Mercia announced yesterday that it has received additional performance fees from the NVM VCTs – in part a result of the MusicMagpie IPO. Profit guidance is also indicative of continuing valuation momentum on balance sheet. We double FY21e PBT for the performance fees and nudge up NAV to 40p/share for the valuation gains. The shares trade on a 25% discount to NAV (35% excl. cash). Our SOTP points to c.50p/share intrinsic value – which does not capture value embedded in investments which are becom ....
24 Jun 2021
Valuation gains drive NAV, bonus performance fees
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Valuation gains drive NAV, bonus performance fees
Mercia Asset Management PLC (MERC:LON) | 35.0 0 0.0% | Mkt Cap: 152.0m
- Published:
24 Jun 2021 -
Author:
Andrew Watson | James Bayliss -
Pages:
3
Mercia announced yesterday that it has received additional performance fees from the NVM VCTs – in part a result of the MusicMagpie IPO. Profit guidance is also indicative of continuing valuation momentum on balance sheet. We double FY21e PBT for the performance fees and nudge up NAV to 40p/share for the valuation gains. The shares trade on a 25% discount to NAV (35% excl. cash). Our SOTP points to c.50p/share intrinsic value – which does not capture value embedded in investments which are becom ....