SPRING

Spring: Is the UK pivot a new return engine, or just imported beta

The UK tilt and the Molten position became material parts of Spring's portfolio in 2025, but at this stage they look more like accelerated market and FX exposure than like a proven cash-generating return engine.

Follow-up

Spring: How much of the valuation is liquid, and how much rests on level-3 marks

Even after deducting all liabilities, Spring's market cap still sits below its cash plus quoted-securities layer, so the NIS 27.7 million level-3 private book is upside above the floor rather than the floor itself.

Spring Ventures in 2025: Cheap on the screen, still waiting for proof

Spring still screens as very cheap against its liquid assets, but 2025 mainly proved the power of public-portfolio marks rather than the company’s ability to convert the full private-book value into accessible shareholder value.