MPC Capital

DB: MPC

€63.6m market cap

€1.9 last close

MPC is an independent asset and investment manager for real assets in the shipping, real estate, and infrastructure sectors. It initiates, structures, finances and manages real assets, targeted at institutional investors. It is a subsidiary of the MPC Group (c 50% shareholding), founded in 1994 and listed in 2000. AUM at 31 December 2016 was €5.1bn.

Investment summary

Although MPC’s legacy retail portfolio is still weighing on its results, the company is making steady progress in shifting its business towards institutional, higher-margin clients (representing 52% of assets under management (AUM) at end June 2018). We also appreciate MPC’s expansion of the container ship fleet given this shipping segment now enjoys the most favourable demand/supply outlook. The company’s shares are trading at a c 30–40% discount to peers.

Share price graph
Price performance
%
1m
3m
12m
Actual (20.2) (28.6) (69.3)
Relative* (22.2) (29.7) (66.4)
52-week high/low €6.2/€1.7
*% relative to local index
Key management
Roman Rocke Member of the Board
Stefan Zenker Head of IR/PR