The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Despite the fall from THG listing making up 8% of CHRY this should be trading at a discount to the next reported NAV presuming more deals had been done?
NAV came close enough to your estimate. Feel there is much more in the tank to come out. 6-8 percent premium justified imho.
Great number-crunching, Dire Emblem. I was just about to sit down and do the same exercise, only to discover you'd already done a superb job. Many thanks.
Thanks for the response. I am slowly buying back in including selling some quick profit in WISE for CHRY. I hope THG will at some point reverse in direction.
DireEmblem, 239p seems about right, so trading on a small premium, 2%. Given this number is only based on rns the nav is probably a lot higher. Hopefuly should see sp rise between now and next nav update 1st Sept.
DireEmblem, how does CHRY not reflect book value? The NAV of any trust I presumed includes the cash and assets, so are you speculating on forward NAV rises since March?
"The Company's carrying value of Wise, based on the number of shares at admission, equates to a Wise share price of approximately 511 pence. Per the announcement released by the Company on 6th July 2021, Wise accounted for approximately 8% of the Net Asset Value of Chrysalis."
So are they saying the current NAV values WISE at 511p? If so then currently looking at a 65% increase (WISE currently 845p). So 8% of the NAV has increased by 65%, meaning WISE is now 13% of NAV as 5% increase overall. So basically the NAV has gone up 5%? Surely the sp should move upwards?
In the meantime, I added the 40% into AUGM. This may take a while to liftoff after the placing but it is all swings and roundabouts so rebalancing is good to do. And NAV is king.
The share price is starting to get ahead of itself. I had reduced by 40% but the quality of the companies will keep me coming back when all the hype has cooled off
httpS://www.telegraph.co.uk/investing/funds/questor-trust-has-doubled-year-shares-not-pricey-seem/
Essentially saying the effective premium is far smaller than the headline number.
PUBLISHED: 21:51, 11 June 2021 | UPDATED: 08:04, 12 June 2021
https://www.thisismoney.co.uk/money/markets/article-9677733/MARKET-REPORT-Investors-create-hot-demand-Chrysalis.html
I have now added. CHRY next calculates its NAV on 30 June 2021 and is usually announced the following month. I do believe we will continue to see steady growth and perhaps a step up at the end of the year if any of our holdings did not fundraise they would be re-valued.
Klarna represents too much of our NAV given the potential for regulatory risk going forward. It's a good move. I missed this RNS and will continue to top up.
Interesting decision not to participate in the latest round of new equity funding for Klarna, must be a bit overpriced or there are better geared opportunities out there. A 20 uplift on NAV is good to see, topped up.
DireEmblem THG are the holding I dislike the most as think their brands are poor and the e-commerce and hosting just that a bit mah. It's 9 percent of NAV and they do have a large B2B customer base. The sooner CHRY exit this the better as the other holdings are
far superior.
The next NAV update will be interesting despite the cash in the bank from the placing being a drag on performance.
11th May...
"Shares in THG, the beauty and lifestyle e-commerce company backed by Chrysalis Investments, jump 13% after Masayoshi Son's Softbank buys a 10% stake and pledges to invest £1.1bn in a new joint venture."
https://citywire.co.uk/wealth-manager/news/chrysalis-backed-thg-soars-as-softbank-takes-10-stake/a1506471
"Lloyds bank is reportedly in talks to buy retirement savings and platform company Embark Group in a £400m deal that could net another big gain for Chrysalis Investments..." https://citywire.co.uk/investment-trust-insider/news/chrysalis-eyes-big-gain-as-lloyds-looks-to-buy-embark/a1505795
28 Apr 2021
Chrysalis Investments duo: ‘Baillie Gifford are doing a lot in America and China, but our connections are nearer to home’
https://portfolio-adviser.com/chrysalis-investments-duo-baillie-gifford-are-doing-a-lot-in-america-and-china-but-our-connections-are-nearer-to-home/
Chrysalis' Williamson on crossroads that led to new share issuance.
£300m fundraise recently completed
https://www.investmentweek.co.uk/news/4029376/chrysalis-williamson-crossroads-led-share-issuance
News in over the weekend that I think this is significant towards ESG on the path to IPO. A EU project based on optimization and co-design framework for sparse computation.
"The SparCity project aims at creating a supercomputing framework that will provide efficient algorithms and coherent tools specifically designed for maximising the performance and energy efficiency of sparse computations on emerging HPC systems, while also opening up new usage areas for sparse computations in data analytics and deep learning."
http://sparcity.eu/
hpcwire: Graphcore Advances Sparse Compute in New EU Research Project
https://www.hpcwire.com/off-the-wire/graphcore-advances-sparse-computing-in-new-eu-research-project/
Taking the total raised in the investment round to £322million. Pre-money, Starling was valued at £1.1billion now £1.4billion.
CNN: Goldman Sachs invests $69 million in British digital bank Starling
https://www.cnbc.com/2021/04/19/goldman-sachs-invests-69-million-in-british-digital-bank-starling.html
KEY POINTS:
* Starling has raised £50 million ($69 million) from Goldman Sachs’ growth equity investment arm.
* Starling is one of the U.K.’s biggest neobanks, with 2 million users and £6 billion in deposits.
* The fintech firm plans to to expand its services in Europe and potentially make an M&A deal.
THG appears to be changing direction. Large buys at 204p and sells at 203p.
£450.52k UT today. If it was a buy I suspect then the institutional buy price has been lowered to 201p.
I managed to up a tiny bit first thing to round up all my holdings to 15 percent going into the new financial year today. Bit OCD.
European gov bond yields to go up but not so much as the US.
Also worth noting THG share price has been declining YTD but could start reversion towards results due in the middle of the month. I believe we still hold some THG shares since IPO?
I should have added that European bonds are not likely to rise as much as the US.
April is traditionally the best month for European stocks and considering they are 20 percent undervalued to S&P500 and then some in private equity I recon we will get good rises for CHRY and APEX the most. Followed by GROW, HGT, HVPE, NBPE possibly even 3i Group, SLPE, listed European ETFs.
Sell some in May.