Analyzing MCI Capital's Worth: A Dual Approach of NAV and Comparative Valuation
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VALUATION
We estimate MCI Capital's shares using a net asset valuation method based on the projected valuation of the investment portfolio (NAV) at the end of 2023 and a comparative method against several European private equity (PE) companies, assigning equal weights of 50% to these methods (methodology unchanged). In order to standardize the valuation standard in our analytical materials, we set a target price at a 9-month horizon. We calculate the cost of capital from the CAPM model (beta 1, risk-free rate 5.54%, market risk premium 6.28%) at 11.8%. The resulting valuation at a 9-month horizon is PLN 40.3 (vs. PLN 36.1 previous valuation).
In table below we present valuation summary:
