Molten Ventures

LN: GROW

Market Cap£830m

Last Close 542.5p

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.

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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 20/05/2022
Content on Molten Ventures
Molten Ventures – A compelling story at an attractive discount
Financials | research Flash note | 29 April 2022
Investing In Ideas
Molten Ventures – A core tech holding through the cycle
Financials | research Outlook | 21 March 2022
Investing In Ideas
Molten Ventures – A technology investment for all seasons
Financials | research Flash note | 2 February 2022
Investing In Ideas
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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 (28.8) (23.9) (29.6)
Relative* (26.2) (21.8) (30.9)
52-week high/low 1180.0p/528.5p
*% relative to local index
Key management
Martin Davis CEO
Ben Wilkinson CFO