Touchstone Innovations (IVO)

Business description

Touchstone Innovations is a technology transfer, incubation and venture investment company. It invests in ventures from Imperial College London, Cambridge and Oxford Universities and UCL. The majority of its investments are bio/med tech.

Stock data

Market cap.£492.5m
Last close305.50p
High / Low (52 weeks)467.9p / 259.9p
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual12.32.1(23.6)
Relative *11.23.0(29.8)

* % Relative to local index

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Company news

IP Group rebuffed in merger approach to Touchstone Innovations; launches ...

Tue, 23 May 2017 07:09:56 GMT

Form 8.3 - Touchstone Innovations PLC

Tue, 15 Aug 2017 14:23:54 GMT

Form 8.5 (EPT/RI) - Touchstone Innovations Plc

Wed, 19 Jul 2017 10:51:03 GMT

Touchstone Innovations Says Year-End Deals May Bring Further Gains

Fri, 14 Jul 2017 08:23:04 GMT

Poised For a Move? Touchstone Innovations PLC (IVO.L) Technicals at a Glance

Thu, 17 Aug 2017 11:37:30 GMT

Investment summary

Touchstone Innovations’ (IVO) board has unanimously rejected a c£500m all share takeover approach by IP Group. IP Group and IVO share three major shareholders (Woodford, Invesco and Lansdowne) who own c75% of IVO. The Board’s rationale was based on valuation and lack of clarity on joint strategy. IVO’s portfolio continues to grow and mature, with investee companies approaching multiple infection points and attracting interest from large pharma. IVO is a people-based business, with intangible value associated with employee expertise and knowledge and in its relationships with academia, industry and investors in the Golden Triangle. As of 30th June 2017 portfolio value was £440.3m (vs £335.1m in 2016), primarily as a result of fair value gains in the unquoted portfolio. £142.9m remains available for investment (2016:£198.3m). Net investments from 1st August 2016 to 30th June 2017 was £41.7m. Forecasts are withdrawn while we await clarity in relation to the IP Group offer.

Last updated on 03/08/2017

Y/E Jul Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2015A 5.1 (8.2) (7.4) (5.4) N/A N/A
2016A 4.3 (9.8) (9.8) (6.7) N/A N/A
2017E N/A N/A N/A N/A N/A N/A
2018E N/A N/A N/A N/A N/A N/A

Last updated on 17/07/2017

Latest video

Executive Interview - Touchstone Innovations

Industry outlook

The investment case rests on hidden portfolio value and success of investments in maturing companies. There is potential for significant value creation if 'exits' (IPO/M&A/licensing) are achieved at valuations exceeding the typically modest carrying values.

Last updated on 03/08/2017

Key management

David Newlands, Chairman
Russ Cummings, CEO
Nigel Pitchford, Chief Investment Officer
Tony Hickson, Managing Director, Technology Transfer

Company address

7 Air Street
London
W1B 5AD
United Kingdom
+ 44 (0) 207 581 4949
View website