Heliad

Market environment turning slightly more positive

4 July 2024

Heliad reported a net asset value (NAV) per share of €18.20 at end-March 2024, roughly unchanged compared to end-September 2023 (€18.17), as the 25% share price increase of the listed flatexDEGIRO (Heliad’s largest holding) offset some fair value reductions in Heliad’s private portfolio. Meanwhile, several of its portfolio companies announced important developments. This includes solid FY23 results from Raisin and Clark, the combination of Razor Group with Perch, FINN’s €100m funding round and Enpal’s €1.1bn debt raise. While venture capital (VC) deal activity and exit opportunities remain subdued, there are initial signs of a stabilisation and recovery. MORE »

Starting a new chapter

25 January 2024

Heliad Equity Partners (HEP) and FinLab completed their merger in Q423. Heliad, the new combined entity, has seen positive developments across its three largest holdings recently. flatexDEGIRO, while still affected by the low trading activity across the market, in Q323 generated its highest quarterly EBITDA since the meme stock hype in 2021. Raisin has shown sustained strong growth in assets under management (AUM) and last year crossed the €50bn mark. Finally, Enpal more than doubled its revenue to €900m in 2023. All three are profitable and the value of Heliad’s stakes in these companies more than covers its current market cap and net liabilities. Heliad recently invested in AI21 Labs, which develops proprietary text-generating AI technology. Heliad’s shares are now available at a 48% discount to the last reported NAV. MORE »