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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

edison tv

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

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

Investment Companies

edison tv

Molten Ventures – FY23 results discussion with CEO

Update

Financials

Molten Ventures — High emphasis on capital preservation

Flash note

Financials

Molten Ventures — NAV reset reflects falls in public markets

edison tv

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

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