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Potential Sale of Diurnal (on the books at ~£5m) presents a £9m gain on disposal or 0.8p added to NAV.
NB: This was revalued downwards in H1 2022 as part of the biotech write downs, so the gain partially offsets an earlier loss.
https://www.investorschronicle.co.uk/tips-ideas/2002/01/02/latest-update-companies-smashing-broker-forecasts/
> Broker forecasts have been upped again and IPO now showing a 69% increase in forecast earnings and an increase from 8.3p EPS (last week!) to a next 12 months of 9p EPS.
> ONT is today back at £3.30 having bounced 20% off recent lows. Brokers also forecast improvement at ONT - at an aggregate £5.53 upside forecast.
> First Light Fusion - IPO hold 27.5% and was 3rd party valued at £417m in June 2022 so IPO booked a £57.3m gain in H1 2022 and its holding is now valued at £114.6m. Even though it only recently completed Series C based on the recent success it is actively engaged in Series D fundraising with UBS. (so further upgrades possible for IPO)
Today's news from Hysata alone delivers 12% of the 8.3p forecast 2022 earnings and increases NAV by around 1p to £1.40/share. But beyond the nominal gain remember it's quite possible this will get bought out by an energy major or even possibly the likes of Ceres who are all cash rich and the prospect of "the cheapest" green hydrogen is the goose that lays golden eggs. Quite how a 38.5% discount to NAV and a forward FY2022 PE of about 10, remains here is baffling.
>>> Hysata, an Australian electrolyser company developing a completely new type of electrolyser featuring the world's most efficient electrolysis cell, launched last year having spun out of the University of Wollongong. The Hysata electrolyser operates at 95% system efficiency (41.5 kWh/kg), delivering a leap in performance and cost over incumbent technologies, which typically operate at 75% or less. This high efficiency, coupled with the simple approach to mass manufacturing and low supply chain risk puts the company on a path to delivering the world's lowest cost green hydrogen.
IP Group committed a total of A$19m (£10.9m*) to the funding round (A$9m(£5.1m*) from IP Group Australia and A$10m (£5.7m*) from our cleantech platform, Kiko Ventures). Following completion, the Group's stake in Hysata is valued at approximately £19.0m. IP Group has recorded a net unrealised fair value gain of approximately £8.4m.
GLA
IPO is the 3rd highest broker upgrade 27th July. An increase from 4.5p to 8.3p forecast for NTM.
https://www.investorschronicle.co.uk/tips-ideas/2002/01/02/latest-update-companies-smashing-broker-forecasts
Equates to a forecast PE of sub 10 for a fast growing and exciting collection of deep tech and green tech at a 45% discount to NAV (where NAV has grown year on year)
And to top it all a 1% rise today the morning after tech in the USA/NASDAQ jumped over 4% too.
Today's announcement of £1.39 NAV (as at 31/05) exceeds expectations. The continuing weakness in ONT is an issue although nothing there has changed. In fact the situation has improved somewhat and ONT is still growing strongly and aiming for b/even for 2026.
https://nanoporetech.com/sites/default/files/s3/investors/reports/ONT%20FY21%20Results%20Presentation%20FINAL%2022-3-22.pdf
Meanwhile there are lots of exciting developments (and uplifts) in other parts of IP group's portfolio e.g. Bramble.
taking the profits
up we go , nice
ONT is helping big way today again
The negativity around IPO really surprises me. It's cash rich and a number of its holdings could be the next ONT. And yes ONT has fallen in the general negative biotech market, but look at the company's recent updates:
Last Friday:
https://www.ipgroupplc.com/media/portfolio-news/2022/2022-05-13
And prior to this in April with Genomics England:
https://www.genomicsengland.co.uk/initiatives/100000-genomes-project
This technology is world class and when you consider it's growing fast, has a cash pile of ~£500m is not that far away from EBITDA break even (they could achieve that in 2022 or worst 2023 by curtailing R&D)
This is the recent ONT presentation on their 2021 performance. When you strip out covid testing then you are still seeing rapid growth, and forecast continued growth.
https://nanoporetech.com/sites/default/files/s3/investors/reports/ONT%20FY21%20Results%20Presentation%20FINAL%2022-3-22.pdf
And that's just one holding. Then you have numerous Cleantech and Deeptech investments, plus other Lifesciences like Artios.
And it's not just pie in the sky hope for the future either. It's 2021 results were Profit *AFTER* tax of £449m. Today the market cap of IPO is £832m. So it's trading on a 2021 PE of 1.85. Where it pays a dvidend is cash rich and is at a discount to its NAV which in itself is book value so conservative.
Like I said at the start - the negativity surprises me. Time will tell.
GLA