Hybridan Monthly, 3 March 2025

In the latest bid to revitalise the UK’s IPO pipeline, the Government has reaffirmed its commitment to the creation of an 'an innovative new stock market' coined the Private Intermittent Securities and Capital Exchange System or PISCES for short. PISCES plans to operate as a regulated platform for the intermittent trading of private company shares. It will kick off with a five-year stint in the “FCA sandbox” which allows the Government to modify the platform or disapply certain parts of the l...

Seraphim Space Investment Trust - Termination of coverage

Edison Investment Research is terminating coverage on MotorK (MTRK) and Seraphim Space Investment Trust (SSIT). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

Seraphim Space Investment Trust - Several key holdings funded to break...

Seraphim Space Investment Trust (SSIT) reported a modest 1.8% NAV total return (TR) in H124, as the positive impact from up rounds (most notably D-Orbit’s) was partly offset by downward fair value adjustments of some other holdings due to technical setbacks or operational underperformance. However, we note that fund-raising across the spacetech sector remained robust in CY23. Moreover, 82% of SSIT’s portfolio has a robust cash runway, with 60% fully funded based on the projections of its managem...

Hybridan Small Cap Feast - 13 Mar 2024

13th March 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email with “unsubscribe me”. Hybridan Chefs Banquet Buffet*** ...

Seraphim Space Investment Trust - Spacetech enjoying sustained secular...

Seraphim Space Investment Trust (SSIT) saw a 12-month share price decline of c 30%, while its NAV fell by only 7.1% in FY23 (to end-June 2023), shielded in part by the downside protection embedded in its investments via preference shares and only one down round out of 11 funding rounds completed by SSIT’s portfolio companies in FY23. Moreover, NAV/share rebounded by 3.9% in Q124, driven by FX gains and fair value uplifts on the back of new funding rounds (D-Orbit’s in particular). This resulted ...

Seraphim Space Investment Trust - High demand for space tech’s disrupt...

Seraphim Space Investment Trust (SSIT) released its Q423 trading update to end-June 2023 yesterday, reporting that its top 10 holdings saw their revenues (weighted by portfolio fair value) increasing by 32% year-on-year in the 12 months to end-June 2023, while bookings went up by a strong 188% over that period. We believe this illustrates the high interest in the disruptive potential of the offering of these early-stage businesses across key secular themes, such as global security and climate ch...

LIBERUM: Alternatives Daily

Harmony Energy Income - Q2 NAV falls 6.7% due to lower revenue forecastsSeraphim Space Investment Trust - Time to revisit buybacks?Assura - FY 23 results show EPRA NTA missed consensus expectationsRM Infrastructure Income - Board to undertake strategic reviewHome Reit - Appointment of AEW UK as Investment Manager

Seraphim Space Investment Trust - Long-term structural growth drivers ...

Seraphim Space Investment Trust (SSIT) posted a 7.2% NAV TR decline in H123 (ended December 2022) following a valuation update that led to an enterprise value (EV) reduction in the case of four of its large private holdings by 25% or more. This led to a 15% EV decrease across SSIT’s top nine private holdings, though only a 3% fall in fair values, which were cushioned by liquidation preferences and anti-dilution protections within SSIT’s investments. Further negative impact came from lower share ...

Hybridan Small Cap Feast - 09 Mar 23

9 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objective...

Seraphim Space Investment Trust - The importance of deal structure in ...

In our last update on Seraphim Space Investment Trust (SSIT), published in October 2022 (Weathering the storm), we reviewed the company’s inaugural full year results and in this update we focus on its Q123 NAV performance. SSIT’s manager (Seraphim Space Manager LLP) is keen to draw attention to the valuation methodology and deal structure for the nine unquoted holdings in the portfolio’s top 10 holdings. These account for c 85% of the current value of all private holdings in the fund and 77% of ...

Seraphim Space Investment Trust - Weathering the storm

Despite the equity market volatility seen in 2022, Seraphim Space Investment Trust (SSIT) has delivered modestly positive NAV growth since initial trading in July 2021 to the end of its financial year in June 2022. In aggregate, the portfolio’s unlisted holdings saw positive revaluations over the period, while the listed holdings fared poorly. The fund’s 80% exposure to non-sterling assets was a significant contributor to returns. Cash reserves equated to 24% of NAV at the year end and the compa...

Seraphim Space Investment Trust - Derating offers an attractive entry ...

So far in 2022 long-duration growth stocks have seen a significant de-rating due to a variety of reasons such as the war in Ukraine, supply chain issues and monetary contraction as interest rates have risen to counter soaring inflation. Seraphim Space Investment Trust’s (SSIT’s) share price has been hard hit given the relatively early-stage growth companies into which it invests. However, the long-term secular drivers of demand for the industries that space technology enables, such as defence an...

Seraphim Space Investment Trust - Space tech – enabling a new industri...

Seraphim Space LLP (Seraphim Space), which manages the Seraphim Space Investment Trust (SSIT), believes the space technology market could grow 5–7x to c $2–3tn by 2035. Key drivers are the dramatic fall in the cost of launch, principally thanks to SpaceX, and a revolution in the satellite industry where technological developments originally pioneered within the smartphone and automotive industries have driven down the size, cost and weight of satellites while expanding their capability. In combi...

Seraphim Space Investment Trust PLC Factsheet 30 September 2021