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Molten Ventures
(LSE:GROW)
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Rating:65Neutral
Price Target:
612.00 p
▲(29.28% Upside)
Action:Reiterated
Date:07/09/26
The score is driven primarily by improved—but still volatile—fundamentals (profit rebound and low leverage tempered by uneven cash flow), supported by a constructive earnings call (NAV growth and ICEYE uplift with ongoing portfolio volatility). Valuation looks favorable on a low P/E, while technical indicators remain weak-to-neutral in the near term.
Positive Factors
Conservative balance sheet
Low leverage and a large equity base provide durable financial flexibility for a venture investor: it reduces refinancing risk, permits follow-on investments and buybacks without forced asset sales, and supports the firm's ability to hold positions through volatile exit markets over the next 2–6 months.
Negative Factors
Inconsistent cash generation
Volatile cash flow history undermines the firm's predictable capacity to fund follow‑on investments, cover operating costs, or return capital without relying on realizations or facilities. This inconsistency increases execution risk for planned concentration and third‑party fund scaling over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Low leverage and a large equity base provide durable financial flexibility for a venture investor: it reduces refinancing risk, permits follow-on investments and buybacks without forced asset sales, and supports the firm's ability to hold positions through volatile exit markets over the next 2–6 months.
Read all positive factors
Molten Ventures (GROW) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.06B
Dividend YieldN/A
Average Volume (3M)699.80K
Price to Earnings (P/E)9.0
Beta (1Y)1.78
Revenue Growth-78.12%
EPS Growth30945.45%
CountryUK
Employees60
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.69
Shares Outstanding173,511,800
10 Day Avg. Volume615,595
30 Day Avg. Volume699,798
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.60
Price to Sales (P/S)4.98
P/FCF Ratio77.38
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£833.50Price Target Upside76.07% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)1
Revenue Forecast (FY)£207.02M
Molten Ventures Business Overview & Revenue Model
Company Description
Molten Ventures Plc, formerly known as Draper Esprit plc, is a private equity and venture capital firm that deploys capital across the entire business lifecycle. This includes early-stage investments such as seed and Series A funding, growth capit...
How the Company Makes Money
Molten Ventures makes money primarily through investment returns from its portfolio rather than through operating revenue from selling products or services. The main economic drivers are: (1) Realisations/exits: when portfolio companies are sold, ...
Molten Ventures Earnings Call Summary
Earnings Call Date:Jun 09, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Nov 25, 2026
Earnings Call Sentiment Positive
The call highlighted clear momentum: accelerating fair value growth (13%), NAV per share uplift to 760p with a significant ICEYE-driven post-period uplift, strong core performance (3.3x MOIC), disciplined realizations (>GBP 250m since March 2024) and active initiatives to scale third‑party capital. Offsetting items include emerging‑portfolio write‑downs (~GBP 50m), isolated core weaknesses (CoachHub), ongoing valuation reductions (~GBP 120m) and a persistent share price discount to NAV. Overall the positive operational and portfolio developments — notably the ICEYE re‑rating, cash generation, buybacks and cost reduction — outweigh the contained negatives, suggesting constructive momentum but continued execution risk in earlier-stage holdings and exit timing.Positive Updates
Portfolio fair value growth
Gross portfolio fair value grew 13% in FY26 (up from ~5% prior), driven by core holdings; nearly GBP 300m of valuation write-ups vs ~GBP 120m of reductions and an FX benefit of GBP 16m.
Negative Updates
Emerging portfolio write‑downs and mixed performance
Emerging portfolio saw c. GBP 50m of write-downs (over ~80 companies), driven by a small number of specific events (notably Robin AI and Schuttflix), reflecting higher risk in earlier-stage holdings.
Read all updates
Q4-2026 Updates
Positive
Negative
Portfolio fair value growth
Gross portfolio fair value grew 13% in FY26 (up from ~5% prior), driven by core holdings; nearly GBP 300m of valuation write-ups vs ~GBP 120m of reductions and an FX benefit of GBP 16m.
Read all positive updates
Company Guidance
The call guided that Molten is focused on accelerating NAV and fair‑value growth and scaling third‑party AUM, targeting c.20% returns through the cycle (record 26%); near‑term uplift from ICEYE (NAV per share 760p, +13% y/y, with the ICEYE round implying ≈+120p to ~877p, ~+15% into FY27). FY26 metrics cited include gross portfolio fair‑value movement +13% (≈£300m write‑ups vs ≈£120m write‑downs), gross portfolio ≈£1.5bn (core ≈£1.0bn across ~16 companies, ~65% of value), NAV ≈£1.3bn, MOIC 3.3x (≈4x incl. ICEYE), realized proceeds >£250m since Mar‑24 (plus ~£70m Revolut post‑period), year‑end cash £52m (plus ≈£70m post‑period), £24m EIS/VCT cash un‑deployed, undrawn RCF £60m, £89m invested in the year, £38m of buybacks (≈£4m remaining), OpEx ≈£24m (‑14% y/y) and an OpEx ratio ~0.5%. Strategic guidance: continue £20m+ Series‑B tickets, concentrate the portfolio toward ~60 companies with ~20 core winners, and grow third‑party funds (growth fund first close target ~£200–300m; Molten East sub‑€100m then €100–150m; secondaries initial target ~€150m).Molten Ventures Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
45
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 160.20M | 44.40M | -47.80M | 45.50M | 350.90M |
| Gross Profit | 148.00M | 31.70M | -47.80M | 44.70M | 349.50M |
| EBITDA | 122.10M | 500.00K | -49.90M | -283.00M | 325.80M |
| Net Income | 120.30M | -800.00K | -40.60M | -243.40M | 300.70M |
Balance Sheet | |||||
| Total Assets | 1.48B | 1.38B | 1.36B | 1.32B | 1.50B |
| Cash, Cash Equivalents and Short-Term Investments | 51.70M | 89.00M | 57.00M | 22.90M | 75.80M |
| Total Debt | 130.80M | 121.30M | 89.40M | 89.30M | 30.40M |
| Total Liabilities | 157.20M | 147.20M | 110.50M | 121.70M | 71.10M |
| Stockholders Equity | 1.32B | 1.24B | 1.25B | 1.19B | 1.43B |
Cash Flow | |||||
| Free Cash Flow | 10.30M | 33.50M | -22.00M | -24.80M | -28.20M |
| Operating Cash Flow | 10.50M | 33.90M | -22.00M | -24.80M | -28.10M |
| Investing Cash Flow | -200.00K | -400.00K | 12.00M | -90.10M | -185.00M |
| Financing Cash Flow | -47.60M | -1.70M | 44.30M | 51.10M | 128.10M |
Molten Ventures Technical Analysis
Positive
473.40
Price Trends
590.39
Positive
537.41
Positive
501.56
Positive
Market Momentum
6.58
Negative
58.13
Neutral
70.42
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:GROW, the sentiment is Positive. The current price of 473.4 is below the 20-day moving average (MA) of 588.30, below the 50-day MA of 590.39, and below the 200-day MA of 501.56, indicating a bullish trend. The MACD of 6.58 indicates Negative momentum. The RSI at 58.13 is Neutral, neither overbought nor oversold. The STOCH value of 70.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:GROW.
Molten Ventures Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | £509.89M | 12.34 | 44.99% | 5.73% | 7.26% | 30.92% | |
72 Outperform | £26.52B | 4.95 | 17.91% | 2.44% | -25.49% | 3.34% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | £1.06B | 9.02 | 8.51% | ― | -78.12% | 30945.45% | |
61 Neutral | £560.98M | 8.59 | 7.16% | ― | -35.12% | ― | |
54 Neutral | £2.57B | 61.79 | 4.25% | 2.85% | 47.14% | -37.72% | |
53 Neutral | £852.98M | -117.00 | -0.66% | 2.47% | -88.06% | -107.88% |
* Financial Sector Average
GB:GROW
Molten Ventures
613.50
263.90
75.49%
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Molten Ventures Corporate Events
Other
Molten Ventures CFO and Related Party Boost Stakes with Share Purchases
Positive
Jul 9, 2026
Molten Ventures has disclosed that its chief financial officer, Andrew Zimmermann, purchased 1,682 ordinary shares in the company on 6 July 2026 at a price of £5.913152 per share on the London Stock Exchange. The transaction, valued at about ...
Stock BuybackRegulatory Filings and Compliance
Molten Ventures Updates Share Buyback Activity and Voting Rights
Positive
Jul 6, 2026
Molten Ventures has continued executing its previously announced share repurchase programme, with Deutsche Bank’s Deutsche Numis unit buying a total of 150,000 ordinary shares between 29 June and 3 July 2026 at volume-weighted average prices...
Stock BuybackRegulatory Filings and Compliance
Molten Ventures Advances Buyback Programme, Updates Share Capital and Voting Rights
Positive
Jun 29, 2026
Molten Ventures has continued its share repurchase programme, mandating Deutsche Bank’s London branch to buy back tranches of its ordinary shares over the week of 22–26 June 2026. The purchases, executed at volume-weighted average pric...
Business Operations and StrategyStock Buyback
Molten Ventures Advances Share Buyback, Updates Share Capital and Voting Rights
Positive
Jun 22, 2026
Molten Ventures has continued its previously announced share repurchase programme, buying 45,000 ordinary shares between 17 and 19 June 2026 through Deutsche Bank’s London arm. The purchases, executed at volume‑weighted average prices ...
Other
Molten Ventures CEO boosts stake with £49,700 share purchase
Positive
Jun 19, 2026
Molten Ventures has disclosed that its chief executive officer, Ben Wilkinson, has purchased 8,589 ordinary shares in the company on the London Stock Exchange. The transaction, executed on 19 June 2026 at a price of £5.79082 per share and tot...
Business Operations and StrategyRegulatory Filings and Compliance
Molten Ventures Reports Strong Progress on FY26 Sustainability Goals
Positive
Jun 16, 2026
Molten Ventures has published its FY26 Sustainability Report, outlining progress on its strategy across responsible investment, portfolio management and internal operations, while aligning with leading sustainability and climate frameworks. The fi...
Business Operations and StrategyStock BuybackFinancial DisclosuresPrivate Placements and Financing
ICEYE Revaluation Powers Molten Ventures’ NAV Recovery Amid Narrowing Discount
Positive
Jun 15, 2026
Molten Ventures has reported a 13% rise in gross portfolio value for the year to 31 March 2026 and a 79% share price return as its discount to net asset value narrowed sharply. The year was marked by £120m of realisations at an average 3x mul...
Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
Molten Ventures Publishes 2026 Annual Report and Sets July AGM
Neutral
Jun 9, 2026
Molten Ventures has published its Annual Report and Accounts for the year ended 31 March 2026, alongside the Notice of Annual General Meeting and Form of Proxy, all now available on its investor relations website. The documents have also been subm...
Business Operations and StrategyStock BuybackFinancial Disclosures
Molten Ventures posts strong NAV growth as it scales European tech platform
Positive
Jun 9, 2026
Molten Ventures reported strong full-year results to 31 March 2026, with gross portfolio value rising to £1.53 billion, net assets increasing to £1.32 billion and NAV per share climbing to 760p, driven by a 13% net fair value uplift and ...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Molten Ventures’ ICEYE Stake Soars After €10bn Series F Valuation
Positive
Jun 9, 2026
Molten Ventures has reported a sharp uplift in the value of its holding in ICEYE, after the Finnish satellite intelligence specialist completed a Series F funding round that values the business at more than €10 billion. ICEYE, which operates...
Business Operations and Strategy
Molten Ventures Issues May 2026 Portfolio Update Newsletter
Positive
Jun 8, 2026
Molten Ventures has released its Monthly Portfolio Update Newsletter for May 2026, providing investors and other stakeholders with an overview of key developments across its portfolio of high-growth digital technology businesses. The update highli...
Business Operations and StrategyStock BuybackFinancial Disclosures
Molten Ventures Banks £63m from Further Revolut Sell-Down
Positive
May 18, 2026
Molten Ventures has executed a further partial realisation of its stake in fintech unicorn Revolut, raising about £63 million and taking total proceeds from the investment to roughly £120 million at an approximate 20x multiple on investe...
Business Operations and Strategy
Molten Ventures issues April portfolio update to boost investor visibility
Positive
May 7, 2026
Molten Ventures has published its Monthly Portfolio Update Newsletter for April 2026, offering investors and other stakeholders a snapshot of recent funding rounds, operational progress, and news from its portfolio of high-growth technology compan...
Regulatory Filings and Compliance
Molten Ventures Updates Share Capital and Total Voting Rights
Neutral
May 1, 2026
Molten Ventures has confirmed its latest share capital and voting rights structure, reporting 189,046,450 ordinary shares in issue, of which 15,092,698 are held in treasury. This leaves 173,953,752 ordinary shares carrying voting rights, a figure ...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Molten Ventures Updates Market on Latest Share Buyback Activity
Positive
Apr 27, 2026
Molten Ventures has continued its share repurchase programme, with Deutsche Bank’s Deutsche Numis unit buying 15,000 of the company’s ordinary shares on 20 April 2026 on its behalf. The buyback modestly reduces the free float and is pa...
Business Operations and StrategyStock BuybackFinancial Disclosures
Molten Ventures lifts NAV and portfolio value as tech holdings and buybacks drive returns
Positive
Apr 27, 2026
Molten Ventures reported double‑digit growth in both net asset value per share and gross portfolio value for the year to 31 March 2026, driven by strong performance and funding rounds in core holdings such as Revolut, ICEYE, Ledger and River...
Stock BuybackRegulatory Filings and Compliance
Molten Ventures Tightens Free Float with Further Share Buybacks
Positive
Apr 13, 2026
Molten Ventures has continued to execute its previously announced share buyback, with Deutsche Numis purchasing a total of 60,000 ordinary shares between 7 and 10 April 2026 at volume-weighted average prices ranging from roughly 468p to 486p. Foll...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.