Spotlight: MCI Capital - #1 listed disruptive tech-focused PE fund in CEE

Rok STIBRIC April 13, 2023 12:48 CEST

This report is (co-) sponsored with financial contribution provided by the subject of the report.

MCI Capital is the only listed private equity company and the largest digital private equity (PE) firm in CEE with ~PLN 2.7 bn (EUR 575 mn) gross AUM in its two primary funds MCI.EuroVentures 1.0 and MCI.TechVentures 1.0 as of YE 2022. Its regional focus clearly lies on CEE and Poland; however, SEE and the DACH region are also markets of interest. Thanks to own equity resources of PLN 1.9 bn, the company is not dependent on regular cyclical fundraising. The group targets companies which show promising business models, such as providing digital infrastructure to support the transition towards a more data driven economy. Those include investments in e-commerce, fintechs, insurtechs, payment processing, medtech, edtech and software as a service (SaaS) companies. This is reflected in the strong track record with +100 completed investments, an IRR of 28% and a 2.5x multiple on invested capital on exits since 2012, with an average holding period of just 3.5 years on the buyout and expansion portfolio. The investment focus is on participations which generate positive EBITDA and have an equity ticket size of ~EUR 25-100 mn. MCI trades with a discount of 56% to its NAV relative to comparable firms in Europe. MCI Group had a strong liquidity position of PLN 732 mn as of YE 22.

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Spotlight: Osisko Gold Royalties - A leading growth-oriented royalty company

Aaron ALBER April 03, 2023 17:01 CEST

This report is (co-) sponsored with financial contribution provided by the subject of the report.

Investment Case: Osisko Gold Royalties Ltd operates as a precious metal royalty and streaming company. The company holds royalties and streams in the base metals, gold, and silver mines with the precious metal gold forming the main focus. Investors participate in the success of a broadly diversified mining portfolio and have limited exposure to cost inflation and operational risks inherent to a traditional mining company. Osisko's business model ensures an extremely efficient cash deployment. It offers investors exposure to stable cash flows and high-quality assets in politically stable areas. In light of the easing inflationary pressure and in expectation that yields will not rise further, we assess the further outlook for gold as favorable. With its high leverage to gold, Osisko should benefit disproportionately from the precious metals' favourable outlook.

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Spotlight: First Tin - Getting ready to benefit from technological megatrends

Oleg GALBUR April 03, 2023 10:45 CEST

This report is (co-) sponsored with financial contribution provided by the subject of the report.

  • First Tin is a tin mine developing company with a portfolio of two near-term high-margin projects located in low-risk jurisdictions (Germany and Australia) that together could annually produce ca. 6,000 tons of tin.
  • Tin, an essential element in today's quality of life, could become a seminal piece of the green transition with its application potentially expanding from electric vehicles, solar panels and automation to hydrogen generation, water purification and lithium-ion batteries.
  • The expected widening of the gap between tin supply and demand beyond 2025 should significantly improve the long-term outlook for tin prices.
  • First Tin's assets represent the 5th largest undeveloped tin reserves globally (excl. RU, KZ, DRC). Based on First Tin's development plans, tin production might begin in 2025.
  • First Tin has a supportive shareholder base and is led by an experienced and dedicated management team with significant personal investments in the company. Directors' shareholding in the company has increased to 9.5% from 8% at IPO.
  • First Tin received an ESG rating from Digbee in May 2022, which concluded that it is a qualified candidate for European Raw Material Alliance (ERMA) funding and support.
  • First Tin is well funded to reach the investment-ready stage for both projects.

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Spotlight: MCI Capital Spotlight Research

Rok STIBRIC October 13, 2022 15:12 CEST

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Spotlight: MCI Capital Spotlight Research

Oliver SIMKOVIC April 14, 2022 21:57 CEST

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Spotlight: STRABAG Spotlight Research

Markus REMIS December 09, 2021 16:35 CET

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