Seraphim Space Investment Trust Plc Class C · LSE:SSIC
Seraphim Space Investment Trust Plc Class C — Q3 FY2023 Earnings Presentation
15 slides from Seraphim Space Investment Trust Plc Class C's earnings presentation, Mar 31, 2023
Slide 1: Seraphim Space Investment Trust plc Quarterly Report
seraphim space investment trust plc QUARTERLY REPORT – Three months ended 31 March 2023
Slide 2: Headlines: three months to 31 Mar 2023
three months to 31 mar 2023 headlines • Portfolio valuation slightly decreased by £0.5m to £180.8m • Driven by unrealised fair value reduction £1.3m partially offset by investments of £0.9m • Portfolio fair value slightly down at 96% of cost • 1 follow-on transaction totalling £0.9m Will Whitehorn •
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 James Chief Exec
Slide 4: Financial highlights as at 31 Mar 2023
financial highlights as at 31 mar 2023 Share NAV Market Net Portfolio NAV per price per capitalisation assets valuation share share £ 0.38 £ 0.92 £ 90m £ 220m £ 181m 125 SSIT share price vs. various indices from 1 Jan to 15 May 2023 (£, total return rebased to 100) SSIT NAV per share and share price
Slide 5: 3Q attribution analysis
3q attribution analysis 3 months to 31 mar 2023 Attribution analysis of movements in the value of investments (£m) 200 96% 181.2 0.0 0.9 0.0 0.0 1.2 180.8 180 -2.5 160 Portfolio fair value vs. cost 140 120 100 80 £181m Fair value of portfolio as at 60 31 Mar 2023 40 20 £0.9m 0 Aggregate cost of inve
Slide 6: Balance sheet as at 31 Mar 2023
balance sheet as at 31 mar 2023 NAV bridge (£m) 250 222.0 £2.3m 0.0 0.0 0.1 219.7 -1.3 -0.7 -0.4 200 decrease in NAV (1% decrease) NAV NAV NAV NAV NAV NAV per per per per per per 150 share share share share share share 92.74p -0.56p -0.29p -0.16p 0.04p 91.77p £39m 100 liquid resources (18% of NAV) 5
Slide 7: 3Q investments
3q investments Investments made during the period Company Segment HQ Type Cost £m QuadSAT Downlink Denmark Follow-on 0.9 Total 0.9 1 0 £0.9m Transactions completed New investments Cash deployed
Slide 8: Follow-on investments: QuadSAT
follow-on investments • In March 2023, Seraphim completed follow on investment of €1m (£0.9m) into QuadSAT as part of its Series A round. • IQ Capital led the round with participation from Seraphim alongside Vækstfonden and TPC Management. • QuadSAT continues to gain strong commercial traction: • Th
Slide 9: Key portfolio developments
Key portfolio developments Largest radar constellation operator. Partnership with Major change in debris management regulation BAE Systems’ new multi-sensor constellation and announced. Astroscale successfully raised $76m Series signed contract to provide Ukraine government with E from new investors
Slide 10: Portfolio as at 31 Mar 2023
portfolio net asset value as at 31 mar 2023 Summary by value Company FV £m NAV ICEYE 42.5 19.4% ALL.SPACE 21.8 9.9% HawkEye 360 20.2 9.2% D-Orbit 18.1 8.2% Build Seedcorn Satellite Vu 11.9 5.4% Launch Minicorn Platform Astroscale 10.1 4.6% Soonicorn Downlink Altitude Angel 9.9 4.5% Unicorn Analyse L
Slide 11: Recalibration overview
recalibration overview Company Last priced funding Last funding round Last EV recalibration event Jan-22 Jan-22 Mar-23 ICEYE Sep-21 Sep-21 Mar-23 ALL.SPACE Nov-21 Nov-21 Mar-23 HawkEye 360 Dec-21 Dec-22 Mar-23 D-Orbit Apr-23 Apr-23 Mar-23 Satellite Vu Feb-23 Feb-23 Mar-23 Astroscale Jul-21 Jan-23 Ma
Slide 12: First quarter 2023 review and outlook for rest of 2023
first quarter 2023 review • The first quarter in 2023 saw a bounce from lows in Q4 22, with private investment increasing by over 60% to $1.4bn. • European transactions were up by nearly 50% in the year to 31 March 2023, a record breaking 42 transactions in the quarter, whilst European investment of
Slide 13: Top 10 investments
top 10 investments 11 2 3 4 5 Global change detection every hour One antenna to connect to any satellite Mapping the world’s In-orbit last mile delivery The world’s thermometer RF signals Web: iceye.com Web: all.space Web: he360.com Web: dorbit.space Web: satellitevu.com HQ: Finland HQ: UK HQ: US HQ
Slide 14: Top 10 investments
top 10 investments 6 7 8 9 10 Servicing the in-space economy The operating system for the skies Mapping the skies Insuring the uninsurable High precision, secure GPS for the next era of autonomy Web: astroscale.com Web: altitudeangel.com Web: leolabs.space Web: planetwatchers.com Web: xonaspace.com
Slide 15: Further information
further information Company Information Key Financials as at 31 Mar 2023 Board of Directors Brokers NAV per share 92p Will Whitehorn (Non-executive Director / Chair) Deutsche Bank AG, Winchester House,, 1 Great Winchester Street, London, Share price (as at 31 Mar 2023) 38p Sue Inglis (Non-executive
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