Mercia has validated the model emphatically with the sale of Oxgene, the second-largest portfolio investment, for £30.7m. This is nearly double the carrying value and a £14.6m realised gain, equating to a 5x return/51% IRR. 3rd party funds also benefited. This underscores embedded value, prudent carrying values and the “Complete Connected Capital” model. An accompanying update points to strong underlying performance which drives a 56% FY21e adj. EBITDA upgrade and +13-15% in outer years. The sha ....
02 Mar 2021
Emphatic validation on Oxgene sale, plus upgrades
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Emphatic validation on Oxgene sale, plus upgrades
Mercia Asset Management PLC (MERC:LON) | 35.0 -0.2 (-1.7%) | Mkt Cap: 152.0m
- Published:
02 Mar 2021 -
Author:
Andrew Watson -
Pages:
3
Mercia has validated the model emphatically with the sale of Oxgene, the second-largest portfolio investment, for £30.7m. This is nearly double the carrying value and a £14.6m realised gain, equating to a 5x return/51% IRR. 3rd party funds also benefited. This underscores embedded value, prudent carrying values and the “Complete Connected Capital” model. An accompanying update points to strong underlying performance which drives a 56% FY21e adj. EBITDA upgrade and +13-15% in outer years. The sha ....