Allied Minds - NAV lagging the tangible progress made
Allied Minds’ interim results showed progress at four of its seven portfolio companies – BridgeComm, Orbital Sidekick, Federated Wireless and Spin Memory – together c 95% of portfolio fair value. Despite progress, there was no uplift in fair value as top-up funding was committed at valuations established in 2018/19 funding rounds. This leaves latent value as, in order for deeptech companies progressing to plan, we would expect a doubling in valuation between funding rounds 12 to 18 months apart. ALM reported H120 parent cash of $29.9m, with our estimated fully diluted portfolio fair value of $175.3m. Adjusting for $5.5m of investments post period end, and three months of central costs, we estimate a fully diluted NAV per share of 62.7p. The shares trade at a 40% discount to this estimate of NAV.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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