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1. Company Snapshot

1.a. Company Description

Molten Ventures Plc, formerly known as Draper Esprit plc, is a private equity and venture capital firm specializing in any stage in the lifecycle of a business from seed and series A stage, growth capital to pre-IPO investments, late stage, cross-stage investments, buyouts, PIPES, and also makes direct and secondary investments in portfolio companies.It also seeks to buy entire funds from other tech investors.The firm primarily invests in companies from pre-revenue stage upwards.


It primarily invests in technology oriented business.The firm typically invests in digital technology, consumer, commerce, enterprise and data, systems and semiconductors, financial technology, internet, mobile, media, telecom, consumer technology, enterprise technology, SaaS, fintech, deeptech, digital health & wellness and healthcare sectors, software, hardware, medical technology, and life sciences sectors.It invests in companies based in Europe, Ireland, and United Kingdom.


The firm seeks to invest between $0.02 million and €10 million ($10.88 million) in rounds up to €1 million ($1.09 million) and €30 million ($32.63 million).It invests 30 percent of its corpus in very early stage companies with less than $5 million in revenues.The firm seeks to make minority and majority investments.


Molten Ventures Plc was founded in 1984 and is based in London, United Kingdom with an additional offices in Dublin, Ireland.

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1.b. Last Insights on GROW

Molten Ventures Plc's recent performance has been positively driven by strong portfolio growth, with a 6% uplift in Gross Portfolio Value (GPV) to Net Asset Value (NAV). The company's robust cash position and strategic focus on Series B investments have also contributed to its growth. Additionally, its portfolio company, Duel, a leading Brand Advocacy platform, raised $16 million in Series A funding, further highlighting the company's potential. The company's upcoming shift from loss to profit is also a promising development.

1.c. Company Highlights

2. Molten Ventures' Strong Interim Results Reflect Portfolio Growth and Strategic Investments

Molten Ventures has reported a total NAV of GBP 1.3 billion, driven by a 6% GPV uplift to NAV, with GBP 135 million of uplifts offset by GBP 49 million of reductions. The company's realizations have been strong at GBP 62 million for the half year, with an additional GBP 25 million since then, totaling GBP 87 million year-to-date. The company has invested GBP 33 million in the first half, focusing on scaling its portfolio and developing co-investment pools of capital. Actual EPS came out at 'None' relative to estimates at 'None'.

Publication Date: Dec -02

📋 Highlights
  • NAV Growth and Realizations:: 6% GPV uplift to GBP 1.3 billion NAV, with GBP 87 million in year-to-date realizations (GBP 62 million H1 + GBP 25 million post-H1).
  • Strategic Cost and Portfolio Growth:: 8% YoY operating cost reduction, 26% portfolio fair value growth (exceeding 20% target), and GBP 33 million invested in H1 for scaling.
  • Strong Balance Sheet and Buybacks:: GBP 77 million cash reserves, GBP 23 million in EIS/VCT funds, and GBP 50 million buyback commitment (GBP 19 million spent, adding 14p to NAV).
  • Emerging Portfolio Momentum:: GBP 256 million in emerging portfolio value (68 companies), small GBP 13 million net write-down, and focus on AI-driven innovation and productivity tech.
  • Secondary Strategy and Capital Deployment:: 2.4x average return on secondary investments (GBP 200 million returned), GBP 100 million deployment target for 2024, emphasizing Series B and co-investment opportunities.

Financial Performance Highlights

The company's core portfolio is valued at GBP 888 million, with the emerging portfolio valued at GBP 256 million. The core companies have shown strong growth, driven by revenue growth and commercial traction, with strong margins of 68% and 6 profitable companies. Notable performers include SimScale, ISAR Aerospace, and Revolut, which have demonstrated significant revenue growth and valuation increases.

Portfolio Composition and Performance

The emerging portfolio consists of 68 companies, with an average holding of 9% equity. The portfolio construction is balanced across vintage years, with over GBP 1 billion deployed over 9 years. Examples of emerging companies include BeZero, a carbon market business, and Deciphex, focusing on workflows and AI-driven support for pathology. The portfolio's gross value is GBP 1.4 billion.

Valuation and Ratios

With a P/B Ratio of 0.69, the company's shares appear to be undervalued relative to its book value. The EV/EBITDA ratio of -42.03 indicates that the company's enterprise value is not justified by its EBITDA, suggesting potential undervaluation. The Free Cash Flow Yield of 4.14% is attractive, indicating a decent return for investors.

Investment Strategy and Outlook

Molten Ventures has a GBP 100 million capital deployment budget for this year, focusing on Series B deals and secondaries. The team aims to balance capital deployment with other pools, and if third-party capital comes alongside the public balance sheet, it can write bigger tickets at Series B. Analysts estimate next year's revenue growth at 40.0%, indicating a positive outlook for the company's future performance.

3. NewsRoom

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Molten Ventures PLC (GRWXF) (H1 2026) Earnings Call Highlights: Strong Portfolio Growth and ...

Nov -25

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Brand Advocacy Platform, Duel, Raises $16M in Series A

Sep -23

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Molten Ventures Plc (LON:GROW) About To Shift From Loss To Profit

Sep -02

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Molten Ventures Reports Full Year 2025 Earnings

Jun -13

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Stocks to watch this week: Broadcom, Lululemon, British American Tobacco, Dr Martens and Rémy Cointreau

May -30

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Molten Ventures Slides As Insider Purchases Lose Another UK£23k

Apr -10

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Molten Ventures First Half 2025 Earnings: UK£0.20 loss per share (vs UK£0.47 loss in 1H 2024)

Nov -23

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London venture capital boss: We want to build UK-listed decacorns, but companies naturally 'seduced' by US

Apr -23

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (17.08%)

6. Segments

Venture Capital Firm

Expected Growth: 17.08%

Molten Ventures Plc's 17.08% growth is driven by its strategic investments in high-growth startups, diversified portfolio across industries, and strong exit track record. Additionally, its experienced investment team, robust deal sourcing network, and favorable market conditions contribute to its success.

7. Detailed Products

Venture Capital

Molten Ventures Plc provides venture capital funding to early-stage and growth-stage companies, focusing on technology and life sciences sectors.

Growth Capital

Molten Ventures Plc offers growth capital to established companies, supporting their expansion and development.

Venture Debt

Molten Ventures Plc provides venture debt financing to companies, offering a flexible and non-dilutive funding option.

Equity Co-Investments

Molten Ventures Plc co-invests alongside other investors in later-stage companies, providing additional capital for growth and expansion.

Secondary Investments

Molten Ventures Plc acquires stakes in existing portfolio companies, providing liquidity to investors and founders.

8. Molten Ventures Plc's Porter Forces

Forces Ranking

Threat Of Substitutes

Molten Ventures Plc operates in a niche market with limited substitutes, but there are some alternatives available to customers.

Bargaining Power Of Customers

Molten Ventures Plc has a diverse customer base, which reduces the bargaining power of individual customers.

Bargaining Power Of Suppliers

Molten Ventures Plc relies on a few key suppliers, but it has some flexibility to switch to alternative suppliers if needed.

Threat Of New Entrants

The venture capital industry is highly competitive, and new entrants can easily enter the market, posing a significant threat to Molten Ventures Plc.

Intensity Of Rivalry

The venture capital industry is highly competitive, and Molten Ventures Plc faces intense rivalry from established players and new entrants.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 6.96%
Debt Cost 8.06%
Equity Weight 93.04%
Equity Cost 10.04%
WACC 9.91%
Leverage 7.48%

11. Quality Control: Molten Ventures Plc passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
CapMan

A-Score: 6.6/10

Value: 5.2

Growth: 4.8

Quality: 7.9

Yield: 9.4

Momentum: 4.0

Volatility: 8.3

1-Year Total Return ->

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Stock-Card
Creades

A-Score: 5.7/10

Value: 5.1

Growth: 4.8

Quality: 9.1

Yield: 5.0

Momentum: 4.0

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Catella

A-Score: 4.5/10

Value: 7.4

Growth: 3.7

Quality: 5.8

Yield: 5.0

Momentum: 5.0

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
Molten Ventures

A-Score: 3.9/10

Value: 6.3

Growth: 5.6

Quality: 5.6

Yield: 0.0

Momentum: 4.0

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
Leonteq

A-Score: 3.6/10

Value: 7.2

Growth: 0.7

Quality: 3.2

Yield: 8.8

Momentum: 0.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Brockhaus Capital Mgmt

A-Score: 3.1/10

Value: 6.9

Growth: 6.7

Quality: 2.7

Yield: 0.0

Momentum: 0.0

Volatility: 2.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

4.85$

Current Price

4.85$

Potential

-0.00%

Expected Cash-Flows