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<p>Draper Esprit’s management confirmed that H122 NAV per share is expected to be not less than 885p (31 March 2021: 743p), growth of 19% in the period. With portfolio activity remaining strong, management revised its FY22 fair value growth guidance from 15% at the start of the year to c 35% ‘subject to wider market conditions’. Although growth in NAV per share lags fair value growth (H122 estimates: 26% fair value growth, 19% NAV per share growth), 35% fair value growth might suggest an NAV per share of c 930–950p for 31 March 2022, close to where the share price has been trading recently. Management also confirmed an imminent rebranding, including a change of name ‘to better reflect [the group’s] strategy in its latest phase of growth’. Draper Esprit’s H122 results are due on 29 November 2021.
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Draper Esprit’s management confirmed that H122 NAV per share is expected to be not less than 885p (31 March 2021: 743p), growth of 19% in the period. With portfolio activity remaining strong, management revised its FY22 fair value growth guidance from 15% at the start of the year to c 35% ‘subject to wider market conditions’. Although growth in NAV per share lags fair value growth (H122 estimates: 26% fair value growth, 19% NAV per share growth), 35% fair value growth might suggest an NAV per share of c 930–950p for 31 March 2022, close to where the share price has been trading recently. Management also confirmed an imminent rebranding, including a change of name ‘to better reflect [the group’s] strategy in its latest phase of growth’. Draper Esprit’s H122 results are due on 29 November 2021.


Draper Esprit - Strong H122, FY22 guidance revised upwards

<p>Draper Esprit reported a very strong FY21, with a 51% increase in gross portfolio value (GPV) to £984m and a 57% rise in NAV to £1.03bn, together with realisations and exits at a record £206m. As at 31 March 2021, plc cash stood at £160.7m. Immediately following the results, management announced a placing and retail offer raising £111m at 800p per share, a 5% discount to the closing price on 11 June 2021 of 839p per share and an 8% premium to the latest NAV of 743p per share, as at 31 March 2021. The cash raised will be used to increase Draper Esprit’s rate of investment to over £150m pa. Following the raise, net of £48m of post year-end investment, we estimate that Draper Esprit has net cash of over £215m. </p>

Draper Esprit reported a very strong FY21, with a 51% increase in gross portfolio value (GPV) to £984m and a 57% rise in NAV to £1.03bn, together with realisations and exits at a record £206m. As at 31 March 2021, plc cash stood at £160.7m. Immediately following the results, management announced a placing and retail offer raising £111m at 800p per share, a 5% discount to the closing price on 11 June 2021 of 839p per share and an 8% premium to the latest NAV of 743p per share, as at 31 March 2021. The cash raised will be used to increase Draper Esprit’s rate of investment to over £150m pa. Following the raise, net of £48m of post year-end investment, we estimate that Draper Esprit has net cash of over £215m. 

Draper Esprit - FY21 results, £111m placing and retail offer

United Kingdom

Molten Ventures PLC operates as a venture capital firm. The Company invests in high-growth technology companies. Molten Ventures serves clients in Europe.

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Molten Ventures (GROW LN)

Draper Esprit - Strong H122, FY22 guidance revised upwards

Draper Esprit’s management confirmed that H122 NAV per share is expected to be not less than 885p (31 March 2021: 743p), growth of 19% in the...

Edison Investment Research

Draper Esprit - FY21 results, £111m placing and retail offer

Draper Esprit reported a very strong FY21, with a 51% increase in gross portfolio value (GPV) to £984m and a 57% rise in NAV to £1.03bn, together...

Edison Investment Research

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