Value, price and cash: three numbers worth separating

An investment can have several valid numbers attached to it, each answering a different question. Accounting values record assets on the applicable reporting basis. A last-round valuation provides a reference from a company financing. An investment price determines what an investor pays. Cash distributions show what the investor actually receives.

Accounting, funding-round and transaction values answer different questions. A restructuring allocation does not necessarily measure what an asset could realise in a future sale. Equally, a recent funding price does not guarantee the price available for another holding with different rights.

Bolt’s entry valuation basis is £15m, compared with a £20.9m portfolio valuation reference as at August 2026. The latter reflects recent funding-round prices. Neither figure represents cash available for distribution; individual ownership and economic rights are governed by the investment terms.

Management targets £57.7m of portfolio value in 2027/28. Relative to the £15m entry basis, that is approximately 3.85 times capital and 285% growth. These are targets, not achieved returns or a forecast of net investor cash.

A meaningful comparison identifies each asset and right, applies the relevant valuation basis and accounts for liabilities and other net assets. The result must then be considered alongside the investor’s ownership and contractual entitlements.

This discipline strengthens the investment case. It allows enthusiasm about company progress to sit alongside a clear understanding of what is being valued, what is being paid and what still needs to happen before value becomes cash.