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Anyone know...Klarna fine ?
Https://www.cityam.com/starling-bank-poaches-ovo-boss-to-be-chief-executive-ahead-of-planned-ipo/
Https://www.ft.com/content/9b120706-17eb-46c2-983d-53cf1e2f88fe
Https://open.substack.com/pub/theoakbloke/p/chry-stallising-value
Https://www.datacenterdynamics.com/en/news/ai-chip-maker-graphcore-in-talks-over-400m-sale/
It needed my intervention to get the two parties talking which is odd.
Why buy? https://quoteddata.com/research/chrysalis-investments-turned-corner-qd/
@broomtree, I'm in a worse position and can't even average down as ii won't let me buy any more because Chrysalis haven't filled in a form. I've emailed Chrysalis and have received a response but nothing has changed yet.
There is no doubt things are changing and that is starting to be reflected in the price….. unfortunately I need NAV to break even! Averaged down in the past and it was a mistake. Have been reluctant to add given history but it looks like the only way I might recoup some funds!
Hoping that we will see a breakout from this trading range shortly and an attack on 100p
Https://www.investmentweek.co.uk/news/4170630/peel-hunt-upgrades-chrysalis-potential-catalysts
The analysts argued that the "market has been slow to recognise the potential catalysts on offer" for a portfolio that "typically responds positively to catalysts, either at the portfolio or the company level".
Many thanks for your reply ukbbbbbb
IMHO..there are at least three aspects to this..
Firstly start ups/early life companies which chrys investment in require cash during the early years to get going. When interest rates are low this is 'easy' but when interest rates are high this increases costs , changes the risk profile and reduces the amount of future profit in the equation.
Secondly when people can earn 5% risk free from a bank then they are less likely to invest in higher risk investments which means there are fewer buyers. In chrys case this has been amplified by Jupiters decision to sell out (from a holding of over 25%)
Thirdly the IPO market has effectively been closed for almost 2 years so realisations from the chrys portfolio have been thin on the ground. A knock.on effect of this is that the valuations of the portfolio have not had a lot of support from the market in terms of confirmation that the are correct/under value.
The good news is that all of the above is changing and the headwinds are about to turn into tailwinds.
"...making the Chrysalis shares trade at a 52% discount. We see no reason why the carrying value of other major assets is too high, particularly as the interest rate tightening cycle in the UK, US and Eurozone comes to an end and discount rates start to fall..."
Would some knowledgeable person mind explaining to me the correlation between US/UK interest rates (expected) to come down and the effect upon the NAV discount likely to narrow, as I don't understand?
Thanks
Interesting note from the analyst. I'd add that the forthcoming disposal cash if/when used for buybacks will boost the share price even further and reduce the discount particlarly as the Jupiter selling pressure ends.
Zeus Capital initiated coverage. Make an note of some of the things they say:
" We estimate Chrysalis’ stake in Starling could be worth 33% more, equivalent to an additional 9.6p of NAV per share. Further, we think Chrysalis’ stake in Klarna could be worth c. 80% more (£169m), equivalent to an additional 12.4p of NAV per share. This uplift in Starling and Klarna would increase NAV per share by 15% to 165p, making the Chrysalis shares trade at a 52% discount. We see no reason why the carrying value of other major assets is too high, particularly as the interest rate tightening cycle in the UK, US and Eurozone comes to an end and discount rates start to fall."
" Furthermore, on 5 December Chrysalis announced it had visibility over a disposal that would add 5.5p per share to the Group’s NAV at 30 September 2023, which we estimate could result in an inflow of £56m if it relates to one of its three medium sized investments (see page 16), taking cash to c. £75m"
It's inevitable that it's going to be much better than the last one and will probably move the price up even further...if there is any more rumours on a Starling float then this will rocket....
Hoping for a decent one...
Nice but it doesn’t even take us back to 1st Jan so more to come
Https://www.bnnbloomberg.ca/klarna-ceo-on-the-evolution-of-digital-payment-tech-1.2025080
If it does this on the Klarna IPO then it will probably hit 100p when Starling Bank floats
Good update - Thanks
Klarna IPO on the cards https://www.bnnbloomberg.ca/fintech-klarna-ceo-signals-ipo-in-us-may-happen-quite-soon-1.2025405
Something going on here