EMV Capital (AIM:EMVC) is quietly carving out a niche in the world of early-stage deep tech investing, and Panmure Liberum thinks the market is missing the story.
Core revenues rose around 67% in 2024 to £2.9 million, building on 44% growth the year before, as EMV scaled up its operations and expanded assets under management.
The integration of the Martlet Capital fund is now largely complete, and the firm has shown it can earn from a range of revenue streams, including advisory, fund management and co-investment fees, while edging closer to its goal of breaking even at the group level.
Panmure points to a “disproportionate” ability to create value for relatively modest cash input, especially where in-kind services are provided to early-stage holdings.
Even under tough market conditions, several of EMV’s portfolio companies raised fresh capital in 2024, suggesting a recovery in investor appetite for early-stage tech.
Challenges remain, particularly in achieving exits, which Panmure sees as a key milestone for broader market recognition.
Still, the diversified portfolio offers multiple shots at value creation.
The December capital raise has strengthened the balance sheet, and ongoing subsidiary funding has come from external investors, not group cash.
Panmure reiterated its 'buy' rating along with its 133p price target. Late afternoon, the shares were up 9% at 44.9p.