IP Group - Impact + innovation at a compelling discount
IP Group trades at 0.54x its rebased end-May NAV of 139p per share, down 17% from the year end NAV/share of 167p. This prices in the public market fall in Oxford Nanopore Technologies (29p off IP Group’s NAV per share in FY22 to date), while the private company portfolio saw fair value gains over the period. First Light Fusion mitigated the fall in NAV per share, with a valuation increase on achieving first fusion and management’s expectation of a substantial up-round still ahead. Critically, IP Group remains well funded, with £251m of cash and deposits, providing comfort that it can support key investee companies, drive value from its portfolio and take advantage of the downcycle for new investments. Management recognises that realisations are likely to be few and far between if the current market backdrop persists.IP Group is focused on identifying intellectual property (IP), nurturing and building businesses around such IP and then providing capital and support along the journey from cradle to maturity. As of Dec 31 2016, Co.'s portfolio comprised holdings in 90 companies across the four sectors in which Co. operated: IP Healthcare; IP Tech; IP Cleantech; and IP Biotech. Co. is organized into three operating segments: the commercialization of IP via the formation of long-term partner relationships with universities; the management of venture funds focusing on early-stage U.K. technology companies; and the in-licensing of druggable intellectual property from research institutions.
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.
.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.