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Original-Research: MPC Capital AG - from Quirin Privatbank
Kapitalmarktgeschäft
26.09.2025 / 15:29 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.
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Classification of Quirin Privatbank Kapitalmarktgeschäft to MPC Capital AG
Company Name: MPC Capital AG
ISIN: DE000A1TNWJ4
Reason for the research: Update
Recommendation: Buy
from: 26.09.2025
Last rating change:
Analyst: Klaus Soer
Stable Revenues, Guidance Confirmed
MPC Capital reported stable H1 25 revenues of EUR 21.6m (+1% yoy).
Management fees increased by 5% to EUR 18.0m and transaction services
decreased by 6% yoy to EUR 3.1m. Group EBIT was EUR 2.2m vs EUR 10.0m and
EBT was EUR 12.8m vs EUR 16.5m in H1 24. The EBIT step-down stems from a
normalization of other operating income: H1 24 included ~EUR 15.1m of book
gains (mainly vessel deliveries), whereas H1 25 contained only ~EUR 0.4m
within EUR 3.7m of other operating income. However, EPS rose to EUR 0.32
(+18% yoy) and AuM reached EUR 5.3bn (+10% yoy). Operating expenses
decreased as planned, with H1 24 still affected by the Zeaborn integration
costs. As the integration was completed in H1 25, recurring management fees
again fully covered cash operating costs. Operations progressed in both
platforms. 1) In Maritime, MPC broadened its service offering with the final
integration of Zeaborn and the 50% acquisition of BestShip in January 2025;
BestShip's digital performance platform now supports roughly 450 vessels.
MPC also launched the offshore-services platform "MPC OSE Offshore," a JV
with O.S. Energy and Eurazeo and a European family office, with an initial
plan for up to six offshore wind service vessels. Further, transactions
related to fleet renewal included the delivery of the 1,300 TEU dual-fuel
Greenbox vessels NCL VESTLAND and NCL NORDLAND, which can be operated by
green methanol. Contracted newbuilding projects of around USD 800m should
lift AuM as vessels deliver over the next two years. The balance sheet
remains conservative. At H1 25, the equity ratio was 84.1% and cash EUR
23.2m after the EUR 9.5m dividend. MPC confirmed FY25 guidance of EUR 43-47m
revenues and EUR 25-30m EBT, in line with our expectations. Based on our DCF
and sum-of-the-parts valuations, we derive a fair value of EUR 7.00 per
share, >40% upside vs. the current share price. We reiterate our strong BUY
recommendation.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=fbbff938f310933a755e8ccbbbb9d505
For additional information visit our website:
https://research.quirinprivatbank.de/
Contact for questions:
Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
research@quirinprivatbank.de
https://research.quirinprivatbank.de/
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2204536 26.09.2025 CET/CEST
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