Stack Capital Group Inc. Reports 2023 Year End Results

TORONTO, March 07, 2024 (GLOBE NEWSWIRE) -- Stack Capital Group Inc., (“Stack Capital” or the “Company”) (TSX: STCK and STCK.WT) today announced its financial results for the year ended December 31, 2023. Stack Capital reports all amounts in Canadian Dollars unless otherwise stated.

Company Commentary:

• As at December 31, 2023, Book Value per Share (BVpS) of the Company was $10.91, compared with $11.30 as at September 30, 2023.
  • During Q4, currency fluctuations resulted in a $0.19 drag to BVpS. As of today, the US dollar has recovered, thereby reversing the $0.19 decrease in BVpS.
    
• Stack Capital increased its exposure to Locus Robotics through a share-swap transaction issuing 273,501 Stack Capital common shares, at $11.30 per share, which closed on March 4, 2024.
  
  
• The Company’s cash position as at December 31, 2023, was $25.1 million or $2.80 per share.
  
  
• To date, the Company has completed eight investments contributing $8.13 per share as at December 31, 2023, into the following:
  
  
  • SpaceX (space exploration & communications)
  • Omio, Inc. (travel & leisure)
  • Hopper, Inc. (travel & leisure)
  • Locus Robotics, Inc. (robotics)
  • Newfront Insurance, Inc. (insurance & benefits)
  • Prove Identity, Inc. (cyber-security)
  • Bolt Financial, Inc. (e-commerce)
  • Varo Money, Inc. (neo-banking)
    
    
• During Q4-2022, the Company announced a normal course issuer bid to buy back its outstanding common shares which it believes to be undervalued. During 2023, 201,900 common shares were repurchased at an average price of $6.49 per share.
  
  
• During 2023, the Company invested additional capital into Omio, an existing portfolio company. This subsequent Omio investment is already up 40% from the purchase date.
  

“I believe that this is one of the most exciting times to invest in growth and late-stage private markets, and Stack is ready to capitalize given its advantageous cash position of $25 million. With the IPO market beginning to show signs of re-opening, we believe that high-quality private companies will be some of the first to list. We’re optimistic that some of our existing portfolio companies fit that profile, and represent excellent candidates for future liquidity events,” said Jeff Parks, CEO of Stack Capital.