WSE: MCI Capital - Results for 1Q23 - a quiet start to the year

MCI Capital ASI – (Last valuation: 36.1 PLN/share as of 20.04.2023)

Management income in 1Q23 was PLN 4.4 million, investment earnings PLN 17.5 million, EBIT PLN 14.7 million and net income PLN 10.3 million. Book value per share at the end of 1Q23 was PLN 36.7 (+9.4% y/y) vs. PLN 36.5 at the end of 2022. In 1Q23, investment earnings were positively impacted by unrealized gains on MCI.EV investment certificates (PLN +21.1 million), negatively impacted by MCI.TV (PLN -7.3 million) and positively impacted by MCI.InternetVentures in liquidation (PLN +3.7 million). Net debt at the end of 1Q23 was PLN 263 million, compared to PLN 256 million at the end of 2022. The quarterly results are close to our forecasts in terms of investment earnings and EBIT, so we rate them neutral.

1. P&L

In 1Q23, investment gains amounted to PLN 17.5 million, EBIT +14.7 million, net result +10.4 million. The 1Q23 result consisted of unrealized gain on CI MCI.EuroVentures FIZ (+21.1 million PLN), loss of MCI.TechVentues FIZ (-7.3 million PLN) and gain of MCI.InternetVentures in liquidation (+3.7 million PLN).

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Last valuation: 36.1 PLN/share as of 20.04.2023. Price on the day of issue 19.5 PLN.

Krzysztof Radojewski

Deputy Head of Research and Advisory Department

krzysztof.radojewski@noblesecurities.pl

GPW’s Analytical Coverage Support Programme 3.0