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Investing.com -- Chrysalis Investments (LON:CHRY) shares climbed 8.3% today, following the announcement of a significant increase in its Net Asset Value (NAV). The company reported a NAV of 156.62p as of December 31, 2024, representing a 10.9% increase over the quarter.
This uptick in NAV was primarily attributed to an 8.1% rise in the fair value of its investments, alongside a 2.0% accretion from share buybacks and a 1.0% boost from favorable foreign exchange movements.
The increase in Chrysalis’s fair value was led by notable write-ups in its investments, with WeFox, Starling, and Klarna seeing increases of 3.1%, 2.9%, and 1.8%, respectively. Other contributors included Infosum and The Brandtech Group, with gains of 1.4% and 0.9%. These positive movements were slightly offset by a 0.6% decline in the value of Secret Escapes.
During the reported quarter, Chrysalis invested an additional €20 million (approximately £16.6 million) in WeFox and $10 million (around £8.2 million) in Klarna through a secondary offering, totaling £24.8 million in new investments. These investments were made against the backdrop of approximately £79 million in proceeds from the sale of Featurespace to Visa (NYSE:V).
The board of Chrysalis has also reiterated its commitment to returning at least 25% of net realized gains to shareholders. It has pledged not to allocate any proceeds to new investments until at least £100 million has been returned to shareholders.
Moreover, the company indicated that it is unlikely to consider new investments before 2026, and even then, only if the discount to NAV has narrowed further and on a sustained basis.
Analysts at Jefferies commented on the company’s performance, stating, "The quarter saw some good value progression, and together with the sale of Featurespace, the write-ups of Starling and Klarna further concentrate the NAV around several key investments."
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