Mercia Asset Management PLC (MERC.L)
ValueMarkers Composite Index
46% below intrinsic value ($1)
Mercia Asset Management PLC (MERC.L) — VMCI valuation read
Headline read on MERC.L: VMCI of 58/100 versus a Financial Services sector median of 50. The 8-point above-median position is what makes Mercia Asset Management PLC a relative-value candidate in the mid-cap cohort, before any pillar-level review.
Form 4 filings on MERC.L: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.
**Investor frame.** Three reads on MERC.L: value (MERC.L trades at 17.0x earnings, 6% below the Financial Services median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Financial Services median (10.0%)), and risk (net debt to EBITDA of -2.2x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Financial Services 12.0x baseline.
MERC.L fell 0.2% over the trailing 7 days, with a -3.1% read on a 30-day basis.
Mercia Asset Management PLC is a private equity and venture capital firm specializing in incubation, seed EIS, early stage, emerging growth, mid venture, late stage and growth capital investments. It invests in technology focusing on sectors such as digital entertainment, consumer services, media, retailing, energy, healthcare, industrials, materials, real estate, telecommunication services, gaming, internet, software, electronics and hardware, advanced materials, transportation, biosciences, engineering and specialist manufacturing, and life sciences. The firm invests in Midlands, North of the United Kingdom, the North of England, and Scotland. It typically invest between £1 million ($1.25 million) and £10 million ($12.52 million). The firm also makes equity investments in companies either directly or via its funds under management and can also provide investments in form of debt or convertible securities. It prefers to take majority or minority stake in its portfolio companies. It seeks board position in its portfolio companies. Mercia Asset Management PLC was founded in April, 2014 and is based in Henley-in-Arden, United Kingdom with additional offices in Europe.
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