/A 41.4 33.7 28.5 27.0
2021A 288.8 N/A 268.9 207.3 4.6 4.5
2022E N/A N/A N/A N/A N/A N/A
2023E N/A N/A N/A N/A N/A N/A
Industry outlook

Technology valuations have had a very strong run as COVID-19 fears have eased, with sustained valuations amidst a robust funding environment. Investors have preferred companies with embedded value in their portfolios that offer the potential for material exits and upside in a realistic timeframe.

Last updated on 20/10/2021
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Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (10.8) 4.5 57.4
Relative* (13.6) (0.3) 26.7
52-week high/low 1180.0p/572.0p
*% relative to local index
Key management
Martin Davis CEO
Ben Wilkinson CFO