Draper Esprit is undervalued

In November 2018, Draper Esprit (GROW) chief executive Simon Cook – now chief investment officer – told us he wanted to change investors’ perception of venture capital from that of "a lottery ticket, to more of a premium bond”. The drift in the Aim-traded group’s share price since then suggests UK stockpickers’ heads are yet to be turned. Despite this, Draper’s technology-focused portfolio has continued to climb in value, and is now worth 17 per cent more than the company’s market capitalisation. It’s difficult to square this discount with the group’s track record and what analysts at Jefferies rightly describe as “unique exposure to Europe's leading private tech”.