Seraphim Space Investment Trust Plc Class C · LSE:SSIC
Seraphim Space Investment Trust Plc Class C — H1 FY2023/24 Earnings Presentation
17 slides from Seraphim Space Investment Trust Plc Class C's earnings presentation, March 2024
Slide 1: Seraphim Space Investment Trust plc Interim Report
seraphim space investment trust plc INTERIM REPORT – Six months ended 31 December 2023
Slide 2: Headlines: six months to 31 Dec 2023
six months to 31 dec 2023 headlines • Portfolio valuation increased by £10.5m to £198.0m • Portfolio fair value up at 101.0% of cost • 3 new investments (£2.5m) and 3 follow-on transactions (£3.3m) • NAV per share up from 92.90p to 94.57p • Net assets of £224m and market capitalisation of £82m as at
Slide 3: Seraphim playbook
seraphim playbook headlines Proprietary Unique Industry Investment Committee Deal flow Model Backing Top Entrepreneurs Investment Fund OPTIONS Accelerator Programme Mark James Sarah Boggett Bruegger Shackleton Information Asymmetry Thought Leaders Global VC Investor Ecosystem Value-add Investors on
Slide 4: Financial highlights
financial highlights as at 31 dec 2023 Share NAV Market Net Portfolio NAV per price per capitalisation assets valuation share share 34.4p 94.57p £ 82m £ 224m £ 198m 200 SSIT share price vs. various indices from 31 Dec 2022 to 11 Mar 2024 (£, total return rebased to 100) SSIT NAV per share and share
Slide 5: Attribution analysis 6 months to 31 Dec 2023
attribution analysis 6 months to 31 dec 2023 Attribution analysis of movements in the value of investments (£m) 200 101% 4.6 0.2 198.0 198 196 Portfolio fair value vs. cost 194 3.3 0.0 0.0 192 190 2.5 188 187.4 £198m Fair value of portfolio as at 186 31 Dec 2023 184 182 £5.7m 180 Aggregate cost of i
Slide 6: Balance sheet as at 31 Dec 2023
balance sheet as at 31 dec 2023 NAV bridge (£m) 227 4.8 0.0 £1.9m 226 increase in NAV (1% increase) 225 0.0 NAV -1.4 0.3 224.3 per NAV 224 share per -0.8 2.03p share NAV NAV -0.60p NAV per £27m per share 223 per share 0.12p NAV share 222.4 0.44p -0.33p per share 94.57p liquid resources 222 (12% of N
Slide 7: Portfolio snapshot
portfolio snapshot 6 months to 31 dec 2023 Portfolio Snapshot £198m Fair value 85% Top 10 investments as % of fair value 121% Private portfolio fair value vs. initial cost 13% Listed portfolio fair value vs. initial cost (30 June 2023: £187m) (30 June 2023:: 86%) (30 June 2023: 119%) (30 June 2023:
Slide 8: H1 FY23/24 investments
h1 fy23/24 investments Investments made during the period Company Segment HQ Type Cost £m ALL.SPACE Downlink UK Follow-on 2.8 Skylo Downlink US New investment 1.6 2 early stage New investment 0.9 investments 2 early stage investments Follow-on 0.5 Total 5.7 6 3 £5.7m Transactions completed New inves
Slide 9: Recent key portfolio developments
recent key portfolio developments ICEYE Tomorrow.io Continued growth of both its data Completed the second close of its and missions businesses with four Series E funding round, bringing new satellites deployed, adding to its total proceeds to $99m. Published own SAR constellation, and key peer revi
Slide 10: Recent key portfolio developments (cont.)
recent key portfolio developments (cont…) Voyager SatVu Entered a joint venture with Airbus Successfully commissioned its first to develop the Starlab space station, satellite and entered commercial significantly expanding its access to operations. However, the satellite the European market. Northro
Slide 11: Portfolio net asset value as at 31 Dec 2023
portfolio net asset value as at 31 dec 2023 Summary by value Company FV £m NAV ICEYE 45.4 20.2% D-Orbit 32.2 14.4% ALL.SPACE 23.9 10.7% HawkEye 360 21.1 9.4% Build Seedcorn LeoLabs 13.1 5.8% Launch Minicorn Platform SatVu 11.0 4.9% Soonicorn Downlink Astroscale 9.8 4.4% Unicorn Analyse PlanetWatcher
Slide 12: Fair value change
FAIR VALUE CHANGE ue Sfitomerrow. .QUADSAT> Other 292 28.8198.0 (04) | 124 07 13) a2 28 0.239 108 322 ou 455 ish am FV 30-Jun-23 mAdditions ™FVincrease ™FVdecrease mFV31-Dec-23 mPortfolioFV ® seaacum
Slide 13: H1 FY23/24 review and outlook for rest of FY23/24
h1 fy23/24 review • Investment in SpaceTech remained resilient over the past 12 months despite economic uncertainty. While the general VC investment saw a 35% drop in investment between 2022 and 2023, SpaceTech substantially outperformed. 2023 saw total investment of $6.8bn, effectively in line with
Slide 14: Appendix
appendix
Slide 15: Top 10 investments
top 10 investments 11 2 3 4 5 Global change detection every hour In-orbit last mile delivery One antenna to connect to any satellite Mapping the world’s Mapping the skies RF signals Web: iceye.com Web: dorbit.space Web: all.space Web: he360.com Web: leolabs.space HQ: Finland HQ: Italy HQ: UK HQ: US
Slide 16: Top 10 investments
top 10 investments 6 76 8 9 10 The world’s thermometer Servicing the in-space economy Insuring the uninsurable Operationalising weather intelligence Antenna and RF measurements with drones Web: satellitevu.com Web: astroscale.com Web: planetwatchers.com Web: tomorrow.io Web: quadsat.com HQ: UK HQ: J
Slide 17: Further information
further information Company Information Key Financials as at 31 Dec 2023 Board of Directors Brokers NAV per share 95p Will Whitehorn (Non-executive Director / Chair) Deutsche Numis, 45 Gresham Street, London, EC2V 7AF Share price 34p Sue Inglis (Non-executive Director / Senior Independent Director)
Seraphim Space Investment Trust — H1 FY2023/24 Earnings Presentation on 6ix