Seraphim Space net asset value surges by quarter amid ICEYE boost
Seraphim Space Investment Trust PLC on Monday reported an increase in its net asset value, boosted by its largest holding, ICEYE.
The space technology-focused investor said its net asset value per share at its June 30 year-end was 118.52 pence, up 23% from 96.18p a year before.
Seraphim said its portfolio value shot up 29% to £259.8 million, noting ‘additional investments and increased fair value net gains driven by defence tailwinds’. Its largest holding ICEYE, an Espoo, Finland-based company that provides radar and satellite systems, doubled in value, Seraphim said. ICEYE represents just over 37% of Seraphim’s portfolio.
‘The outlook for the year ahead within the space sector appears once again to be positive, driven by increasing defence budgets. Europe has committed €1 trillion in new defence budgets which are now being allocated, with space expected to be a major beneficiary. The US federal government is also expected to pass a new defence budget surpassing $1 trillion for the first time, with space identified as a strategic focus and greater prominence is expected to be given to commercial players,’ Seraphim said, looking ahead.
‘Despite broader economic volatility and fears of trade wars impacting capital markets, SpaceTech investment is set to continue growing rapidly, with strong-performing companies likely to attract the capital required to meet surging customer demand. There are early signs of improved public market investor appetite for space-related companies with three recent IPOs, including portfolio company Voyager, successfully raising new money. Consequently, we expect our key holdings to continue strengthening and thriving in the year ahead.’
Shares were up 3.6% to 83.70 pence in London on Monday morning.
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