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Molten Ventures (LSE: GROW)

Last close As at 17/04/2024

GBP2.19

▲ −0.50 (−0.23%)

Market capitalisation

GBP414m

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.

Valuations of early-stage companies across the broad VC markets softened further in Q423. PitchBook highlights that 2023 was the worst year in terms of European VC exits since 2013, with an exit value of just €11.8bn compared to €40.4bn in 2022. That said, we note some initial signs of revival in the IPO markets (as illustrated by the listings of Arm, Klaviyo and Instacart) as well as in private M&A markets. The long-term outlook for the industry is supported by the strong emphasis put on tech innovation by investors and governments, as illustrated in the UK by the Science and Technology Framework, the R&D tax regime and Mansion House reforms.

Latest Insights

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Financials | Flash note

Molten Ventures — NAV down c 6% in the first half of FY24

Investment Companies | Review

Molten Ventures — Cash is king

Investment Companies | edison tv

Molten Ventures – FY23 results discussion with CEO

Financials | Flash note

Molten Ventures — Initial signs of stabilisation in H223
molten03
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Sector

Financials

Equity Analyst

Milosz Papst

Milosz Papst

Director, Financials

Michal Mordel

Analyst, Investment trusts

Key Management

  • Ben Wilkinson

    CFO

  • Martin Davis

    CEO

Balance Sheet

Forecast net debt (£m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (14.6) (12.7) (26.3)
Relative (15.6) (16.8) (26.2)
52 week high/low 311.8p/208.8p

Financials

Molten Ventures has recently successfully completed the all-share offer for Forward Partners. The latter’s focus on early-stage investments (pre-seed and seed stage) complements Molten’s core strategy, its ‘sweet spot’ being post-A Series, in particular Series B and C investments. It therefore provides a broader pipeline of early-stage assets for follow-on investments, on top of Molten’s seed fund-of-fund programme and the Earlybird partnership. From Forward Partners’ perspective, the transaction (together with Molten’s recent equity raise) will provide further capital support to its portfolio companies.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 351.2 N/A 331.1 201.7 1.1 1.1
2023A (217.4) N/A (242.3) (156.2) N/A N/A
2024E N/A N/A N/A N/A N/A N/A
2025E N/A N/A N/A N/A N/A N/A

Research

molten03

Review

Investment Companies

Molten Ventures — Cash is king

edison tv

Investment Companies

Molten Ventures – FY23 results discussion with CEO
molten05

Financials

Flash note

Molten Ventures — NAV down c 6% in the first half of FY24

molten05
molten03

Flash note

Financials

Molten Ventures — Initial signs of stabilisation in H223
molten03

Update

Financials

Molten Ventures — Key takeaways from the 2023 capital markets day

Update

Financials

Molten Ventures — High emphasis on capital preservation

Flash note

Financials

Molten Ventures — NAV reset reflects falls in public markets

edison tv

Financials

Molten Ventures – executive interview
molten03

Flash note

Financials

Molten Ventures — A compelling story at an attractive discount

Outlook

Financials

Molten Ventures — A core tech holding through the cycle
molten05

Flash note

Financials

Molten Ventures — A technology investment for all seasons
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