• Third-quarter NAV up 1.7 per cent to £147.8mn (14.65p)
• Net cash of £3.5mn
• 50 per cent share price discount to NAV
Agronomics (ANIC:7.35p), a leading alternative proteins company with a focus on cellular agriculture and cultivated meat, was a classic Benjamin Graham value recovery play when I suggested buying the shares, at 4.4p, in my 2025 Bargain Shares Portfolio. It still is.
In the three months to 30 September 2025, Agronomics reported a 1.7 per cent increase in net asset value (NAV) to £147.8mn (14.65p), buoyed by a £2.6mn increase in the investment portfolio to £144.4mn. This mainly reflected unrealised currency gains driven by the appreciation of the US dollar, euro and Australian dollar against sterling. The company holds the majority of its investments in these currencies.