Interesting question on Syncona. Looking at a recent quarterly update from February, most of its holdings are unquoted and valued at cost although 60% of its asset value was cash and 11% was its sole quoted investment (Autolus).
https://investegate.co.uk/syncona-limited–sync-/rns/quarterly-update/202002040700098235B/

However, it’s traditionally traded at a premium so I reckon part of the difference you’re looking to estimate is already accounted for in the share price although it would be difficult to tell to what extent it was over or undervalued. Syncona’s latest share price is 250p versus the end of March NAV of 186p.

There was an announcement this past week that Freeline had raised more money and its valuation in Syncona’s books was being revised upwards by the equivalent of 5p per share. So it seems there are some revaluations for financing rounds as well, although Syncona tends to be by far the largest investor in most of the companies in its portfolio.
https://investegate.co.uk/syncona-limited–sync-/rns/freeline-expands-series-c-financing-to–120million/202006300700074428R/

And another that Freeline could raise more money later this year, possibly via an IPO.
https://investegate.co.uk/syncona-limited–sync-/rns/freeline-announces-additional-financing-plans/202006300700074431R/

But I reckon getting information on the pipeline or financials of the majority of its investee companies would be pretty difficult, given they are private, although there’s a decent amount in Syncona’s annual reports.

A broker report might provide some of this information if you can get hold of one, but the three free services for ITs – Kepler, QuotedData, and Edison – don’t seem to cover the stock apart from brief commentary.

I was wondering how I should go about trying to value these trusts beyond the premium/discount to the NAV. For example if I were to look at Syncona I would see a trust with 8-10 portfolio companies. Can I look at the pipelines for these companies, forecast cash flows on those drugs and then add them all up to get a DCF? But this wouldn’t include the costs to get these drugs to market etc. If the NAV reflects many of the companies at cost (or share price if floated) then isn’t there scope to find value in the difference between cost and Fair Market Value? i.e. cost does not reflect all the IP creation etc that is going on in these companies since Syncona or whoever funded them. Then again the most recent round of funding should include all these factors in the price of the shares offered, am I correct?

I’m just trying to find a way to uncover the true value (if it exists!) beyond the NAV vs share price discount and not quite sure how to do that.

Thanks!