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Molten Ventures (LSE: GROW)

Last close As at 01/11/2024

GBP3.40

▲ −18.50 (−5.16%)

Market capitalisation

GBP634m

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 | Flash note

Molten Ventures — Strong exits and stable NAV/share ex FX in H125

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
molten03
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Sector

Financials

Equity Analyst

Milosz Papst

Milosz Papst

Head of Content, Investment Trusts

Key Management

  • Andrew Zimmermann

    CFO

  • Ben Wilkinson

    CEO

Balance Sheet

Forecast net debt (£m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (15.8) (8.9) 44.4
Relative (14.3) (5.6) 28.9
52 week high/low 430.0p/215.0p

Financials

Molten Ventures released its trading update for H125 (ending September 2024), expecting a c 3% NAV per share decline versus end-March 2024 to 644p, mostly due to c £30m negative foreign exchange effects (2% of opening gross portfolio value). As discussed in our September update note, Molten experienced a significant pick-up in exit activity, and collected £76m in cash proceeds in H125. Molten also announced that Martin Davis will step down after five years as the company’s CEO and will be succeeded with immediate effect by Ben Wilkinson, who has been Molten’s CFO for the last eight years. Andrew Zimmermann (finance director) will be appointed interim CFO. We also note that Molten’s shares re-entered the UK flagship top 250 index in the period. The shares now trade at a c 47% discount to NAV.

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

Update

Investment Companies

Molten Ventures — Crystallising portfolio values

Flash note

Investment Companies

Molten Ventures — Making progress on its realisation agenda
molten05

Investment Companies

Flash note

Molten Ventures — Strong exits and stable NAV/share ex FX in H125

molten05
molten05

Update

Investment Companies

Molten Ventures — Green shoots of recovery

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Edison Growth Conference panel – Disruptive technology and AI

audiovisual

Investment Companies

Molten Ventures in 60 seconds
molten05

Update

Financials

Molten Ventures — Forward Partners deal completed

edison tv

Investment Companies

Molten Ventures – executive interview
molten05

Flash note

Financials

Molten Ventures — NAV down c 6% in the first half of FY24
molten03

Review

Investment Companies

Molten Ventures — Cash is king

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Investment Companies

Molten Ventures – FY23 results discussion with CEO
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Thematics

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