Quarterly Majedie Asset Management Valuation

RNS Number : 1967O

Majedie Investments PLC

05 February 2021

 

05 February 2021

LEI: 2138007QEY9DYONC2723

Majedie Investments PLC

Quarterly Majedie Asset Management Valuation

In accordance with the revised valuation basis, the Company's holding in Majedie Asset Management has been valued at £32.6m as at 31 December 2020. This is an increase of 5% from the valuation at 30 September 2020.  On a total return basis, including the dividend received from MAM in December 2020, the return is 15%. The methodology is comprised as follows:

	30.9.20	31.12.20
Earnings after tax (last 3 months annualised)	£11.8m	£11.7m
Peer Group PE multiple	13.7x	15.4x
Liquidity discount	20%	20%
Peer group multiple after liquidity discount	11.0x	12.3x
Performance fee earnings after tax	£1.3m	£2.0m
50% of peer group multiple	6.9x	7.7x
50% of peer group PE multiple after liquidity discount	5.5x	6.2x
Surplus net assets having deducted 200% of Regulatory Capital	£43.7m	£33.4m
Valuation of MAM	£180.7m	£189.7m
Valuation of the Company's 17.2% holding in MAM	£31.0m	£32.6m

Enquiries

If you have any enquiries regarding this announcement, please contact Mr William Barlow on 020 7382 8185.

 

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