Seraphim Space Investment Trust PLC Class C · LSE:SSIC
Seraphim Space Investment Trust PLC Class C — H1 FY2022 Earnings Presentation
20 slides from Seraphim Space Investment Trust PLC Class C's earnings presentation, February 2022
Slide 1: Shareholder/Investor Update: Interim Report to 31st December 2021
Seraphim Space Investment Trust PLC Shareholder/Investor Update Interim Report to 31st December 2021 February 2022 SSIT Interim Report – Six Months Ended 31 December 2021 1
Slide 2: Overview since IPO in July 2021
Overview since IPO in July 2021 Share price 25 % at 31 Dec 2021 was £1.25, a total return YTD of 25% NAV per share 7% at 31 Dec 21 was £1.047, a total return YTD of 7% Will Whitehorn Net assets of £250.6m and market capitalisation of £300m Liquid resources available of £70m (28% of NAV). Chair, Sera
Slide 3: Seraphim Space the Manager
Seraphim Space the Manager Mark Boggett James Bruegger Rob Desborough Chief Executive Officer Chief Investment Officer Partner & Accelerator Seraphim Space Seraphim Space Seraphim Space SSIT Interim Report – Six Months Ended 31 December 2021 3
Slide 4: Investment Opportunity
Investment Opportunity Space economics is undergoing a paradigm shift Space Shuttle (1981) $85,216/kg Falcon 1 (2006) $9,930/kg Space Shuttle (1995) $26,884/kg Atlas V551 Falcon 9 Cost per kilogram of payload to low Earth orbit (2016) $5,685/kg (2017) $1,891/kg NASA goal Falcon Heavy for 2040: (2020
Slide 5: Digital platform at key inflection point
Digital platform at key inflection point First mover companies gaining sustainable advantages 200+ companies planning 1st SpaceX Starlink 100,000+ 1st Planet Labs Dove satellites in 1st cubesat next decade 1st commercial satellite Now Sputnik SSIT Interim Report – Six Months Ended 31 December 2021 5
Slide 6: Seraphim's playbook
Seraphim’s playbook Unparalleled early access to companies shaping a new economic revolution Industry Investment Committee Proprietary Unique We have established Support Top Entrepreneurs Deal flow Model ourselves as the Investment Fund no.1 investor globally within the Space Tech sector OPTIONS Acc
Slide 7: Accelerator Activity 2021
Accelerator Activity 2021 Affiliated platforms provide programmatic due diligence at global scale Space Accelerator #7 #8 March – June 21 Sept – Dec 21 June – Sept 21 • Over 60 space startups have graduated from Seraphim managed global accelerator programmes SSIT Interim Report – Six Months Ended 31
Slide 8: Seraphim Space Investment Trust PLC
Seraphim Space Investment Trust PLC Interim Report – Six Months Ended 31 December 2021 Financial highlights Q1 attribution analysis Balance sheet Portfolio Q1 investments Post period developments Outlook SSIT Q1 Report – Three Months Ended 30 September 2021
Slide 9: Financial highlights as at December 2021
Financial highlights as at 31 December 2021 NAV Market Net per Portfolio Share capitalisation assets share valuation price £1.25 £ 1.05 300m £ £ 250m £ 183m UPDATE CHARTS Past performance is not a reliable indicator of future results. The value of shares and income SSIT Interim Report – Six Months E
Slide 10: Interim attribution analysis as at December 2021
Interim attribution analysis as at 31 December 2021 +11% portfolio fair value vs. cost during period £183m fair value of portfolio as at 31 December 21 £136m increase in portfolio cost during period Past performance is not a reliable indicator of future results. The value of shares and income SSIT I
Slide 11: Balance sheet as at December 2021
Balance sheet as at 31 December 2021 BALANCE SHEET ANALYSIS £ 76m Increase in NAV (43% increase) £ 70m liquid resources (28% of NAV) £61m equity issued Past performance is not a reliable indicator of future results. The value of shares and income SSIT Interim Report – Six Months Ended 31 December 20
Slide 12: 1H investments: Acquisition of Retained Assets
1H investments Acquisition of Retained Assets Global change Space Taxi Encryption Predicting detection and logistics reborn for the weather every hour the cloud era Stake acquired Stake acquired Stake acquired Stake acquired for £20.8m For £7.3m for £27.3m for £7.4m SSIT Interim Report – Six Months
Slide 13: Investments IPO to Q4 2021
Investments IPO to Q4 2021 Investments made during the quarter Company Segment / Sub Sector HQ Type Cost £m Arqit Platforms / Satcoms UK Retained Asset 27.3 Iceye Iceye Hawkeye 360* Platforms / Earth Observation Platforms / Earth Observation Platforms / Earth Observation EU EU US Retained Asset Foll
Slide 14: Thematic investment focus
Thematic investment focus . . . . . . . . . Sustainability . Space . . . . . . . . . . . . . . . . . . . . . . . Digital Infrastructure . . . . . . . . . . . . . Climate . . . . . . SSITInterim SSIT Report–– Six InterimReport SixMonths MonthsEnded Ended31 31December December2021 2021 14
Slide 15: 1H investments: New Investments
1H investments New Investments Mapping the Servicing the Servicing the World’s RF in-space economy in-space economy Signals $12.5m invested $25m invested $12.5m $112m invested F series $145m Series D $112m Series F SSIT Interim Report – Six Months Ended 31 December 2021 15
Slide 16: 1H investments: Follow-on
1H investments Follow-on Mapping GPS navigation for One antenna to connect the skies the age of autonomy to any satellite $3.1m invested $2.5m invested $25m invested $65m Series B $8m A series $37m B series The Earth’s Smart Global change detection Energy Meter every hour £4m invested $25m invested
Slide 17: Portfolio as at December 2021
Portfolio as at 31 December 2021 Summary By Value Net Asset Value Company FV £m NAV % ArQit 47.9 19.1% Build Iceye 38.9 15.5% Seedcorn Launch Isotropic Systems 22.4 9.0% Minicorn Platforms Hawkeye 360 18.5 7.4% Soonicorn Downlink LeoLabs 12.3 4.9% Unicorn Analyse Astroscale 9.3 3.7% Listed Product S
Slide 18: Post Period Developments
Post Period Developments • 27th Jan 2022 SPAC called Breeze announced business combination • Listing on NASDAQ implied Enterprise Value of approximately $1.28 billion • D-Orbit shareholders will account for 84% of the combined entity • SSIT holds 9.3% fully diluted stake in D-Orbit • The Earth’s Out
Slide 19: Seraphim's outlook
Seraphim’s outlook ACTIVITY LEVELS OUTLOOK • High levels of investment • Identified £88m pipeline of since IPO further investment opportunities • 12 investments closed in the • SPAC share price volatility – period including 4 retained commitment and belief in the assets acquired fundamentals of thes
Slide 20: Seraphim Space Investment Trust PLC
Seraphim Space Investment Trust PLC Interim Report – Six Months Ended 31 December 2021 Please remember past performance is not a reliable indicator of future returns. The value of shares and the income from them can go down as well as up as a result of market and currency fluctuations. You may not g
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