Molten Ventures PLC: Further partial Revolut realisation

研报英文原文证据摘录

Molten Ventures PLC: Further partial Revolut realisation

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy Molten Ventures 18 May 2026

Company Update

Europe PLC

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 15 May 2026 (GBP) 587.50

GROW.L GROW LN LSE GROW

Price Target (GBP) 760.00

Diversified Financials

599.00 -

Asset Managers 52-week range (GBP) 288.00

Further partial Revolut realisation

Valuation & Risks

Tintin Stormont

c.£63m further partial Revolut realisation Research Analyst

Molten Ventures announced a further partial realisation of its holding in Revolut, +44-020-7541-1558

generating proceeds of c.£63 million. This brings total realised proceeds from its

Jasmine Rand

investment in Revolut to c.£121m, delivering a multiple on invested capital of Research Analyst

approximately 20x. The remaining holding in Revolut is valued at c.£110m based on +44-20-754-54676

the anticipated 31 March 2026 year-end valuation. We believe the group is holding

Revolut at a $75bn valuation at that date.

The last time we saw the group's detailed portfolio was for the period ending 30 Sept

2025. Revolut was Molten's biggest holding then, with its c.£152m holding

representing 10.6% of gross portfolio value. At that time, we believe Molten was

using a c.$55bn valuation for Revolut.

760p NAV per share (31 March 2026)

Molten's YE trading update issued on 27 April flagged Gross Portfolio Value as at 31

March 2026 is expected to be up 11% yoy to c. £1,520m and compares with the

£1,367m GPV reported at the half-year stage. NAV per share is expected to be up

c. 13% yoy to 760p from 671p, building on the 8% growth reported in H1. The group

had already flagged that Revolut was among the key contributors to fair value uplift,