Main menu
Edison Group
  • Home
  • Equities

    Equities

    View All Equities

    Equities by Sector

    Good Life Plus

    MCap

    GBP12m

    Last close

    GBP0.02

    ▲ 0.40 (22.86%)

    KEFI Gold and Copper

    MCap

    GBP39m

    Last close

    GBP0.01

    ▲ 0.11 (20.00%)

    OSE Immunotherapeutics

    MCap

    EUR132m

    Last close

    EUR6.14

    ▲ 0.68 (12.45%)

  • Sectors

    Sectors

  • Investment Strategy

    Investment Strategy

    View All

    Latest

  • Thematics

    Thematics

    View All Thematics

    Latest

  • Audiovisual

    Audiovisual

    View All Audiovisual

    Latest

Molten Ventures (LSE: GROW)

Last close As at 02/07/2024

GBP3.59

▲ −7.50 (−2.05%)

Market capitalisation

GBP708m

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

View More

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

Financials | Update

Molten Ventures — Forward Partners deal completed
molten03
Visit Website

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 13.7 60.5 60.9
Relative 15.1 54.9 45.4
52 week high/low 424.5p/208.8p

Financials

Molten Ventures saw a stabilisation and recovery in portfolio valuations in H224, as well as a pick-up in realisation processes, with two agreed exits (Endomag and Perkbox) at valuations modestly above last carrying values. Consequently, management now expects around £100m of realisation proceeds in FY25 (to end-March 2025). Its updated capital allocation policy assumes a focus on attractively priced primary and secondary investments (with an emphasis on the latter), as well as a minimum of 10% of realisation proceeds earmarked for share buybacks.

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

Edison Growth Conference panel – Disruptive technology and AI

audiovisual

Investment Companies

Molten Ventures in 60 seconds
molten05

Investment Companies

Update

Molten Ventures — Green shoots of recovery

molten05
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

edison tv

Investment Companies

Molten Ventures – FY23 results discussion with CEO
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

Update

Financials

Molten Ventures — High emphasis on capital preservation
View All

Thematics

thematic

Financials

South African life assurers: Where is the growth?

thematic

Financials

Deutsches Eigenkapitalforum (EKF) 2023 financials and investment companies

thematic

Financials

IFRS 17: Impact on life assurance companies

thematic

Financials

Crypto, are you dead yet?
View All

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free