Chrysalis Investments Limited · LSE:CHRY
Chrysalis Investments — FY2021 Earnings Presentation
26 slides from Chrysalis Investments's earnings presentation, January 2022
Slide 1: oY N
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Slide 2: Disclaimer
This document has been prepared for information purposes only by Jupiter Investment Management Limited ("Investment Manager") on behalf of Chrysalis Investments This document is only being distributed to, and is only directed at: Limited (the "Company") and may not be used in making any investment d
Slide 3: Chrysalis Investments: Accessing innovative and disruptive private companies
Chrysalis Investments chrysalis =o = F a a 3 tment: Accessing innovative and disruptive private companies investments Welcome to investing inthe Investment Advisor is one of Europe’s leading 90 crossover investors 21st century digital economy. Unparalleled insight into public and private markets Emb
Slide 4: FY21 highlights
Chrysalis Investments chrysalis FY21 highlights investments 251.96P - 2021 NAV GROWTH OF 57% INCREASED DIVERSIFICATION NAV growth underpinned by several significant New investment activity significantly exceeded aah . funding rounds in the portfolio (Sep20: 160.97p); 3- expectations of 1-3pa, driven
Slide 5: Experience, strength in depth and continuity
Experience, strength in depth and continuity Adding capacity, supporting growth opportunities RICHARD WATTS HEAD OF STRATEGY UK SMALL & MIDCAP Joined Merian in 2002 (now part of the Jupiter Group) Jupiter UK Mid Cap Fund, Co-manager Chrysalis Investments JAMES SIMPSON LEGAL COUNSEL Joined Merian in
Slide 6: We have built a crossover platform of scale
We have built a crossover platform of scale chrysalis Scratching the surface of the opportunity investments iq We look for disruptive companies with strong propositions and significant market opportunity; Chrysalis fits these criteria too: € The late stage private market is growing rapidly: the year
Slide 7: Strong NAV growth since IPO
Strong NAV growth since IPO chrysalis NAV performance underpinned by portfolio revenue growth Investments Quarterly NAV per share performance since IPO 260 240 “Growth Phase” oon “heh Significant NAV performance has continued, driven by revaluations of key assets Funding rounds from Klarna, Starling
Slide 8: 3x CHRY NASDAQ
3x CHRY NASDAQ S&P 500 FTSE All share
Slide 9: Unaddressed market vs addressed market
Unaddressed market Addressed market 99% 1%
Slide 10: Dec18 Sep-21
250 200 150 100 50 0 Dec18 Sep-21
Slide 11: Origination
Origination chrysalis Strong origination and sourcing capability gives us access to new high growth names investments g Chrysalis is enjoying the benefits of scale; at c£1.4bn of NAV, we are getting early access to deals on a more global basis iq We currently see over 40 leads per quarter iq Origina
Slide 12: Past performance is not a guide to future performance. The value of investments can
Past performance is not a guide to future performance. The value of investments can go down as well as up and is not guaranteed. Holdings examples are not a recommendation to buy. or sell.
Slide 13: Realisations
Realisations chrysalis Performance fees are only payable when there are successful realisations over the calculation period investments Performance fees are only payable by the company following successful realisations, and to the extent that the payment amount is greater than the performance fee am
Slide 14: Portfolio and Company Section
Slide 15: Investment activity
Investment activity chrysalis Chrysalis was very active through FY21 investments g Chrysalis completed eight deals and deployed £335m of capital during the financial period g We have added five new names to the portfolio, outperforming an expectation of 1-3 pa, and completed three follow-on investme
Slide 16: Portfolio composition and stage
Portfolio composition and stage Strong future IPO contenders Fund split as of 18 January 2022 Cash, 3.9% Secret Escapes, 1.7% Growth Street, 0.1% Revolution Beauty, Sorted 22% 2.3% Featurespace, 2.5% Klara, 26.1% THG, 2.7% Tactus, 2.8% Deep Instinct, 3.49 InfoSum, 3.4% Embark, 4.0% 7WIse THG Graphco
Slide 17: 55% 50% 45% 40% 35% 30% 25% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20
55% 50% 45% 40% 35% 30% 25% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
Slide 18: Starling Bank
Starling Bank 15% position”: outstanding recent growth, now profitable Starling -P&L as of Jun21 and theoretical impact of LDR changes (£m) Deps 6,755 Lending 2,335 LDR 35% NII 106 Fees etc 65 Revs qm Opex+ Imp “142 PBT 29 NIM 1.4% Source: Starling Bank and Chrysalis Investments * As of 18 January 2
Slide 19: wefox
wefox chrysalis 7% position”: looking to expand globally investments Key highlights and update & _ wefox has grown rapidly since we first invested in December 2019, driven by strong organic revenue growth and highly accretive M&A @ __Thewefox playbook involves acquiring distribution (insurance broke
Slide 20: Smart Pension
Smart Pension chrysalis 7% position*: Benefiting from a first mover advantage and regulatory tailwinds globally E miter all ; investments if if Emerging disruptors Deal highlights Latest full year reported AuM growth @ Smarthas announceda £165m Series fundinground 180% 160% € Chrysalisled the round
Slide 21: EV/sales and sales growth
45 900 40 800 35 EV/sales (12m fwd) 700 30 y = 89.589x - 1.7893 600 R² = 0.6354 25 500 20 400 15 300 10 200 5 100 0 0 FY16 FY17 FY18 FY19 FY20 FY21 FY22E FY23E FY24E 0% 5% 10% 15% 20% 25% 30% 35% -100 Sales growth rate (CY21-24 if available or CY21-23 if not) Revenue EBITDA
Slide 22: The Hut Group
The Hut Group chrysalis 3% position”: validation of Chrysalis’ crossover proposition investments LD. P Key highlights and update THEHUTGROUP fait é _ Several pieces of M&A have completed, including Dermstore (1.8x sales), Perricone (1x sales), Bentley (17x FY22 EBITDA) and Cult Beauty (2x sales), an
Slide 23: Recent Investments: InfoSum and Deep Instinct
Recent Investments chrysalis InfoSum and Deep Instinct investments + INF @) S U M Wave 3 - Approaching Scale Wave 3 - Approaching Scale InfoSum is a data infrastructure business, that allows organisations to share € Deep Instinct is a deep learning cybersecurity company data without compromising cus
Slide 24: Recent Investments: Tactus Group and Revolution Beauty
Recent Investments Tactus Group and Revolution Beauty Wave 2 - Emerging Disruptors € Tactus is a consumer technology expert, supplying a range of own and third- @ party branded IT Hardware &€ The company operates in three rapidly growing sectors; Gaming, Education and Entry Level Computing é Chrysal
Slide 25: Outlook
Slide 26: Outlook
Chrysalis Investments chrysalis Outlook investments MATERIAL TAM OPPORTUNITY REVENUE GROWTH POTENTIAL GROWTH SELLOFF IMPACT? Medium-term growth profile of portfolio should enable outperformance; many of our bigger units look reasonable/ cheap despite selloff PRIVATE MARKET STILL ACTIVE PORTFOLIO MAT