Draper Esprit

LN: GROW

Market Cap£1698m

Last Close 1110p

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

Following its FY21 results (57% rise in NAV to £1.03bn, a record £206m of realisations and exits), management completed a £111m placing at 800p per share, an 8% premium to its 743p FY21 NAV per share. The funding will be used to accelerate investment. In July, Revolut announced an US$800m Series E funding round from Softbank and Tiger Global, valuing it at US$33bn (a six times uplift in 18 months). Based on the round, Draper Esprit’s stake is valued at c £119m (78p per share), an uplift of £99m from the FY21 year end valuation or 65p per share (before carry deductions). Draper Esprit completed its move from AIM to the main market on 23 July 2021.

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 32.9 31.2
2021A 288.8 N/A 268.9 207.3 5.4 5.2
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 21/09/2021
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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 4.5 26.9 111.0
Relative* 5.9 26.8 69.7
52-week high/low 1180.0p/536.0p
*% relative to local index
Key management
Martin Davis CEO
Ben Wilkinson CFO