Strong growth in core holdings still to hit NAV
13 Apr 17
The Venture Capital Company which invests in high-growth, technology companies across several core specialist sectors last reported NAV/share of $1.89, but within its results statement stressed that there were strong expectations of several positive revaluations in 2017. We have a look at some of the key portfolio holdings and what their underlying growth rates could mean for the value of TMT’s investments.
Diversity in the highest growth sectors
27 Mar 17
The venture capital Company which invests in high-growth, technology companies across a number of core specialist sectors recently released results for the year to 31 December 2016. The year-end NAV of $1.89 per share combined with its first special dividend of 10c per share paid in November represented a 4% total return over the NAV/Share as at December 2015.
A growth and value opportunity
14 Feb 17
Shares in TMT are some 20% off their year highs and trading at an 11% discount to the last reported NAV of $1.91/share as at 30 June 2016. News flow since then suggests continued positive performance of the portfolio, with the most significant reported value event being the recent revaluation of Pipedrive accretive to NAV per share by circa 14.7c. TMT invests in high growth private companies and as such valuation events are relatively infrequent for its investee companies. Anecdotal evidence from some of TMT’s portfolio suggests that there remains significant value to be unlocked from certain investments, that will not yet meet the criteria for being recognised in the portfolio valuation as at December 2016. We highlight the key news events both reported by TMT, and those relating to its portfolio companies that we have identified since the last audited NAV was published.
Small Cap Breakfast
19 Jan 17
SuperAwesome — The London based specialist in e-compliance is considering an IPO in its home town according to City A.M. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January
More value to unlock from high growth portfolio
25 Aug 16
The investor in high-growth, internet-based companies across a variety of core specialist sectors has released interim results to June 2016. Following a relatively quiet half in terms of valuation events, NAV/share remains unchanged at $1.91m. However, cash balances have been greatly reinforced by the $5.85m partial exit of Deposit Photos. This represents an approximately 5.5 times increase in the valuation of TMT's holding in Depositphotos since its original investments, or 18% since December 2016. This more than offsets impairments in WhalePath and Adinch. The cash injection has led to a much improved period end cash balance of $5.92m and facilitated three in-period investments totaling $650k and a further three postperiod investments totaling $800k. The fair value of TMT’s investments can lag the underlying growth of these exciting tech companies as valuation reviews are driven largely by funding rounds and exits. TMT expects a number of positive revaluations of its investee companies in the future and we highlight the growth profiles of some selected investments below.
Hybridan - Small Cap Wrap
01 Jul 16
AKR Distribution Agreement, AVCT Affimer Binders, AVG Return of Funds, PRSM Interim Results, COG* Distribution Agreement, FISH Placing, FITB* Board Changes, Placing and Loan Capitalisation, FUM Agreements, HCM Phase II, IGE Agreement, LRM Selected, NWF Trading Updated, PLI* Fast Track, SCH Trading Update, TMT* Invests
Active management and new opportunities
01 Jun 16
Against a market backdrop where tech IPOs in the United States have virtually ground to a halt, TMT Investments is still managing to make profitable exits and gain access to innovative opportunities to invest in high growth internet based companies. This is thanks to its solid connections in the world of private tech investing.
Hybridan - Small Cap Wrap
01 Jun 16
ALSP* Board Changes, COMS Contract Win, CNS Contract Win, CCS University Partnership, DEMG announces results of ODM trial, ESP acquisition in Leicester, EZH Interim Results, EVG results, FEVR Trading Update, FDEV Update, INS acquisition, MMH Acquisition, MMX Launch, MXCP Placing, OPTI* Patent Filling, PINN Acquisition, PLI* Bought Deal, SAR* Clinical Trial, STOB Deal Completion, TERN Acquisition, TMT* Investments
$5.8m cash exit adds 9c NAV/share
29 Mar 16
The investment company which takes stakes in high-growth, internet based companies across a variety of sectors has today announced a further NAV enhancing transaction selling a sizeable stake in its investment Depositphotos, a rapidly growing stock market place.
Record growth in NAV/shares up 40%
21 Mar 16
The investment company which takes stakes in high-growth, internet based companies across a variety of sectors has today announced final results for FY Dec 2015. The headline NAV/Share growth rate of 40% to $1.91 (the company’s core performance metric) is the best achieved by TMT to date and implies a second half acceleration, with growth of 26.5% in H2. Over 2015 the company’s NAV/Share massively outperformed the NASDAQ 100 Tech Sector, which was actually down 2.6% and was over 7 percentage points ahead of the FTSE 350 Software & Computer Services Index (up 32.9%).
Listed access to high growth private tech companies
25 Jan 16
TMT Investments is not the only UK listed vehicle to invest in private technology plays. However we believe the current portfolio to be unusual in that it focusses on high growth internet based companies that derive the majority of their revenues from the United States. The US remains the epicenter of innovation and investment in the ‘New Economy’ and although 2015 was perceived as a slower year than 2014, which was a record year, the PwC US tech deals insights report for Q3 2015 revealed that in Q3 alone 62 technology deals closed for $25.1 billion in deal value. Albeit within that technology IPOs plummeted to the least active quarter since Q1 2009, raising only $168 million in new proceeds, suggesting that the lion’s share of the action is taking place in the private arena in which TMT participates.
Putting the M in TMT
10 Nov 15
When certain investor groups focus on ‘tech’ stocks it is easy to forget that Media forms part of the wider TMT sector. Media (mass communication) companies have a wide range of activities. But as the public consumes media through an ever broader choice of devices and channels, media and technology have become inextricably linked. This can be related to how we consume media, with innovative music streaming platforms from the likes of 7digital (7DIG), to how corporates monitor the efficacy of their marketing dollar with Big Data analytics platforms such as that provided by Ebiquity (EBQ).