Edison Investment Research - Allied Minds (ALM) Allied Minds - Waiting for news on funding rounds

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Edison Investment Research

Richard Williamson

Allied Minds - Waiting for news on funding rounds

Allied Minds’ FY20 results confirmed parent cash of US$22.3m, with revenues of US$0.5m (FY19: US$2.7m), mainly from one-off engineering and service contracts. There has been no further material news on portfolio developments, with FY21 funding rounds anticipated for Federated Wireless, BridgeComm, Spin Memory and Spark Insights. Given their short-term need for cash, we have elected to reduce the value of Spin Memory and Spark Insights to zero in our estimated NAV, so any funding news should be a positive catalyst. Allied Minds’ shares trade at a c 46% discount to our FY20 adjusted NAV estimate of 42.5p per share, based on latest funding rounds. We will be interested to hear directly from the portfolio companies at the capital markets day (CMD) on 14 April 2021.

09/04/2021 6 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 - Waiting for news on funding rounds

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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