Seraphim Space Investment Trust Plc Class C · LSE:SSIC
Seraphim Space Investment Trust Plc Class C — FY2024 Earnings Presentation
22 slides from Seraphim Space Investment Trust Plc Class C's earnings presentation, October 2024
Slide 1: Seraphim Space Investment Trust plc FY23/24 Report
seraphim space investment trust plc FY23/24 REPORT – Year ended 30 June 2024
Slide 2: Headlines
six months to 31 dec 2023 headlines • Portfolio valuation increased by £14.1m to £201.5m • Portfolio fair value up at 104.7% of cost • NAV per share up from 92.90p to 96.18p • Net assets of £228.1m and market capitalisation of £129.5m as at 30 June 2024 • Period end liquid resources of £27.0m (
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 54.6p 96.18p £ 130m £ 228m £ 201m 300 300 275 SSIT share price vs. various indices from 30-Jun-23 to 11-Oct-24 (£, total SSIT NAV per share and share price vs. AIC peer
Slide 5: Attribution Analysis
attribution analysis 6 months to 31 dec 2023 Attribution analysis of movements in the value of investments (£m) 205 200 0.1 104.7% Portfolio fair value vs. cost 4.7 1 11.8 195 (7.3) £201m 1 190 6.3 (1.4) 201.5 Fair value of portfolio as at 30-Jun-24 185 187.4 180 Opening Additions Follow-ons Proceed
Slide 6: Balance Sheet
balance sheet as at 31 dec 2023 240 NAV bridge (£m) NAV per share 235 5.01p NAV £5.7m (1.4) per share 230 NAV per (2.8) 96.18p increase in NAV share NAV (1.5) 0.6 (3% increase) NAV NAV 11.9 -0.60p per NAV per per share NAV 225 share share -1.19p per share per 92.90p 0.44p -0.62p share 228.1 0.25p
Slide 7: FY23/24 Investments
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 Xona Space Systems Platform US Follow-on 1.0 SatVu Platform UK Follow-on 0.2 Voyager Beyond Earth US Follow-on 0.2 2 early stage New investm
Slide 8: FY23/24 Divestments
fy23/24 divestments Nine early stage assets worth £3.6m including capitalised interest were transferred to Seraphim Space Ventures II LP for a $4.86m (£3.8m) investment in this venture fund A partial divestment of Astroscale was completed in the period, with £3.5m in proceeds being received by the C
Slide 9: FY23/24 New Investments
fy23/24 new investments voyager Skylo has developed technology for existing satellite operators to seamlessly connect to cell phones and IoT endpoints globally. The company has launched first commercial partnerships with Google, for their Pixel 9 flagship phone, and Verizon, the United States’ large
Slide 10: Portfolio Snapshot
portfolio snapshot 84% 27% Portfolio Snapshot £201m 127% Fair value Top 10 investments as % of fair value Private portfolio fair value vs. initial cost Listed portfolio fair value vs. initial cost (30 June 2023: £187m) (30 June 2023: 86%) (30 June 2023: 119%) (30 June 2023: 13%) >$540m+ Total money
Slide 11: Recent Key Portfolio Developments
recent key portfolio developments ICEYE D-Orbit Raised oversubscribed $93m Series E round Raised €100m+ Series C round led by Solidium. led by Marubeni. HawkEye 360 LeoLabs Raised $68m Series D1 round led Closed $29m additional equity by BlackRock, and $40m debt financing round led by GP financing f
Slide 12: Recent Key Portfolio Developments (cont…)
recent key portfolio developments (cont…) Xona Space Systems AST SpaceMobile Raised $19m Series A led by SSIT and Raised over $200m including Future Ventures. strategic equity investments from AT&T and Google. Signed commercial agreements with both AT&T and Verizon to provide the company's first spa
Slide 13: Recent Key Portfolio Developments (cont…)
recent key portfolio developments (cont…) Tomorrow.io Voyager Demonstrated unprecedented Agreed to partner with Airbus, accuracy of weather data from its Northrup Grumman and Mitsubishi pathfinder satellites. on its Starlab space station. Spire Global Astroscale Announced collaboration with Nvidia t
Slide 14: Portfolio as at 30 June 2024
portfolio as at 30 June 2024 net asset value Summary by value Company FV (£m) % of NAV ICEYE 47.8 20.9% D-Orbit 33.1 14.5% stage2 ecosystem3 ALL.SPACE 24.1 10.6% HawkEye 360 21.5 9.4% Build LeoLabs 12.9 5.7% Seedcorn Launch SatVu 11.2 4.9% Minicorn Platform Xona Space Systems 5.3 2.3% Soonicorn Down
Slide 15: Portfolio Fair Value Change
portfolio fair value change Disposals and 30 june 2023 to 30 june 2024 Setback due to share price issues with first decline at Arqit satellite £mm Funding round closed during the 210 period 3 0 1 1 205 3 2 0 12 201 -4 200 -5 195 190 2 187 185 FV increase FV decrease 180 n-2 3 YE bit CE 60 bs tVu s h
Slide 16: Post Period Developments
post period developments • ALL.SPACE: SSIT invested $5m alongside other existing investors in a new funding round of the company. • AST SpaceMobile: Launched first five commercial satellites and saw its share price increase to $24.18 as at 11 October 2024, equivalent to a £4.7m post period increase
Slide 17: Q4 FY23/24 Review and Outlook for FY24/25
Q4 fy23/24 review • SpaceTech saw the fourth consecutive quarter of growth. Investment over last 12 months was $8.5bn globally, 66% up vs. last 12 months to Q2 CY23 • Over the same period, general VC investment in the US was flat and in Europe down 9% outlook for fy24/25 • Global economy forecast to
Slide 18: Appendix
appendix
Slide 19: 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 20: Top 10 Investments
top 10 investments 6 7 8 9 10 The world’s thermometer High precision, secure GPS for the Insuring the uninsurable Connecting the un-connected Operationalising weather intelligence next era of autonomy Web: satellitevu.com Web: xonaspace.com Web: planetwatchers.com Web: ast-science.com Web: tomorrow.
Slide 21: Further Information
further information Company Information Key Financials as at 30-Jun-24 Board of Directors Brokers NAV per share 96.18p Will Whitehorn (Non-executive Director / Chair) Deutsche Numis, 45 Gresham Street, London, EC2V 7AF Share price 54.6p Sue Inglis (Non-executive Director / Senior Independent Directo
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