The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Tintin Stormont - Deutsche Bank - Analyst
: Hi, Tintin Stormont from Deutsche Numis. In terms of -- Andrew, I think, in the beginning, you were saying that some of the ones that aren't part
of the 75% that has more than cash -- 12 months cash runway is in the process of kind of raising. I know it's a bit early, but could you comment as
to your confidence in terms of valuation relative to the NAV that you're holding it at? How are those conversations happening? Is that a further
support to your methodology? That's the first one.
Second one in terms of secondary transactions. So if in terms of the opportunity pool in the market, in terms of kind of what's out there, if you were
to transact at the moment with secondary opportunities that you could see -- sorry, secondary transactions, what sort of discount are they trading
at in terms of trading hands?
And then just find with the emerging portfolio, any color you can provide on that? That's the part of the mark -- of your portfolio. We don't see as
much in terms of maybe cash requirements in particular in the next 12 months for them and in terms of kind of, I guess, the spread of kind of
winners and maybe laggards in that portfolio.
Question: James Lockyer - Peel Hunt - Analyst
: Thank you, guys. Thanks for taking my question. I've got three. I'll do them one at a time. Of your portfolio, you've talked about the types of
companies and sectors you like, but I wonder if you could give us some more color of the types of models. For example, how much of your value
is driven by recurring revenues versus volume-based? And how much of your value is driven by the direct end market uses versus a pick and shovel.
For example, Revolut is obviously driven by the end customer choosing the brand of Revolut, whereas Form3 sits underneath multiple competing
brands playing the theme instead.
Question: James Lockyer - Peel Hunt - Analyst
: Okay. And second question, just on the -- if you could give us some color around some of the proposed policies from the new US President-elect
such as tariffs on foreign imports, how much might that impact some of your companies that have US revenues?
Question: James Lockyer - Peel Hunt - Analyst
: Cool. Thank you. And then finally, just on -- in terms of guidance, you've already hit the GBP100 million that you said guidance. What would you
be expecting for the full year now, given you've mentioned that some of your companies are fundraising at the moment? And of those ones that
are fundraising, are they being priced at discount or premium to your fair value?
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NOVEMBER 20, 2024 / 9:00AM, GROW.L - Half Year 2025 Molten Ventures PLC Earnings Call
Question: James Lockyer - Peel Hunt - Analyst
: That's great. And so no real uplift, but the point is it's supporting your current fair value, which is obviously a significant discount to the current
share price.
Question: James Lockyer - Peel Hunt - Analyst
: Thank you so much. Thanks, bye.
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