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Seraphim Space Investment Trust

LN: SSIT

Market Cap£146m

Last Close 61p

Seraphim Space Investment Trust’s objective is to generate capital growth over the long term through investment in a diversified, international portfolio of predominantly early- and growth-stage unquoted space tech businesses with the potential to dominate globally. Space tech businesses are businesses that rely on space-based connectivity or precision, navigation and timing signals, addressing a broad range of key applications.

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Investment summary

So far in 2022 long-duration growth stocks have seen a significant de-rating due to a variety of reasons such as the war in Ukraine, supply chain issues and monetary contraction as interest rates have risen to counter soaring inflation. Seraphim Space Investment Trust’s (SSIT’s) share price has been hard hit given the relatively early-stage growth companies into which it invests. However, the long-term secular drivers of demand for the industries that space technology enables, such as defence and climate change mitigation, have, if anything, come into sharper focus in 2022 with the war in Ukraine and notable climate events such as flooding and prolonged heat waves. It is also important to separate the current market sentiment towards such companies and their operational performance and balance sheet strength. Average revenues across the top 10 portfolio positions (which accounted for 91% of the 31 March 2022 NAV) grew at 58% y-o-y to June 2022, while bookings increased by 77% over the same period. In addition, the majority of SSIT’s portfolio is fully funded through June 2023, mitigating the need to raise additional finance in less favourable capital markets.

Content on Seraphim Space Investment Trust
Seraphim Space Investment Trust – Derating offers an attractive entry point
Investment companies | research Review | 3 August 2022
Beautiful starry sky with bright milky way galaxy. Night landscape . Person silhouette with flashlight illuminate starry sky.
Seraphim Space Investment Trust – Space tech – enabling a new industrial revolution
Investment companies | research Initiation | 1 April 2022
Beautiful starry sky with bright milky way galaxy. Night landscape . Person silhouette with flashlight illuminate starry sky.
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Share price graph
Price performance
%
1m
3m
12m
Actual (2.6) 7.9 (51.6)
Relative* 4.0 13.9 (48.9)
52-week high/low 127.6p/48.0p
*% relative to local index