MCI Capital Positioned to Leverage Liquidity Advantage in a Challenging PE/VC Market
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The market environment in the PE/VC industry currently favors those with spare cash resources.
Liquidity in the market has declined, the IPO market has slowed noticeably compared to previous years, and the acquisition of new assets in the PE/VC industry has slowed noticeably. The high level of liquidity available to the MCI Group could be a bargaining chip for interesting deals.
As a result of updating our forecasts, we are adjusting our valuation of MCI Capital shares from PLN 36.1 to PLN 40.3 over a 9-month horizon.
Results for 1-3Q2023 - good results mainly thanks to MCI.EV
The third quarter was another good period for the company in terms of results - revenues from management amounted to PLN 6.4m (+7% y/y), while profits from investments amounted to PLN 88.5m, EBIT amounted to PLN 89.1m and net profit to PLN 81.1m.
The result of the period was positively affected by the upward revaluation of CI MCI.EV FIZ (+90.7m PLN), and negatively affected by the downward revaluation of CI MCI.TV FIZ (PLN -7.1m). Book value per share at the end of 3Q23 was PLN 40.1 (+14.9% y/y).
