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Molten Ventures (LSE: GROW)

Last close As at 20/11/2024

GBP3.20

▲ −11.00 (−3.33%)

Market capitalisation

GBP596m

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 have been some green shoots of recovery in terms of European VC exits, and PitchBook noted that valuations seemed to be recovering in Q324. PitchBook estimates that excluding the Puig IPO and applying the 9M24 run-rate to the rest of the year implies a 6.6% y-o-y increase in exit value in 2024.

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 (21.4) (19.1) 23.4
Relative (18.6) (17.1) 14.2
52 week high/low 430.0p/215.0p

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

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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