Edison Investment Research - Allied Minds (ALM) Allied Minds - BridgeComm’s 5G partnership with Nokia

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Edison Investment Research

Richard Williamson

Allied Minds - BridgeComm’s 5G partnership with Nokia

BridgeComm, Allied Minds’ third largest holding in which it holds a 63% fully diluted stake (81% pre-dilution), has announced a high-speed optical communications partnership with Nokia. The partnership will leverage BridgeComm's expertise in free-space optical technology and Nokia's portfolio of network equipment and services backed by Nokia Bell Labs, the industrial research arm of Nokia, to facilitate faster deployment of 5G networks. BridgeComm is held by Allied Minds at a fully diluted book value of 7.7p per share (10.0p undiluted), based on an enterprise value of US$38m from BridgeComm’s last funding round in September 2018. With portfolio company valuations based on significantly historic last funding rounds, Allied Minds’ shares trade at a c 60% discount to our unchanged estimated fully diluted NAV of 77.9p (90.3p undiluted; both updated for FX). Allied Minds’ interim results are due on 15 October 2020.

28/09/2020 2 EN

Underlying

Allied Minds

Allied Minds is an intellectual property commercialisation company focused on venture creation within the life science and technology sectors. Co. supports its businesses with capital, management, and shared services. Co.'s operations are organised in two types of activities: early stage companies, which consist of subsidiary businesses that are in the early stage of their lifecycle characterised by incubation, research and development activities; and commercial stage companies, which consist of subsidiary businesses that have substantially completed their research and development activities and that have developed one or more products that are actively marketed.

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GB00BLRLH124 London Stock Exchange United Kingdom

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Richard Williamson

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Allied Minds - BridgeComm’s 5G partnership with Nokia

Allied Minds : 1 director

Allied Minds - Termination of coverage

Monthly LMI Update Independent Investment Research

Information Services Corporation - Strong underlying growth, guidance reiterated

PVA TePla - Material matters

Zalaris - Continuing contract momentum in FY24

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