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Molten Ventures (LSE: GROW)

Last close As at 04/10/2024

GBP3.95

▲ 1.00 (0.25%)

Market capitalisation

GBP734m

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
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 (0.4) 5.8 88.9
Relative (0.2) 4.4 68.9
52 week high/low 430.0p/210.8p

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

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
molten03

Investment Companies

Review

Molten Ventures — Cash is king

molten03
molten03

Update

Financials

Molten Ventures — Key takeaways from the 2023 capital markets day

Update

Financials

Molten Ventures — High emphasis on capital preservation

Flash note

Financials

Molten Ventures — NAV reset reflects falls in public markets

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Financials

Molten Ventures – executive interview
molten03

Flash note

Financials

Molten Ventures — A compelling story at an attractive discount

Outlook

Financials

Molten Ventures — A core tech holding through the cycle
molten05

Flash note

Financials

Molten Ventures — A technology investment for all seasons

Update

Financials

Molten Ventures — Let the good times keep rolling

Flash note

Financials

Draper Esprit — Strong H122, FY22 guidance revised upwards
molten03

Update

Financials

Draper Esprit — FY21 results, £111m placing and retail offer

Flash note

Financials

Draper Esprit — A cracking H221, well placed for FY22
molten05

Update

Financials

Draper Esprit — A peek into Draper Esprit’s portfolio

Flash note

Financials

Draper Esprit — Trustpilot IPO priced at £1.08bn

edison tv

Financials

Draper Esprit – executive interview

Initiation

Financials

Draper Esprit — Europe’s leading pureplay listed VC

thematic

Financials

Crypto, are you dead yet?

thematic

Consumer

IPO apocalypse

thematic

TMT

ESG, moving beyond the box tick

thematic

Financials

Revisiting IPOs in London

thematic

Financials

Bitcoin’s investment thesis – How ‘dirty’ is the Bitcoin network’s carbon footprint?

thematic

Financials

IFRS 16

thematic

Financials

DACH Industrial & Logistic Property

thematic

Financials

Time value of money

thematic

Financials

Cash flow

thematic

Financials

Enterprise versus equity valuation

thematic

Financials

Deutsche Börse’s Scale

thematic

Financials

Price to earnings ratio

thematic

Consumer

Deutsche Börse Eigenkapitalforum 2014 Research Guide