DnB NORD has published an analytical report concerning MCI Management SA. In the report, shares of MCI were valuated at 9.77 PLN.
To formulate the final valuation of MCI shares, DnB NORD use the weighted average of four valuations obtained by: 1. the comparative method (30%), 2. the Wilcox-Gambler model increased by the DCF value of the managing company, MCI Management S.A. (10%), 3. The net adjusted assets method increased by the DCF value of the managing company, MCI Management S.A. and 4. the DCF portfolio method of the MCI group increased by the DCF value of the managing company, MCI Management S.A.
The report says, among others, “MCI Management SA is a company whose stock price is strongly connected with the situation on the stock exchange. During the prosperity period, the annualized rate of return on MCI stock significantly surpasses the rate of return on the broad WIG index. While during a market downturn, the stock price of MCI significantly loses value. […] In the coming years, economic revival will be of key significance to PE/VC segment. Starting from the year 2010, the Polish economy should pick up pace. According to the estimates of OECD, Poland’s economic growth will increase from 1.8% last year to 3.1% in the year 2010 and 23.9 percent in the year 2011, being mainly the result of infrastructure investments connected with funding from the European Union and the Euro 2012 football tournament. […] In the nearest future the results of the MCI Group in the second quarter of 2010 will depend on: ⢠change in value of investment funds certificates held by the MCI Group, ⢠operating results generated by key portfolio companies of the funds, ⢠the amount of revenues generated from fund management, ⢠value of shares / (rights to shares) of ABC Data S.A. […] In the year 2010, the MCI Group will conduct investment activities within all the funds. […] Additionally, other plans assume the creation of new funds (digital media, clean technologies, real estate). By the end of the year 2010, the MCI Capital Group plans to launch one more new fund. Recently the company informed about the creation of the new Internet Ventures fund.”
“The report of DnB NORD is for us a confirmation that the adopted management at investment policy is beneficial for both MCI and our Shareholders and Investors. We are happy with this valuation, but we also feel obliged to keep working – it will be for us excellent motivation to increase our efforts in order to continue strengthening the position of MCI in Poland and abroad.” – said Beata Stelmach Vice President of MCI Management SA.
The full report is available online at DnB NORD (http://www.bmdnbnord.pl/ogieldzie/analizy-rekomendacje/rekomendacje/index.asp) and MCI Management SA (http://www.mci.pl/wza/8_en.pdf).