Molten Ventures (LSE: GROW)

Last close As at 27/03/2024

GBP2.32

−0.60 (−0.26%)

Market capitalisation

GBP441m

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.

For the purposes of the Takeover Code, Edison is deemed to be connected with Molten Ventures as a provider of paid-for research. Under Rule 20.1 Edison must not include any profit forecast, quantified financial benefits statement, asset valuation or estimate of other figures key to the offer, except to the extent that such forecasts, statements, valuations or estimates have been published prior to the offer period (as defined in the Takeover Code) by an offeror or the offeree company (as appropriate) in accordance with the requirements of the Code. Consequently we have removed our estimates until the offer period ends.

Latest Insights

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Financials | Flash note

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

Investment Companies | Review

Molten Ventures — Cash is king

Investment Companies | edison tv

Molten Ventures – FY23 results discussion with CEO

Financials | Flash note

Molten Ventures — Initial signs of stabilisation in H223

Sector

Financials

Equity Analyst

Milosz Papst

Milosz Papst

Director, Financials

Michal Mordel

Analyst, 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 (7.3) (18.3) (16.3)
Relative (10.2) (20.4) (21.8)
52 week high/low 311.8p/208.8p

Financials

Molten Ventures’ November all-share offer for Forward Partners (FP) offered FP shareholders one Molten share for every nine FP shares. Based on Molten’s closing price on 24 November 2023, this would translate into 31.1p per FP share, a 6.6% premium to the three-month volume-weighted average price. The deal was approved by FP’s general meeting on 17 January 2024. Molten recently completed a £55m institutional placing, accompanied by a £2.4m retail offering via PrimaryBid and an offer of up to 1,401,843 shares made available to FP shareholders unable to participate in the placing.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 351.2 N/A 331.1 201.7 1.2 1.1
2023A (217.4) N/A (242.3) (156.2) N/A N/A
2024E N/A N/A N/A N/A N/A N/A
2025E N/A N/A N/A N/A N/A N/A

Update

Financials

Molten Ventures — Let the good times keep rolling

molten05

Flash note

Financials

Draper Esprit — Strong H122, FY22 guidance revised upwards

Flash note

Financials

Draper Esprit — A cracking H221, well placed for FY22

Flash note

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Draper Esprit – executive interview

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Initiation

Financials

Draper Esprit — Europe’s leading pureplay listed VC