Molten Ventures (LSE: GROW)

Last close As at 23/05/2024

GBP3.14

−8.00 (−2.48%)

Market capitalisation

GBP594m

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.

Valuations of early-stage companies across the broad VC markets softened further in Q423. PitchBook highlights that 2023 was the worst year in terms of European VC exits since 2013, with an exit value of just €11.8bn compared to €40.4bn in 2022. That said, we note some initial signs of revival in the IPO markets, as well as in private M&A markets. The long-term outlook for the industry is supported by the strong emphasis put on tech innovation by investors and governments, as illustrated in the UK by the Science and Technology Framework, the R&D tax regime and Mansion House reforms.

Latest Insights

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Molten Ventures in 60 seconds

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Molten Ventures — Forward Partners deal completed

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Molten Ventures – executive interview

Financials | Flash note

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

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 30.8 25.2 16.9
Relative 26.1 15.8 8.8
52 week high/low 333.5p/208.8p

Financials

Molten Ventures has recently completed the acquisition of Forward Partners, which allowed Molten to further broaden its portfolio, add a complementary strategy focused on earlier stage companies and potentially provide a pipeline of new core holdings. Furthermore, its recent equity raise gave Molten the funds to pursue new investments in what it currently considers a buyer’s market, with an emphasis on the venture capital (VC) secondary market. In FY24 (to end-March 2024), Molten’s gross portfolio value remained broadly stable on a like-for-like basis (ie excluding the Forward Partners deal and the Seedcamp Fund III secondary investment). Management sees good prospects for realisations in FY25.

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 1.6 1.5
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

thematic

Consumer

IPO apocalypse

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TMT

ESG, moving beyond the box tick

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Financials

Revisiting IPOs in London

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Financials

IFRS 16

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Financials

DACH Industrial & Logistic Property

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Financials

Time value of money

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Financials

Cash flow

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Financials

Enterprise versus equity valuation

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Financials

Deutsche Börse’s Scale

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Financials

Price to earnings ratio

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Consumer

Deutsche Börse Eigenkapitalforum 2014 Research Guide