Draper Esprit - A cracking H221, well placed for FY22
In its FY21 trading update, Draper Esprit indicated an unaudited NAV per share of not less than 728p, at least a 21% increase over its H121 NAV per share of 600p and vnfghgfdha 31% increase since 31 March 2020 (FY20: 555p). This performance was driven by an exceptionally strong tech market, reflecting a fair value increase in Draper Esprit’s portfolio of over 47% for the year (vs management’s targeted 20% return through the cycle), despite currency headwinds of over £50m. Draper Esprit made £128m of plc investment, with realisations of £206m, including full exits from Peak Games, TransferWise and Decibel and partial disposals of UiPath and Trustpilot. Management has seen no slowdown in deal flow, with a strong deal pipeline of over £50m of approved deals and £75m of qualified near-term deals. Cash at year-end stood at £161m (H121: £62.1m). The shares trade at a 15% premium to the estimated 728p NAV per share.Draper Esprit is a venture capital firm. Co. is engaged in developing and investing in technology companies across Europe. Co. utilizes three pools of capital to invest in companies: its balance sheet; tax-efficient investing in Enterprise Investment Scheme/Venture Capital Trust; and secondary funds backed by institutional capital focused on this space. Co. is focused on entrepreneurs across four primary sectors: Consumer Technology, Enterprise Technology, Hardware and Electronics, and Digital Health and Wellness. Co. also acquires venture capital portfolios through its division, Draper Esprit Secondaries.
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