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Edison Investment Research Limited: Draper Esprit (GROW): Initiation - Europe's leading pureplay listed VC

·2-min read

Edison Investment Research Limited
04-Feb-2021 / 07:00 GMT/BST

 

London, UK, 4 February 2021

 

Draper Esprit (GROW): Initiation - Europe's leading pureplay listed VC

Draper Esprit is the leading listed VC in Europe, committing £120m of funding annually to European start-ups, with a proven track record (over 125 deals since 2006, US$13bn of exits) and a high-quality management team. Since 2016 Draper Esprit has been scaling its model, building the breadth and maturity of its underlying portfolio, with multiple core holdings ready to exit in 2021, market conditions permitting. Through a diversified investment holding company, Draper Esprit provides liquid exposure to a growing portfolio of Europe's leading, high-growth tech start-ups, an investment class that is hard to access for the public market investor. In our view, Draper Esprit's 15.1% FY16-20 NAV/share CAGR, together with the latent value in its portfolio, justify a premium rating.

 

Investors increasingly recognise that Draper Esprit warrants a premium as a rapidly scaling leader in the technology sector, which has delivered a 15.1% FY16-20 NAV/share CAGR, with a promising portfolio of investments and a growing fund management business. As such, the company trades at 1.28x historical NAV (H121: 600p). Catalysts for a re-rating include further scaling of the business, a listing on the main market, growth in third-party fee income, and successful exits and IPOs.
 

Click here to view the full report.

 

All reports published by Edison are available to download free of charge from its website

www.edisongroup.com

About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings.

Having been the first in market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact Edison:

Richard Williamson  +44 (0)20 3077 5700

Dan Ridsdale           +44 (0)20 3077 5729

tech@edisongroup.com

 

Learn more at www.edisongroup.com and connect with Edison on: 

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End of Announcement - EQS News Service

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