Molten Ventures is a London-based venture capital (VC) firm that invests in the European technology sector. It 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.
More Molten Ventures content >Investment summary
Molten Ventures offers liquid exposure to Europe’s high-growth tech start-up ecosystem, through a diversified investment holding company with a proven track record. Despite a 20% H117–H122 NAV/share CAGR and management’s expectations for c 35% fair value growth for FY22, Molten currently trades (769.5p at close on 20 April) at a 13% discount to its H122 NAV, with our estimate of the FY22 NAV/share of c 929p struck before a c 50p uplift in fair value for an unnamed portfolio company. Management is confident in the outlook for the European technology sector and is focused on its Series B+ growth fund in 2022 to capitalise on the opportunity.
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 | 16.1 | 15.3 |
| 2021A | 288.8 | N/A | 268.9 | 207.3 | 2.6 | 2.5 |
| 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 had a very strong run in 2021 as COVID-19 fears eased, with sustained valuations amidst a robust funding environment. With the market rotation towards value and out of growth, sector discounts have widened across the board, but underlying portfolio performance has remained robust. Longer-term investors may consider this an attractive buying opportunuity.
Last updated on 20/05/2022Content on Molten Ventures
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Financials
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Share price graph
Balance sheet |
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| Forecast net debt (£m) | N/A |
| Forecast gearing ratio (%) | N/A |
Price performance
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Key management |
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| Martin Davis | CEO |
| Ben Wilkinson | CFO |
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