The report was prepared by Dom Maklerski BDM at the request of the WSE as part of the Exchange's Analytical Coverage Support Programme
Management income in 3Q22 was PLN 6 million (-24% y/y), investment earnings of PLN 68.5 million, EBIT of PLN 65.7 million and net income of PLN 60.4 million. After three quarters, net income is PLN 59.4 million and book value per share is PLN 34.9. In 3Q22, the main impact on the operating result was the upward revaluation of investment certificates of MCI.EuroVentures FIZ by PLN 68 million. In the same period, the unrealized gain on the investment certificates of MCI.TechVentures FIZ amounted to PLN 8.5 million, and the realized loss on redemption amounted to PLN 7.6 million (per balance, the impact on the result of MCI.TechVentures FIZ was about +0.9 million PLN). Net debt, according to our estimates, at the end of 3Q22 was around PLN 199 million (PLN 236 million after adjusting for the dividend liability), compared to PLN 162 million at the end of 2Q22.
- P&L
In 3Q22, investment gains amounted to PLN 68.5 million, EBIT +PLN 65.7 million, net income +PLN 60.4 million. The 3Q22 result consisted of a positive result on CI MCI.EuroVentures FIZ (+68 million PLN). In the same period, the unrealized gain on the investment certificates of MCI.TechVentures FIZ amounted to PLN 8.5 million, and the realized loss on redemptions amounted to PLN 7.6 million (on balance, the impact on the result of MCI Capital's MCI.TechVentures FIZ subfund in 3Q22 was about +0.9 million PLN). Management income in 3Q22 amounted to PLN 6 million (vs. PLN 3.3 million in 2Q22). In total, after three quarters of 2022, unrealized gains on the valuation of MCI.EV FIZ amounted to +199 million PLN, and unrealized losses on the valuation of MCI.TV FIZ amounted to 120 million PLN. On the valuation of Internet Ventures FIZ investment certificates, the company reported PLN 6.6 million in unrealized losses and PLN 10 million in realized gains during the period.
- Gett’s restructuring
The company said in the report that in September 2022 the restructuring of the Gett Group took place, under which MCI Capital ASI S.A. entered into the rights and obligations arising from the share instruments of Simbio Holdings Limited and DooBoo Holding Limited. The total valuation of share instruments and the company's liabilities to the MCI.TechVentures 1.0. sub-fund on this account as of September 30, 2022 amounted to PLN 48.4 million. Due to the agreements concluded between the company and the MCI.TechVentures 1.0. subfund, resulting in the return of benefits from the equity instruments to the subfund, the company netted the assets with the corresponding liabilities - the value of the assets less the corresponding liabilities amounted to PLN 0 and was therefore not shown in the balance sheet as of September 30, 2022. In addition, MCI Capital subscribed for 1 million new shares in Simbio Holding Limited for a total of $1 million in a new round of financing (ca. PLN 5 million) - under an agreement between MCI Capital and the MCI.TechVentures 1.0 sub-fund. , the company undertook to return to the MCI.TechVentures 1.0. subfund any proceeds from those shares less the cost of acquiring them, i.e. about PLN 5 million plus WIBOR 3M plus a margin per annum, subject to the company obtaining a surplus from those shares over that value. We estimate that these transactions have a neutral impact on MCI Capital's results.
Last valuation: 29.6 PLN/share as of 07.10.2022. Price on the day of issue 16.1 PLN
Analys: Krzysztof Radojewski Deputy Head of Research and Advisory Department krzysztof.radojewski@noblesecurities.pl
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