NRA Capital Pte Ltd
The Trendlines Group Ltd. - company note(Image)

The Trendlines Group Ltd. - company note

Turning small companies into big blockbusters

We see opportunity for investors to accumulate Trendlines at its current share price of S$0.143 – 2% premium from the recent private placement price of S$0.1403 to various institutional names. Excluding the Most Valuable Portfolio Company (MVPC), Trendlines has valued the remaining 44 companies at an average of US$1.1m each. Our review yielded 11 high confidence Portfolio Companies and derived a higher valuation of US$139m for Trendlines’ portfolio or S$0.225 per share. Currently, Trendlines trades at about 0.7x P/BV and 10.3x FY18 P/E, suggesting that the full upside of potential exits has not been priced in.

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The Trendlines Group Ltd. - company note
Turning small companies into big blockbusters
27 November 2017


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