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FinLab

Expansion of fintech portfolio continues

Update | Financials | 18 Apr 2018

FinLab continues to expand its portfolio of fintech investments (currently nine holdings), putting special emphasis on opportunities in the blockchain and cryptocurrencies space. The company regards the expertise it has acquired in this area as a competitive advantage in the context of tightening regulations. Nevertheless, FinLab’s strong NAV growth in FY17 (c 41% y-o-y) was assisted by write-ups of its earlier investments: Heliad Equity Partners, Deposit Solutions and Kapilendo. As a result, FinLab’s shares are trading in line with the last reported NAV.

Heliad Equity Partners

Strong gains allow further diversification

Update | Investment Companies | 11 Apr 2018

Heliad Equity Partners (Heliad) posted strong results for FY17, with profit before tax of EUR 39.6m compared with a loss of EUR 22.2m in FY16. This was principally driven by share price gains among listed holdings, notably FinTech Group and MagForce. These increases allowed Heliad to realise gains of EUR 19.5m, supporting further diversification of the portfolio through additional participations in some existing private holdings, and new investments in both listed and unlisted companies, including mattress and home furnishing specialist Sleepz, and vertically integrated jewellery company Elumeo. A FY17 dividend of EUR 0.20 has been recommended.

FinLab

NAV boosted by revaluation gains

Update | Financials | 15 Sep 2017

FinLab’s results combine relatively stable income from management fees and dividends received from the asset management subsidiaries, Heliad and Patriarch (total income at EUR 1.76m vs EUR 1.88m in H116), and sizeable revaluation gains (Kapilendo, Heliad) of EUR 2.52m (vs -EUR 0.3m in H116). The recent share issue and improved operating cash flow increased the company’s net cash position to EUR 4.28m from EUR 0.97m at end-2016. This puts FinLab in a strong position to execute further fintech investments. Following the recent positive share price performance, FinLab’s shares trade at an 18.9% premium to last reported NAV.

Heliad Equity Partners

Scale Update - Key portfolio holdings drive results

Update | Investment Companies | 14 Sep 2017

Heliad Equity Partners benefited from the stock price appreciation of its major listed portfolio holdings (most notably FinTech and MagForce), posting a considerable increase in PBT to EUR 10.9m from a pre-tax loss of EUR 24.8m in H116. Importantly, this includes a considerable proportion of realised gross capital gains of EUR 7.8m (above EUR 2.5m in H116), translating into an improved cash position (net cash of EUR 0.5m compared with net debt of EUR 2.1m in FY16). Consequently, net asset value improved by 8.7% vs FY16 to EUR 9.16 and the stock is now trading at a 23% discount to its NAV.

Heliad Equity Partners

Focused DACH tech investor

Initiation | Investment Companies | 12 Jun 2017

Heliad Equity Partners (Heliad) is a DACH-focused (Germany, Austria and Switzerland) closed-ended fund investing in the tech, e-commerce and lifestyle sectors. It is managed by Heliad Management GmbH, a company wholly owned by Heliad's largest shareholder, FinLab (A7A). Stakes in listed tech companies FinTech Group (FTK) and MagForce (MF6) account for 69% of the portfolio value and their value currently exceeds Heliad's market cap, having appreciated 36% and 82%, respectively, in 2017 to date. The performance of these holdings and the diversification offered by Heliad's 12 other investments may make it an attractive way to access the German tech, e-commerce and lifestyle sectors at a discount.

Heliad Equity Partners

Scale Initiation - Focused DACH investor

Initiation | Investment Companies | 06 Jun 2017

Heliad Equity Partners (Heliad) is a DACH-focused investor in the tech, e-commerce and lifestyle sectors. It is managed by Heliad Management GmbH, a company wholly owned by Heliad's largest shareholder, FinLab (A7A). Stakes in listed tech companies FinTech Group (FTK) and MagForce (MF6) account for 69% of the portfolio value and their value currently exceeds Heliad's market cap, having appreciated 34% and 76%, respectively, in 2017 to date. The performance of these holdings and the diversification offered by Heliad's 12 other investments may make it an attractive way to access the German tech, e-commerce and lifestyle sectors at a discount.

Heliad Equity Partners

German tech growth and venture portfolio

QuickView | Investment Companies | 16 Nov 2016

Heliad Equity Partners (HPBK) is a private equity investment company with a Germany-focused portfolio comprising listed and unlisted investments across four sectors: internet & tech, e-commerce, life sciences and media & entertainment. NAV returns of over 20% have been achieved in each of the last three financial years, driven by largest portfolio holding FinTech Group, although 2016 performance has been weaker, with listed holdings affected by market volatility. Management sees positive developments at portfolio companies supporting its aim of growing NAV by over 25% pa and also targets a narrowing of the discount through greater transparency.