The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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STOCKHOLM, Nov 6 (Reuters) - Swedish payments group Klarna said on Monday it has posted an operating profit of 130 million Swedish crowns ($11.97 million)in the third quarter after years of losses. ($1 = 10.8645 Swedish crowns)
Chrysalis Investments plans £100m share buyback and fee revisions https://www.investing.com/news/stock-market-news/chrysalis-investments-plans-100m-share-buyback-and-fee-revisions-93CH-3197868
Being impacted by the amount of selling being done by Jupiter. I guess Jupiter needs to raise cash from somewhere. Down from about 25% to about 12.5%.
ARM IPO a massive success - should breath confidence back into IPO market... This then should have direct implications for CHRY portfolio yet this remains beneath even 1 month highs! Puzzling....
My broker (ii) won't let me buy this IT online, they say company needs to confirm that the fund is good value and also justify their charges beforehand. Come on CHRY what is holding you back then? This may also explain why the share price has fallen recently.
Https://quoteddata.com/research/chrysalis-investments-putting-growing-pains-qd/
(Source: https://www.investorschronicle.co.uk/tips-ideas/2002/01/02/latest-update-companies-smashing-broker-forecasts/)
6th highest forecast EPS growth @ 34% from 5.9p 3 months ago to 7.9p today EPS next 12 months.
7.9p on a 71.2p buy is forward PE of 9.
By comparison the Nasdaq100 is on a PE of 34.9 today.
I don’t understand the low price of these shares. There are some great companies being held, just look at BrandTech, they have set about integrating Jellyfish quickly, and are set for an ipo this time next year. Am I missing something fundamental?
Chrysalis: People want to understand our valuations are ‘real’
WATCH: Jupiter’s Richard Watts pushes back on Starling criticism, discusses why he is ‘very confident’ on Klarna, and explains how Chrysalis’ gaping 47% discount could close.
https://citywire.com/wealth-manager/news/chrysalis-people-want-to-understand-our-valuations-are-real/a2421600
Chrysalis NAV slides further as board offers wind-up to shareholders
Falling valuations continue to harm the growth-orientated trust
Chrysalis Investment Trust’s net asset value (NAV) dipped further in the six months to 31 March 2023, with the trust’s board set to offer shareholders a ‘managed exit programme’ in April next year.
Falling valuations continue to harm the growth-orientated trust, and chairman Andrew Haining said its AGM in April will give shareholders the option to determine if the company should continue investing proceeds from realisations, or return all investment proceeds over a managed exit programme.
Upon the trust’s IPO in 2018, the board was obligated to ask shareholders whether it should operate beyond its fifth anniversary, which falls in November.
Net Asset Value
The Company announces that as at 31 March 2023 the unaudited net asset value ("NAV") per ordinary share was 130.02 pence.
Since then strong numbers from Starling where they hold a large chunk.
It will not have been Jupiter’s choice to sell. They own the CHRY holding on behalf of client. I would guess that a large redemption or mandate change forced them to sell some much so fast.
I'm pleased that the shares haven't fallen more today as I topped up yesterday at 68.8. Jupiter had to cancel their share buybacks as authority was refused at the last meeting but I agree that their various recent portfolio sells at below already cheap market prices don't look too clever. They seem to be profitable though. All IMHO
To preserve capital they'd do well to cut dividends or share buybacks rather than sell down their own fund at very low prices in my opinion.
They've been selling down their holding for a long time now - at the end of 2021 they held 138m shares, so including yesterday's sales they've disposed of ~53m in the last 18 months. Almost everyone is aware this is due to Jupiter being in financial difficulties - it's also the reason they had to sell a large chunk of Starling bank way below the going rate.
Very positive that there was investor demand to take such a large chunk of shares at 65p, if Jupiter were to exit their stake in full over the next few weeks it would be a major positive IMO.
Looks like the selling was from Jupiter Fund Management themselves, who reduced their holding in CHRYS yesterday from 18.85% to 14.33% (per an RNS this morning). Hardly a ringing endorsement.
Don’t think I’ve seen a day like that 22 million sells without news?
Got your timing a little wrong, but you'll be fine long-term I believe. Chrysalis is doing its volatility thing again, down 11% today.
I made my first investment in this stock yesterday morning on the news that BrandTech just bought Jellyfish. High hopes for this going forward!
Starling is 12% of NAV. The valuation is book value not mark to market. We will see an IPO of Starling at some point … we are almost into the 7th quarter since the IPO market dried up. History suggests the drought will end soon
Gla
Ever the long-term optimist, I look back on my Jan 16th posting about Wise and Starling and wonder if CHRY is now finally turning the corner, as real-world results in genuine cash-profits must chip away at the market's 50% discount to the published NAV. No matter the fact that there have to be some dogs in the portfolio, because that's the blunderbuss approach to private equity. Some pellets hit the target and some hit the cat - You just have to hope that a greater number hit the former, rather than the latter.
Besides, as we're seeing with 3i, if you hit one really big winner, long-term, it will take the entire portfolio upwards with it. Which leads me to the question; do we know what %age of Starling's equity CHRY owns? Is it significant?
Meanwhile, I put the moolah where the gob is late last month and bought a big bunch at 59.5 pence, to greatly lower my break-even price, from 160p down to 120, so days like today are very welcome.
Want's stock following today's great news.
So #CHRY's investment in Starling should now be worth multiples. With Starlings CEO stepping down I think we will see it IPO when markets turn. Just need to look at the last NAV published to see what the potential upside is.
No brainer this one imo. Any profits from short term trades goes into here.