On Thursday, Deutsche Bank (ETR:DBKGn) adjusted its price target for Molten Ventures (GROW:LN) (OTC: GRWXF) shares to GBP6.62, a slight increase from the previous GBP6.61, while reaffirming a Buy rating on the stock. This adjustment comes in the wake of the venture capital firm's latest financial disclosures.
Molten Ventures reported a gross portfolio value of £1,379 million as of March 31, 2024, which is a small rise from £1,371 million recorded a year earlier, on March 30, 2023.
The company has been active in managing its portfolio, generating realizations of £39 million and investing £65 million during this period. Notably, £40 million of the investment came from Molten’s balance sheet, including a stake in Seedcamp fund III, and the remaining £25 million was part of a share-for-share exchange with Forward Partners.
Despite these investments, the firm experienced a gross fair value reduction in its portfolio amounting to £18 million. This was due to a £6 million increase being more than offset by £24 million of adverse foreign exchange movements.
The latter half of the year saw the valuations across Molten Ventures' core and emerging portfolio remain largely stable, indicating a period of valuation stabilization for the company.
The company's ability to maintain flat valuations in the second half of the year suggests a steadying landscape for its diverse investments, even as foreign exchange challenges impacted the overall portfolio value. The slight price target increase reflects Deutsche Bank's continued confidence in Molten Ventures' strategy and market position.
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