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Molten Ventures (LSE: GROW)

Last close As at 24/10/2024

GBP3.97

▲ 3.50 (0.89%)

Market capitalisation

GBP740m

Molten Ventures is a London-based VC firm that invests in the European technology sector. It has a portfolio of 118 investee companies and includes a range of funds (seed, EIS and VCT) within the group, as well as its flagship balance sheet VC fund.

Pre-money valuations of late-stage and venture growth ecosystems in Europe showed in aggregate only small declines in H124 (according to PitchBook). European VC exits remain tepid for now, albeit some green shoots of recovery have been visible, eg in terms of VC deal value in Q224 and European IPOs.

Latest Insights

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Investment Companies | Update

Molten Ventures — Crystallising portfolio values

Investment Companies | Flash note

Molten Ventures — Making progress on its realisation agenda

Investment Companies | Update

Molten Ventures — Green shoots of recovery

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Edison Growth Conference panel – Disruptive technology and AI
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Sector

Financials

Equity Analyst

Milosz Papst

Milosz Papst

Head of Content, 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 (1.7) 15.6 65.9
Relative (1.6) 14.3 46.3
52 week high/low 430.0p/214.0p

Financials

Molten Ventures has already surpassed its £100m realisation target for FY25, with exits from Perkbox, Endomag, Graphcore and M-Files, which in aggregate represent £124m in exit proceeds. Consequently, Molten launched a £10m buyback programme in July 2024. All these transactions were agreed at or slightly above the previous carrying values. Molten’s H125 results will likely benefit from Revolut’s recent secondary sale, which values the fintech at US$45bn compared with US$33bn during the previous funding round in July 2021. Finally, several of Molten’s core holdings raised capital this year, providing additional validation points for Molten’s H125 carrying values.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2023A (217.4) N/A (242.3) (156.2) N/A N/A
2024A (9.2) N/A (41.4) (17.9) N/A N/A
2025E N/A N/A N/A N/A N/A N/A
2026E N/A N/A N/A N/A N/A N/A

Research

Flash note

Investment Companies

Molten Ventures — Making progress on its realisation agenda
molten05

Update

Investment Companies

Molten Ventures — Green shoots of recovery

Investment Companies

Update

Molten Ventures — Crystallising portfolio values

edison tv

Edison Growth Conference panel – Disruptive technology and AI

audiovisual

Investment Companies

Molten Ventures in 60 seconds
molten05

Update

Financials

Molten Ventures — Forward Partners deal completed

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Investment Companies

Molten Ventures – executive interview
molten05

Flash note

Financials

Molten Ventures — NAV down c 6% in the first half of FY24
molten03

Review

Investment Companies

Molten Ventures — Cash is king

edison tv

Investment Companies

Molten Ventures – FY23 results discussion with CEO
molten03

Flash note

Financials

Molten Ventures — Initial signs of stabilisation in H223
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Thematics

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