Update note from QuotedData

Chrysalis Investments Limited (CHRY) has experienced decent net asset value (NAV) and share price growth recently. With the bulk of the proceeds from the disposals of Graphcore and Featurespace received, and the term loan facility drawn down, CHRY is making good progress with its share buyback programme (see page 4). As of publication, 46,183,261 shares had been bought back, around 7.8% of CHRY's issued share capital, and this is boosting its NAV. CHRY has now returned about £45m of its £100m target and is well placed to press ahead with this, as it had a total liquidity position (available cash and credit) of approximately £144m at end December 2024.

The bulk of the portfolio is performing well - in its recent results, CHRY said that all portfolio companies have seen profits rise or losses narrow - and Klarna's IPO still looks likely at some point this year. While there is a good case that it might soon be time to make new investments, the focus for 2025 will remain on narrowing the discount to NAV, which is in much better shape than it was a year ago, but still has room for improvement.

Full Research:

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