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 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.