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.
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1823199 25-Jan-2024
