Molten Ventures — Good momentum unfolding in H126

Molten Ventures expects to deliver a solid 7.2% NAV per share total return, according to its H126 trading update, supported by a 5.5% constant currency increase in gross portfolio value (driven by value-creation activities and improving market multiples) and a c 1.9% NAV accretion from buybacks. The company continues to deliver strong realisations with £62m in proceeds in H126, representing 4.5% of opening gross portfolio value (broadly in line with its through-the-cycle target of 10% per year). Management highlighted that its portfolio remains ‘robust and resilient’, with respect to both funding requirements and revenue growth, and that its Core portfolio demonstrates strong growth and profitability metrics. Based on the 719p NAV reported in Molten’s trading update, its last closing share price implies a 34% discount to NAV.