Seraphim Space Investment Trust - Several key holdings funded to break-even

Seraphim Space Investment Trust (SSIT) reported a modest 1.8% NAV total return (TR) in H124, as the positive impact from up rounds (most notably D-Orbit’s) was partly offset by downward fair value adjustments of some other holdings due to technical setbacks or operational underperformance. However, we note that fund-raising across the spacetech sector remained robust in CY23. Moreover, 82% of SSIT’s portfolio has a robust cash runway, with 60% fully funded based on the projections of its managem

Allenby Capital TMT Update - 18.03.24 - MWE.L, CHSS.L, CPX.L, BVC.L, SSIT.L

Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.

Hybridan Small Cap Feast - 13 Mar 2024

13th March 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: Change of Market: Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”. Hybridan Chefs

Seraphim Space Investment Trust - Spacetech enjoying sustained secular tailwinds

Seraphim Space Investment Trust (SSIT) saw a 12-month share price decline of c 30%, while its NAV fell by only 7.1% in FY23 (to end-June 2023), shielded in part by the downside protection embedded in its investments via preference shares and only one down round out of 11 funding rounds completed by SSIT’s portfolio companies in FY23. Moreover, NAV/share rebounded by 3.9% in Q124, driven by FX gains and fair value uplifts on the back of new funding rounds (D-Orbit’s in particular). This resulted

Seraphim Space Investment Trust - High demand for space tech’s disruptive potential

Seraphim Space Investment Trust (SSIT) released its Q423 trading update to end-June 2023 yesterday, reporting that its top 10 holdings saw their revenues (weighted by portfolio fair value) increasing by 32% year-on-year in the 12 months to end-June 2023, while bookings went up by a strong 188% over that period. We believe this illustrates the high interest in the disruptive potential of the offering of these early-stage businesses across key secular themes, such as global security and climate ch

Seraphim Space Investment Trust - Long-term structural growth drivers remain intact

Seraphim Space Investment Trust (SSIT) posted a 7.2% NAV TR decline in H123 (ended December 2022) following a valuation update that led to an enterprise value (EV) reduction in the case of four of its large private holdings by 25% or more. This led to a 15% EV decrease across SSIT’s top nine private holdings, though only a 3% fall in fair values, which were cushioned by liquidation preferences and anti-dilution protections within SSIT’s investments. Further negative impact came from lower share

Hybridan Small Cap Feast - 09 Mar 23

9 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objective

Seraphim Space Investment Trust - The importance of deal structure in weak markets

In our last update on Seraphim Space Investment Trust (SSIT), published in October 2022 (Weathering the storm), we reviewed the company’s inaugural full year results and in this update we focus on its Q123 NAV performance. SSIT’s manager (Seraphim Space Manager LLP) is keen to draw attention to the valuation methodology and deal structure for the nine unquoted holdings in the portfolio’s top 10 holdings. These account for c 85% of the current value of all private holdings in the fund and 77% of

Seraphim Space Investment Trust - Weathering the storm

Despite the equity market volatility seen in 2022, Seraphim Space Investment Trust (SSIT) has delivered modestly positive NAV growth since initial trading in July 2021 to the end of its financial year in June 2022. In aggregate, the portfolio’s unlisted holdings saw positive revaluations over the period, while the listed holdings fared poorly. The fund’s 80% exposure to non-sterling assets was a significant contributor to returns. Cash reserves equated to 24% of NAV at the year end and the compa

Seraphim Space Investment Trust - Derating offers an attractive entry point

So far in 2022 long-duration growth stocks have seen a significant de-rating due to a variety of reasons such as the war in Ukraine, supply chain issues and monetary contraction as interest rates have risen to counter soaring inflation. Seraphim Space Investment Trust’s (SSIT’s) share price has been hard hit given the relatively early-stage growth companies into which it invests. However, the long-term secular drivers of demand for the industries that space technology enables, such as defence an

Seraphim Space Investment Trust - Space tech – enabling a new industrial revolution

Seraphim Space LLP (Seraphim Space), which manages the Seraphim Space Investment Trust (SSIT), believes the space technology market could grow 5–7x to c $2–3tn by 2035. Key drivers are the dramatic fall in the cost of launch, principally thanks to SpaceX, and a revolution in the satellite industry where technological developments originally pioneered within the smartphone and automotive industries have driven down the size, cost and weight of satellites while expanding their capability. In combi

Seraphim Space Investment Trust PLC Factsheet 30 September 2021

hVIVO - Introducing 2025E; HSD sales grth/margin expansion expected

Post further analysis of the FY 2023 results on 9 April 2024, we are establishing FY 2025 forecasts, as well as modifying our forecast adjusted net profit/EPS figures for 2024 and 2025 to reflect the accounting of the deferred tax asset. Our 2025 forecast calls for 9% growth in customer revenues, stable other operating income (largely R&D tax credits) vs 2024, EBITDA margins going back to the 23% level (after a slight contraction in 2024 to reflect 3 facilities being run in parallel for part of

Bioventix - Laying out the longer-term opportunity in Alzheimer’s Disease

The clinical diagnosis of Alzheimer’s Disease (AD) continues to be a highly challenging endeavour and existing gold standard diagnostic techniques (PET scans, CSF analysis) are limited by their cost, lack of access and perceived invasiveness. As the therapeutic landscape of AD evolves so too are the tools being developed to diagnose and monitor AD in clinical practice and blood-based AD tests represent potentially more sustainable, scalable and economically viable approaches to future AD managem

Elixirr - Outperforming competitors and the global Consulting market

Elixirr offers investors exposure to the long-term growth trends in the global Consulting market (including digitisation and the ongoing technology revolution, demand for innovation, efficiency and specialised expertise) all turbo charged by the group’s ‘challenger’ strategy driving market share gain from a low base. FY 2023 results showed the power of Elixirr’s differentiated model with revenue up +20% and adj. EPS up +22% in a market subdued by global uncertainty. With net cash of £18m, a posi

Morning Note – 22 April 2024

City of London Investment Group (CLIG LN) - 3Q IMS: return to growth

CLIG’s 3Q IMS reveals 5.5% rise in FuM in the first three months to March 2024 to US$10.1 billion. In the quarter performance added US$302m and group net inflows were US$224m.

Morning Note – 25 April 2024

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

Solid close to FY24

LIBERUM: Science Group: The Science of shareholder value

SP Angel Morning View: Gold prices slide following profit taking as traders look to US data

LIBERUM: MindGym: Delivering on the controllables

hVIVO - FY 2023 results, revenue in-line, margin better, future is bright

hVIVO has delivered FY 2023A results in-line with the 30 January 2024 TU, with total customer revenues of £56m, growth of 16% versus 2022A. Other income related to tax credits added another £2.6m. 2024 revenue guidance of £62m has been reiterated, representing 11% growth over 2023A, and ahead of the £60m that we had previously forecast. The company has good visibility with the 2024 figure, with 90% already being covered by the existing orderbook (stands at £80m at the end of 2023), as well as in

Malvern International - Positive results confirm turnaround on track; cash-generative and a strong bid pipeline

A positive trading trajectory for MLVN has continued to emerge strongly in this morning's results, with FY23A revenues standing at £12.2m (FY22A: £6.3m / +79%) and £0.2m PBT profit as against a £1.1m PBT loss the year before (excluding a £94k fair value movement / loan write back). MLVN provides education services including (1) a range of university-related courses for overseas students, (2) adult ELT and (3) summer schools for juniors. MLVN's contract with the University of East London (UEL) st

LIBERUM: The Liberum Leisure Digest: NLW increase - pricing power is key

Hybridan Small Cap Feast - 25 April 2024

25th 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: Smart Metering Systems (SMS.L) has delisted from the AIM market 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