Edison Investment Research Limited
London, UK, 11 January 2021
Agronomics (ANIC) Initiation - At the forefront of a new agrarian revolution
Agronomics (ANIC) invests in companies producing environmentally friendly alternatives to traditionally produced meat, dairy, seafood, materials and other agricultural products. It aims to create long-term value for shareholders by investing mainly in private, early-stage companies and supporting them to sale, or public listing and commercial viability. ANIC is the only UK-listed vehicle targeting cellular agriculture, offering investors a rare opportunity to gain exposure to this exciting and rapidly expanding sector, which is likely to generate broad-based disruption to conventional agriculture. ANIC's strategy is supported by growing awareness of environmental issues. It has had an early mover advantage, possesses a reputation for expertise in the sector and has a level of access to follow-on and new investments unusual in the sector. Early performance has been promising and the company is trading at a premium to NAV. While it will take time for ANIC's investments to become commercially viable, significant valuation appreciation typically precedes large-scale commercialisation within the sector. And the valuations of more advanced, plant-based protein companies suggest the possibility of substantial long-term upside for patient investors.
ANIC's share price trades at a premium to cum-income NAV (using conservative, IFRS valuation methodology) thanks in part to its increasing popularity with investors and the scarcity of alternative investment options in the cellular agriculture sector. These factors, combined with a 'backward-looking' NAV, suggest the premium is likely to persist for the foreseeable future.
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