Agronomics: something doesn’t smell right!
While the rest of the market is impairing the value of early-stage private company investments, many of which were made when valuations were riding high in an era of cheap money and modest inflation. Agronomics surprisingly continues to register meaningful gains; something doesn’t smell right to us!
Agronomics (AIM:ANIC), the AIM listed investment company focusing on the field of cellular agriculture, has announced interim results for the six-months ending 31 December 2022. Our earlier commentary here: ‘Agronomics: illustrates the crazy nature of the market’ drew attention to the ridiculous valuations being placed on early stage companies, since when a degree of common sense has returned to the VC market and the share price of Agronomics has halved. The financial highlights in its latest interim results state that Agronomics' Net Asset Value per Share at 31 December 2022 was 16.38 pence. This compares to a share price of…