Molten Ventures (LSE: GROW)

Last close As at 12/07/2024

GBP3.90

8.50 (2.23%)

Market capitalisation

GBP737m

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 | Update

Molten Ventures — Green shoots of recovery

Investment Companies | audiovisual

Molten Ventures in 60 seconds

Financials | Update

Molten Ventures — Forward Partners deal completed

molten03

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 15.6 61.6 54.7
Relative 13.9 54.9 36.3
52 week high/low 424.5p/208.8p

Financials

Molten Ventures saw a stabilisation and recovery in portfolio valuations in H224, as well as a pick-up in realisation processes, with two agreed exits (Endomag and Perkbox) at valuations modestly above last carrying values. Consequently, management now expects around £100m of realisation proceeds in FY25 (to end-March 2025). Its updated capital allocation policy assumes a focus on attractively priced primary and secondary investments (with an emphasis on the latter), as well as a minimum of 10% of realisation proceeds earmarked for share buybacks.

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

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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

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Flash note

Financials

Molten Ventures — Initial signs of stabilisation in H223

Thematics

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Financials

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Financials

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Financials

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