Molten Ventures

LN: GROW

Market Cap£1413.7m

Last Close 924p

Molten Ventures (formerly Draper Esprit) is a London-based venture capital (VC) firm that invests in the European technology sector. Molten 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

Draper Esprit has changed its name to Molten Ventures ‘recognising the company’s transformation, accelerated growth and inclusion in the FTSE 250, as well as its unique role in the democratisation of venture capital’. Molten Ventures remains part of the Draper Venture Network. Management confirmed that H122 NAV per share is expected to be not less than 885p, growth of 19% in the period. With portfolio activity remaining strong, management revised its FY22 fair value growth guidance from 15% at the start of the year to c 35% ‘subject to wider market conditions’, implying NAV per share of c 930–950p for 31 March 2022. Molten Venture’s H122 results are due on 29 November 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 27.4 26.0
2021A 288.8 N/A 268.9 207.3 4.5 4.3
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. With technology valuations currently under more pressure, the VC sector can demonstrate that its performance is uncorrelated to technology valuations.

Last updated on 07/12/2021
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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 (9.1) (21.7) 46.2
Relative* (9.1) (22.8) 29.3
52-week high/low 1180.0p/614.0p
*% relative to local index
Key management
Martin Davis CEO
Ben Wilkinson CFO