Chrysalis Investments – Turned a corner

On some measures, Chrysalis Investments (CHRY) seems to have turned a corner. The manager points towards the 6.5% jump in the NAV over the final quarter of 2023, encouraging news from many portfolio companies, a NAV enhancing (but unnamed) disposal in the works, and the prospects of a more supportive interest rate environment which it believes all help underscore the trust’s attractions. It also expects that shareholders will be happy to support the continuation vote scheduled for the AGM in Mar

Chrysalis Investments (CHRY LN) - Initiation of coverage

Chrysalis Investments provides capital to later-stage private companies across the insurance, technology, financials, banking, media and consumer discretionary industries. Shares in the fund currently trade at a 45% discount to the last reported NAV per share from its one public and 12 private investments. We review the valuation of its top five holdings (>70% of the portfolio) and conclude that Chrysalis shares are more undervalued than the NAV discount suggests. Furthermore, a recently announc

Chrysalis Investments – Putting growing pains behind it

There is no denying that the last 18 months have been a challenge for Chrysalis Investments (CHRY). However, under the hood, the majority of the portfolio assets have actually performed reasonably well given the circumstances, especially when you consider that one company, Klarna, contributed more than half of CHRY’s total NAV adjustment during FY2022. Its other private investments, which make up the majority of the portfolio, fell just 5.6% during the same period. The long-term prospects for t

Chrysalis Investments – Putting growing pains behind it

The last 18 months have been a challenge for Chrysalis Investments (CHRY). However, under the hood, it appears that majority of the portfolio assets have actually performed reasonably well given the circumstances, especially when you consider that one company, Klarna, contributed more than half of CHRY’s total NAV adjustment during FY2022. Its other private investments, which make up the majority of the portfolio, fell by 5.6% during the same period. Despite the recent weakness, the adviser bel

LIBERUM: Chrysalis Investments Limited* - Encouraging signs

Global Macro Commentary & Investment Companies Roundup January 2023

• Performance: Atrato Onsite Roof soars as investors look on the bright side. • Premiums and discounts: Investors deserting Pollen Street following dividend cut. • Money in and out: Funds struggle to attract new funding.

Global Macro Commentary & Investment Companies Roundup January 2023

• Performance: Atrato Onsite Roof soars as investors look on the bright side. • Premiums and discounts: Investors deserting Pollen Street following dividend cut. • Money in and out: Funds struggle to attract new funding.

Chrysalis Investments - Shepherding its portfolio through the storm

In its first three years, Chrysalis Investments (CHRY) generated significant NAV and share price returns for investors. Its advisers set out to build an exciting portfolio of fast-growing, disruptive and potentially market-leading companies. An abrupt change in market sentiment towards these types of growth businesses has since impacted on CHRY’s NAV, with falls in the values of listed investments and a notable write down in the valuation of Klarna. However, this is set against good news coming

Chrysalis Investments - Shepherding its portfolio through the storm

In its first three years, Chrysalis Investments (CHRY) generated significant NAV and share price returns for investors by building an exciting portfolio of fast-growing, disruptive and potentially market-leading companies. An abrupt change in sentiment towards these types of businesses has since impacted on CHRY’s NAV, with falls in the values of listed investments and a notable write down in the valuation of Klarna. However, this is set against good news coming from portfolio companies such as

LIBERUM: Alternatives Daily: CHRY | SEIT

LIBERUM: Alternatives Daily: CHRY | CSH | SEIT

LIBERUM: Alternatives Daily

LIBERUM: Alternatives Daily: CHRY | HEIT | USF | LABS | PINT

LIBERUM: Chrysalis Investments Limited* - 80% portfolio revenue growth

Morning Note – 22 April 2024

Benefits of scale set to materialise

Frenkel Topping - Resilient with strong growth potential

FY 2023 was a challenging year for Frenkel with higher interest rates encouraging clients to place money into lower margin money market funds. Despite this, sales grew +32% (supported by recurring revenue +9% and +51% in non-recurring), EBIT margins remained strong at 22% and adj. EPS grew +17% (taking into account the higher number of shares). FY 2024 has seen a solid start to transactional business and there is a strong pipeline of new FUM opportunities both of which support further growth. Wi

S&U - PBT ahead, encouraging volume trends

S&U reported FY24 PBT of £33.6m, down from £41.4m in FY23 on higher funding and regulatory costs and higher impairments in Advantage in H2. PBT was 2% ahead of our forecast as stronger revenues – up 12% to £115.4m – and better costs offset higher-than-expected impairments. Net receivables grew to a record at both Advantage and Aspen and management noted particular strength in Q4 and a good trading environment in the current year. Having absorbed a significant rise in funding cost as well as addi

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

LSL Property Services (LSL LN) - Transformation & market recovery

2023 results are, as indicated in its February pre-close update, “slightly ahead of market expectations”. Current trading continues to improve, with 1Q24 underlying operating profit up yoy, “reflecting the benefits of the Group’s transformation programme completed in 2023 as well as improving market conditions.” With net cash of £35m at end 2023, the Board approved 7.4p final DPS and £7m buy back.

Foresight Solar Fund - Termination of coverage

Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web

International Public Partnerships - Consistently and responsibly delivering

International Public Partnerships’ (INPP’s) FY23 results show that it continues to deliver consistent and predictable returns for investors, while delivering environmental and social benefits for the individuals and communities that are served by its assets. Despite this strong performance and a substantial need for private infrastructure funding, the macroeconomic environment has weighed on INPP’s share price, in common with the wider sector. Regardless, attractive returns are available from th

Regional REIT - Performing as expected ahead of refinancing

In a challenging market, Regional REIT’s (RGL’s) FY23 operational and financial performance was robust, in line with expectations and previous guidance. Investor focus remains on the company’s loan to value (LTV) reduction and bond refinancing plans, explored in detail in our previous note and RGL will provide an update on this in due course.

LIBERUM: PensionBee: Strong start to the new financial year

LIBERUM: PayPoint: On track for £100m of EBITDA in FY 26

Witan

Business as usual for WTAN’s executive team, while the board reviews investment management arrangements…

LIBERUM: Speedy Hire: Weakness in FY 24 but recovery in FY 25

Hybridan Small Cap Feast - 22 April 2024

22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

Foxtons Group (FOXT LN) - 1Q24 IMS shows real momentum

Foxtons Group plc first quarter revenue rose 9% to £35.7m (1Q23: £32.9m) with growth delivered across all business segments. Trading is in line with management's expectations.