Peer Valuation Insights: Assessing MCI Capital's Market Position
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PEER VALUATION
We value assets held by MCI Capital at book value, which should reflect fair value. The P/BV valuation ratios of selected European PE companies are shown below.
The main difference between these companies and MCI Capital includes their higher market capitalization. In our previous report of April 2023, the P/BV ratio for the peers was 0.94x and for MCI was 0.53x, and now the peers are valued at P/BV of 0.87x and MCI at 0.58x (the discount in MCI's valuation to the peer group is therefore decreased to about 33% vs. 43% previously).
In our opinion, such a high discount to book value in the case of MCI is not justified. Based on the valuation ratios of European private equity companies, we value the company using the comparative method at PLN 35.3 per share (previously PLN 34.3).
