Edison Investment Research - Allied Minds (ALM) Allied Minds - NAV upside with additional â€˜optionâ€™ value

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Edison Investment Research

Richard Williamson

Allied Minds - NAV upside with additional â€˜optionâ€™ value

Allied Minds made significant progress in FY19, focusing on its slimmed down portfolio of seven investee companies, with strategic funding rounds for Federated Wireless (FW) and HawkEye 360, before the sale of HawkEye 360. Recurring central costs have been cut to $6m in FY20, with a headcount of seven. Post the period-end, FW announced partnerships with AWS and Microsoft Azure with initial revenues expected in FY20. Parent cash at 31 December 2019 was $84.1m. The company no longer discloses NAV, but we estimate net cash at 4 June 2020 of $31.9m (adjusted for the 12.6p special dividend, investments and costs) and NAV of 90.9p/share (78.4p/share fully diluted). Based on seemingly conservative valuations, the shares trade at a 56â€“62% discount to our estimated NAV.

09/06/2020 7 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

Provider

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 - NAV upside with additional â€˜optionâ€™ value

Allied Minds : 1 director

Allied Minds - Termination of coverage

Monthly LMI Update Independent Investment Research

IRLAB Therapeutics - External validation boosts quarterly recap

Wheaton Precious Metals - A strong start to FY24

Information Services Corporation - Strong underlying growth, guidance reiterated

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