Starting a new chapter
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Edison Investment Research Limited
London, UK, 25 January 2024
Edison issues re-initiation on Heliad (A7A): Starting a new chapter 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.
The merger created a listed VC and growth investor with a €150m+ portfolio of 28 holdings, most of which provide exposure to potentially disruptive secular themes (see chart above), including its two largest private holdings (both fast-growing and profitable): Raisin, a digital platform for savings and investments, and Enpal, a provider of photovoltaic (PV) leasing solutions. Heliad is now self-managed, with management expecting a net expense ratio below 2%, which will be supported by c €0.5–1.0m annual fee income, mostly earned through the fully owned Patriarch Multi-Manager.
All reports published by Edison are available to download free of charge from its website About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached – across institutions, family offices, wealth managers and retail investors – Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings. Having been the first company in-market 17 years ago, Edison has more than 100 employees and covers every economic sector. Headquartered in London, Edison also has offices in New York, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any securities. For more information, please contact Edison: Milosz Papst +44 (0)20 3077 5720 investmenttrusts@edisongroup.com Learn more at www.edisongroup.com and connect with Edison on: LinkedIn www.linkedin.com/company/edison-group-/ Twitter www.twitter.com/Edison_Inv_Res YouTube www.youtube.com/edisonitv
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1823199 25-Jan-2024
