![]() The group is well-capitalised, with more than £100m in plc cash (together with a £60m undrawn revolving credit facility) following a successful placing in October 2020 that raised net proceeds of £106.6m. This compares to HgCapital Trust, which has delivered a 19.1% NAV CAGR over five years (12% over 20 years), Oakley Capital with a 14.4% five-year CAGR and 3i with a 22% five-year CAGR. The group has delivered a 15.1% CAGR NAV/share in FY16–20, reporting 8.1% growth in H121 despite the impact of COVID-19. Its portfolio was valued at £702.4m (gross portfolio value) in its H121 results at 30 September 2020, with a NAV of £714.7m. The company has a proven track record of delivering successful investments, having deployed c £513m of capital in total since its IPO in 2016 and realised £212m of investments. Source: Draper Esprit (30 September 2020) Aiven (Series B) – data infrastructure management ICEYE (Series C) – radar imaging satellites SportPursuit (Series C) – sport-specific flash sales Thought Machine (Series B) – core banking infrastructure Cazoo (Series D) – used car sales platform Ledger (Series B) – blockchain and crypto security Perkbox (Series C) – employee benefits platform Smava (Series E) – online consumer lending platform Aircall (Series C) – cloud-based call centre system M-Files (Series C) – intelligent information management RavenPack (Series B) – big data analytics UiPath (Series E) – robotic process automation Graphcore (Series E) – fabless semiconductor company Trustpilot (Series E) – online global review site Market waking up to private technology investment.Potential for a hybrid valuation approach in the future.Uplift based on realisations, funding rounds and peer multiples.Profit and loss: Net operating costs 0.2% of NAV.H121 plc cash of £62m (rising to c £109m in January 2021).Net assets rose by 8.4% in H121 despite COVID-19.More tech IPOs expected in 2021 while markets remain high.Tech valuations soared in 2020: Bessemer SaaS index.European tech, a sector whose time has come.Foundations have been laid for Europe to catch up.Market background: European tech coming of age.Environmental, social and corporate governance (ESG). ![]() Long-term growth: 15.1% NAV per share CAGR FY16–20. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |