Seraphim Space Investment Trust Plc Class C · LSE:SSIC
Seraphim Space Investment Trust Plc Class C — Investor Presentation (September 2023)
21 slides from Seraphim Space Investment Trust Plc Class C's investor presentation, September 2023
Slide 1: Seraphim Space Investment Trust plc Annual Report
seraphim space investment trust plc ANNUAL REPORT – Twelve months ended 30 June 2023
Slide 2: Twelve months to 30 Jun 2023 headlines
twelve months to 30 jun 2023 headlines • Net assets of £222m and market capitalisation of £65m as at 30 Jun 2023 • Period end liquid resources of £35m (16% of NAV) • Portfolio valuation increased by £1.3m to £187.4m • Driven by disposals, realised loss, unrealised fair value reduction and unrealised
Slide 3: Seraphim playbook
seraphim playbook headlines Proprietary Unique Industry Investment Committee Deal flow Model Backing Top Entrepreneurs Investment Fund OPTIONS Accelerator Programme Information Thought Global VC Investor Value-add Investors Asymmetry Leaders Ecosystem on Investee Boards Mark Boggett Sarah Shackleton
Slide 4: Financial highlights as at 30 Jun 2023
financial highlights as at 30 jun 2023 Share NAV Market Net Portfolio NAV per price per capitalisation assets valuation share share £ 0.27 £ 0.93 £ 65m £ 222m £ 187m SSIT share price vs. various indices from 30 Jun 2022 to 31 Aug 2023 (£, total return rebased 175 SSIT NAV per share and share price v
Slide 5: FY attribution analysis 12 months to 30 Jun 2023
fy attribution analysis 12 months to 30 jun 2023 Attribution analysis of movements in the value of investments (£m) 210 205 12.2 98.5% Portfolio fair value vs. cost 200 -3.3 -2.0 195 4.9 -5.7 £187m 190 Fair value of portfolio as at 187.4 30 Jun 2023 186.1 -4.7 185 £17.1m 180 Aggregate investments du
Slide 6: NAV bridge 12 months to 30 Jun 2023
Nav bridge 12 months to 30 jun 2023 NAV bridge (£m) 245 £16.9m 240 239.3 NAV decrease in NAV (7% decrease) 235 per NAV share per NAV 99.97p share per share NAV -4.37p per 230 -0.82p share NAV -10.5 -1.22p per £35m -2.0 share 225 -0.77p -2.9 0.0 0.3 222.4 -1.9 NAV liquid resources 220 NAV (16% of NAV
Slide 7: Portfolio snapshot
portfolio snapshot 12 months to 30 jun 2023 Portfolio Snapshot £187m Fair value 86% Top 10 investments as % of fair value 119% Private portfolio fair value vs. initial cost 13% Listed portfolio fair value vs. initial cost (2022: £186m) (2022: 87%) (2022: 123%) (2022: 45%) 34% Average portfolio compa
Slide 8: Market index – transactions by volume
Market index – transactions by volume Trailing 12 months SpaceTech vs. global technology vc 350.0 • Compared to the broader technology venture capital landscape, 300.0 SpaceTech has shown superior performance when indexed against Q1 CY18. 250.0 200.0 • SpaceTech has demonstrated greater resilience a
Slide 9: Portfolio cash runway
portfolio cash runway as at 30 jun 2023 17 portfolio companies closed funding rounds FY22/23 Material holdings1 cash runway vs. reliance on SSIT for funding 5 6 Strong Syndicate 6 # existing companies raising internal round # existing companies raising external round # new companies invested in 11 e
Slide 10: FY22/23 investments
Fy22/23 investments Investments made during the period Company Segment HQ Type Cost £m Voyager Beyond Earth US New investment 2.1 Taranis Analyse Israel New investment 2.1 PlanetWatchers Analyse UK Follow-on 2.5 D-Orbit Launch Italy Follow-on 4.4 SatVu Platform UK Follow-on 2.1 4 early stage New inv
Slide 11: FY22/23 new investments
Fy22/23 new investments $2.5m investment $2.5m investment voyager taranis Voyager has designed and developed Starlab, a next Taranis is improving agricultural efficiency by providing generation free flying space station. Starlab provide the insights to growers on field health through using satellite
Slide 12: FY22/23 follow-on investments
fy22/23 follow-on investments £2.1m investment $5m investment SatVu d-orbit SatVu is deploying a constellation of infrared sensing satellites. D-Orbit is the first space logistics company, a “space Using this constellation, the business will to monitor the taxi” delivering satellites to precisely th
Slide 13: FY22/23 follow-on investments
fy22/23 follow-on investments $3m investment planetwatchers PlanetWatchers provides global scale information to the crop insurance industry, including acreage reports, crop classifications, planting dates, and details the damage of flood & wind events.
Slide 14: Portfolio as at 30 Jun 2023
portfolio net asset value as at 30 jun 2023 Summary by value Company FV £m NAV ICEYE 45.5 20.4% D-Orbit 21.4 9.6% ALL.SPACE 21.2 9.5% HawkEye 360 20.6 9.3% Build Seedcorn SatVu 14.7 6.6% Launch Minicorn Platform LeoLabs 12.4 5.6% Soonicorn Downlink Astroscale 9.8 4.4% Unicorn Analyse Altitude Angel
Slide 15: Top 10 holdings valuation change
Top 10 holdings valuation change 60 50 40 30 20 10 0 -10 Fair value as at 30-Jun-22 Additions/ (disposals) Underlying fair value change FX gain/ (loss)
Slide 16: Full year 2022/23 review and outlook
full year 2022/23 review • Sector has seen growth across the listed major space players in US and Europe • Notable M&A with Viasat/Inmarsat, Oneweb/Eutelsat, Maxar/Advent • SSIT portfolio revenue (+34%) and bookings growth (+199%) • 11 portfolio companies raised funding, majority led by new external
Slide 17: Appendix
appendix
Slide 18: Recalibration overview
recalibration overview Company Last priced funding Last funding round Last EV recalibration event Jan-22 Jan-22 Jun-23 ICEYE May-23 May-23 Jun-23 D-Orbit Aug-23 Aug-23 Jun-23 ALL.SPACE Jul-23 Jul-23 Jun-23 HawkEye 360 May-23 May-23 Jun-23 SatVu Jul-23 Jul-23 Jun-23 LeoLabs Feb-23 Feb-23 Mar-23 Astro
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 The world’s thermometer RF signals Web: iceye.com Web: dorbit.space Web: all.space Web: he360.com Web: satellitevu.com HQ: Finland HQ: Italy HQ: UK
Slide 20: Top 10 investments
top 10 investments 6 76 8 9 10 7 Mapping the skies Servicing the in-space economy The operating system for the skies Insuring the uninsurable Operationalising weather intelligence Web: leolabs.space Web: astroscale.com Web: altitudeangel.com Web: planetwatchers.com Web: tomorrow.io HQ: US HQ: Japan
Slide 21: Further information
further information Company Information Key Financials as at 30 Jun 2023 Board of Directors Brokers NAV per share 93p Will Whitehorn (Non-executive Director / Chair) Deutsche Numis, 45 Gresham Street, London, EC2V 7AF Share price 27p Sue Inglis (Non-executive Director / Senior Independent Director)
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