Seraphim Space Investment Trust Plc Class C · LSE:SSIC
Seraphim Space Investment Trust Plc Class C — Q1 FY24/25 Earnings Presentation
20 slides from Seraphim Space Investment Trust Plc Class C's earnings presentation, November 2024
Slide 1: Seraphim Space Investment Trust plc Q1 FY24/25 Report
seraphim space investment trust plc Q1 FY24/25 REPORT – Period ended 30 September 2024
Slide 2: Headlines: three months to 30 September 2024
headlines three months to 30 September 2024 • Portfolio valuation change of £(3.1)m to £198.4m • USD increase post period results in portfolio valuation of £208.2m based on USD/GBP rate as of 22-Nov-24 (all else unchanged) • Portfolio fair value up at 103.1% of cost • One follow-on investment during
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 as at 30 September 2024
financial highlights as at 30 September 2024 Share NAV per Market Net Portfolio price share capitalisation assets valuation NAV per share 53.7p 93.96p £ 127m £ 223m £ 198m 30-Jun-24: 54.6p 30-Jun-24: 96.18p 30-Jun-24: £130m 30-Jun-24: £228m 30-Jun-24: £201m 200 200 SSIT share price vs. various indic
Slide 5: Attribution analysis: three months to 30 September 2024
attribution analysis three months to 30 September 2024 Attribution analysis of movements in the value of investments (£m) 205 103.1% 6.1 3.8 (3.0) (9.1) (0.9) 200 Portfolio fair value vs. cost 195 190 201.5 198.4 £198m Fair value of portfolio as at 30-Sep-24 185 180 Opening Additions Follow-ons Proc
Slide 6: Balance sheet as at 30 September 2024
balance sheet as at 30 September 2024 240 NAV bridge (£m) 235 NAV NAV £(5.3)m per per share share 96.18p (1.27) NAV 230 p per NAV share per NAV NAV share per per NAV decrease in NAV (0.39)p (0.30) (-2% decrease) (3.0) p share (0.33)p share 0.07p per share 225 (0.9) 93.96p 228.1 (0.7) (0.8) 0.2 2
Slide 7: Portfolio snapshot
portfolio snapshot 86% 32% Portfolio Snapshot £198m 121% Fair value Top 10 investments as % of fair value Private portfolio fair value vs. initial cost Listed portfolio fair value vs. initial cost (30-Jun-24: £201m) (30-Jun-24 : 84%) (30-Jun-24 : 127%) (30-Jun-24 : 27%) 58% Percentage of portfolio
Slide 8: Q1 FY24/25 investments
q1 fy24/25 investments Investments made during the period Company Segment HQ Type Cost £m ALL.SPACE Downlink UK Follow-on 3.8 Total 3.8 1 0 £3.8m Transactions completed New investments Cash deployed
Slide 9: Q1 FY24/25 follow-ons
q1 fy24/25 follow-ons $5m investment voyager ALL.SPACE is developing a next generation ground terminal antenna, capable of creating a mesh network of satellite connectivity, by connecting to any satellite, in any constellation, in any orbit. The business is able to achieve this through its unique tr
Slide 10: Q1 FY24/25 divestments
q1 fy24/25 divestments A partial divestment of Astroscale was completed in the period, with £3.0m in proceeds being received by the Company
Slide 11: Recent key portfolio developments
recent key portfolio developments ICEYE ALL.SPACE Won a five-year contract with NASA to Announced $44m fundraising provide data from its satellites to led by BOKA Group with support NASA's Earth Science participation by Seraphim. Division. Appointed Paul McCarter as Announced a multi-satellite deal
Slide 12: Recent key portfolio developments (cont…)
recent key portfolio developments (cont…) AST SpaceMobile Astroscale Launched and successfully Signed MOU with Airbus Defence deployed its first five commercial and Space to collaborate on on-orbit satellites. servicing mission in the UK. Secured Y13.2bn (c.$87m) contract with JAXA for a debris remo
Slide 13: Post period developments
post period developments Spire Global • Agreed sale of its maritime business for ~$241m to Kpler. Intends to use proceeds to pay down existing debt and invest in future growth. Pixxel • Unveiled its initial set of commercial satellites, the Fireflies, which will provide the highest resolution hypers
Slide 14: Portfolio as at 30 September 2024
portfolio as at 30 September 2024 net asset value Summary by value Company FV (£m) % of NAV ICEYE 45.0 20.2% D-Orbit 32.6 14.6% stage2 ecosystem3 ALL.SPACE 26.5 11.9% HawkEye 360 20.4 9.2% Build LeoLabs 12.2 5.5% Seedcorn Launch SatVu 11.2 5.0% Minicorn Platform Downlink AST SpaceMobile 8.6 3.9% Soo
Slide 15: Q1 review and outlook for rest of FY24/25
Q1 fy23/24 review • SpaceTech has now seen five quarters of growth on a trailing twelve months basis, culminating in $8.8bn in Q3 CY24. • One of the most notable developments in Q2 CY24 was that, for the first half of the year, Chinese SpaceTech investment surpassed that of the US. In Q3 CY24, this
Slide 16: Appendix
appendix
Slide 17: 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 18: Top 10 investments
top 10 investments 6 7 8 9 10 The world’s thermometer Connecting the un-connected High precision, secure GPS for the Insuring the uninsurable Revolutionizing antenna testing next era of autonomy Web: satellitevu.com Web: ast-science.com Web: xonaspace.com Web: planetwatchers.com Web: quadsat.com HQ:
Slide 19: Further information
further information Company Information Key Financials as at 30-Sep-24 Board of Directors Brokers NAV per share 93.96p Will Whitehorn (Non-executive Director / Chair) Deutsche Numis, 45 Gresham Street, London, EC2V 7AF Share price 53.7p Sue Inglis (Non-executive Director / Senior Independent Directo
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