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Molten Ventures (LSE: GROW)

Last close As at 26/07/2024

GBP3.49

▲ 6.00 (1.75%)

Market capitalisation

GBP660m

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.

There are some tentative signs of a revival in the broader IPO and private M&A markets. European venture capital deal value increased by 19% y-o-y to €16.3bn in Q124 (though deal count was down c 46% y-o-y, based on PitchBook data as at end-March 2024), assisted by the €4.75bn megadeal of the cleantech business H2 Green Steel in January 2024. The Q124 figure is still 54% lower than the Q122 level; hence, activity remains modest for the time being.

Latest Insights

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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

Investment Companies | audiovisual

Molten Ventures in 60 seconds
molten03
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Sector

Financials

Equity Analyst

Milosz Papst

Milosz Papst

Director, Financials

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 (8.3) 47.0 25.7
Relative (8.0) 43.9 17.7
52 week high/low 424.5p/208.8p

Financials

Molten Ventures has recently completed the exits from Perkbox, Endomag and Graphcore. This translates into more than £70m realisation proceeds, which means Molten is on track to reach the £100m that management expects for FY25. As a result, Molten has announced a £10m buyback programme (starting on 26 July), in line with its recently updated capital allocation policy of earmarking at least 10% of realisation proceeds for share repurchases. Molten has also agreed a new £180m debt facility that replaces the previous £150m facility maturing in September 2024.

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

molten05

Update

Investment Companies

Molten Ventures — Green shoots of recovery

edison tv

Edison Growth Conference panel – Disruptive technology and AI

Investment Companies

Flash note

Molten Ventures — Making progress on its realisation agenda

audiovisual

Investment Companies

Molten Ventures in 60 seconds
molten05

Update

Financials

Molten Ventures — Forward Partners deal completed

edison tv

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
molten03

Update

Financials

Molten Ventures — Key takeaways from the 2023 capital markets day
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