olivLaw · European equity research
MCI Capital ASI S.A. MCI.WA
Poland · GPW Warszawa · ISIN PLMCIMG00012 · Vertical: Listed companies from Poland
MCI Capital ASI S.A. is a Polish alternative investment company that manages its activity through investment certificates in closed-end private equity and venture capital funds, financed mainly through bond issues. For Romanian investors the group illustrates an investment vehicle whose liquidity depends on the statutory terms of its funds and on regional economic conditions, especially in the context of the conflict in Ukraine noted in the report.
At the close of 06 Nov 2026, MCI Capital ASI S.A. (MCI.WA) stock was 27.40 PLN (−2.14% on the day), with market capitalisation 1.4 bn PLN, P/E 10.0 on diluted EPS of 2.75 PLN over the last 12 months, dividend yield 2.55%, beta 0.35, 52-week range 25.70–30.10 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 48.3
- neutral
- Bollinger (20, 2)
- 26.76 – 28.44
- in the lower half of the band · %B 0.38 · band width 6.1%
- SMA 50 / 200
- 27.76 / 27.91
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.06
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.2% | −0.2% | +2.4 pp | — |
| 3 months | −4.5% | −5.4% | +0.9 pp | — |
| 6 months | −3.9% | +4.4% | −8.2 pp | — |
| Year to date | −0.7% | +6.5% | −7.2 pp | — |
| 1 year | −8.1% | +10.0% | −18.0 pp | +5.9% |
| 3 years | unavailable | +48.6% | unavailable | +2.3% |
| 5 years | +12.3% | +41.4% | −29.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 2.3, median 5.7, max 5.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 134.4 m | 465.8 m | 143.3 m |
| Net income YoY | unavailable | +246.7% | −69.2% |
| Diluted EPS | 2.74 | 9.16 | 2.75 |
| Diluted EPS YoY | unavailable | +234.3% | −70.0% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 37.5 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 1.9 bn PLN
- Total assets
- 2.2 bn PLN
- Debt / equity
- unavailable
- Current ratio
- 0.40x
- ROE
- 7.7%
- ROA
- 6.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (PLN)
Income statement · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cost of revenue | 173.0 k | 3.9 m | 813.0 k | esef· 04 May 2023verified |
| Gross profit | 216.3 m | 407.7 m | 156.5 m | esef· 04 May 2023verified |
| Operating income | 180.3 m | 358.3 m | 136.6 m | esef· 04 May 2023verified |
| Interest expense | 12.7 m | 12.6 m | 25.9 m | esef· 04 May 2023verified |
| Pre-tax income | 168.4 m | 346.8 m | 112.9 m | esef· 04 May 2023verified |
| Income tax | 34.1 m | -119.0 m | -30.3 m | esef· 04 May 2023verified |
| Net income | 134.4 m | 465.8 m | 143.3 m | esef· 04 May 2023verified |
| Diluted EPS | 2.74 | 9.16 | 2.75 | esef· 04 May 2023verified |
| Dividend per share | 0.00 | 0.55 | 0.70 | esef· 04 May 2023verified |
Balance sheet · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Cash | 38.9 m | 21.0 m | 37.5 m | esef· 04 May 2023verified |
| Receivables | 34.7 m | 28.3 m | 8.7 m | esef· 04 May 2023verified |
| Current assets | 75.1 m | 50.2 m | 48.4 m | esef· 04 May 2023verified |
| Property, plant & equipment, net | 492.0 k | 418.0 k | 368.0 k | esef· 04 May 2023verified |
| Intangibles (excl. goodwill) | 65.0 k | 50.0 k | 24.0 k | esef· 04 May 2023verified |
| Total assets | 1.8 bn | 2.1 bn | 2.2 bn | esef· 04 May 2023verified |
| Accounts payable | 13.3 m | 3.3 m | 2.3 m | esef· 04 May 2023verified |
| Current liabilities | 158.2 m | 118.9 m | 121.2 m | esef· 04 May 2023verified |
| Total liabilities | 436.9 m | 256.0 m | 309.0 m | esef· 04 May 2023verified |
| Equity | 1.4 bn | 1.8 bn | 1.9 bn | esef· 04 May 2023verified |
| Shares outstanding at year end | 49.0 m | 50.3 m | 51.7 m | esef· 04 May 2023derived |
Cash flow · PLN
| Line | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 31.1 m | 78.7 m | 15.4 m | esef· 04 May 2023verified |
| Investing cash flow | -262.0 k | -1.9 m | -4.8 m | esef· 04 May 2023verified |
| Financing cash flow | -422.0 k | -94.8 m | 5.9 m | esef· 04 May 2023verified |
| Dividends paid | 0 | 27.8 m | 36.7 m | esef· 04 May 2023verified |
| Share repurchases | 10.4 m | 0 | — | esef· 19 Apr 2022verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 1.4 bn PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.3x | 58 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 10.0x | 60 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.6% | 37 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet35/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial37/100 · 1/2 factors with a value
- Valuation· partial60/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MCI Capital Alternatywna Spółka Inwestycyjna Spółka Akcyjna (MCI.WA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: ROE 7.7%.
The estimated value range is 12.58–30.49 PLN per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 19.68 PLN, the price of 27.40 PLN leaves a potential of -28.2% (value / price − 1) and a margin of safety of -39.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Current ratio: 0.4x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ACP.WAAsseco Poland S.A. | 19.0 bn | 37.8 | 7.8% | 2.9% | +19.8% | +18% / +199% |
| BDX.WABudimex Spółka Akcyjna | 18.9 bn | 35.3 | 41.5% | 6.2% | +8.9% | +18% / +33% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 130.7 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| CAR.WAInter Cars Spółka Akcyjna | 15.0 bn | 21.4 | 17.0% | 3.9% | +18.0% | +89% / +82% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.6 | 18.1% | 12.0% | +36.5% | +6% / +50% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.6 bn | — | -37.9% | -20.8% | −45.1% | −15% / −26% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +88% |
| ACT.WAAction S.A. | 999.4 m | 27.2 | 8.3% | 1.5% | +6.1% | +71% / +171% |
| BRS.WABoryszew Spółka Akcyjna | 874.1 m | 8.2 | 6.3% | 1.6% | +8.4% | −25% / −28% |
| AGO.WAAgora Spółka Akcyjna | 588.0 m | — | -14.2% | -9.2% | +15.2% | +37% / +18% |
| AMB.WAAmbra S.A. | 462.9 m | 7.5 | 16.4% | 7.0% | +12.9% | +4% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 344.7 m | 1.4 | 16.3% | 7.0% | −27.5% | −40% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 298.5 m | 11.0 | 8.9% | 11.6% | −22.0% | −11% / +2% |
| ART.WAArtifex Mundi S.A. | 229.7 m | 17.7 | 35.7% | 33.3% | +51.9% | +48% / +14% |
| APN.WAAPLISENS Spółka Akcyjna | 192.4 m | 9.4 | 11.4% | 13.8% | +21.8% | −2% / −22% |
| ALI.WAALTUS Spolka Akcyjna | 158.1 m | 17.3 | 7.9% | 16.9% | +30.3% | +38% / +52% |
| BMC.WABumech Spółka Akcyjna | 156.9 m | — | -3.4% | -3.9% | −40.0% | −36% / −49% |
| BBT.WABoomBit Spółka Akcyjna | 71.9 m | 4.5 | 20.7% | 6.4% | −16.5% | −18% / −56% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.6 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 36.3 m | 62.0 | 1.2% | 1.3% | −67.5% | −31% / −46% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.1 m | 0.5 | 115.4% | 964.7% | +13.0% | −29% / −43% |
| BCM.WABETACOM Spółka Akcyjna | 26.3 m | 17.3 | 8.0% | 0.9% | +21.3% | +6% / +2% |
| AWM.WAAirway Medix Spółka Akcyjna | 13.8 m | — | -25.8% | -117,400.0% | −97.7% | −26% / −45% |
1- and 3-year price returns: for MCI.WA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
MCI Capital ASI S.A. is a Polish alternative investment company that manages its activity through investment certificates in closed-end private equity and venture capital funds, financed mainly through bond issues. For Romanian investors the group illustrates an investment vehicle whose liquidity depends on the statutory terms of its funds and on regional economic conditions, especially in the context of the conflict in Ukraine noted in the report 1.
SWOT
Strengths
- Portfolio concentrated in one main fund with a clear buyout strategy and statutory quarterly redemption rights.
- Diversified funding through bonds, bank loans and certificate redemptions, with debts repaid on time in 2022.
- Recurring income from asset management tied to the net asset value of managed funds.
Weaknesses
- Very high dependence on the certificates of a single fund, which account for almost all of the balance sheet value.
- Short-term liabilities exceed current assets, making coverage from redemptions and management income necessary.
- Pronounced geographic and currency concentration in Poland and the złoty.
Opportunities
- Successful exits from sub-fund investments could generate distributions to participants if the buyer market remains active.
- Extending bond offers to retail clients could diversify the funding base.
- Completion of the TechVentures sub-fund cycle could release liquidity to participants.
Threats
- Regional economic slowdown could reduce net asset values and delay exits from investments.
- Sanctions and the conflict in Ukraine could affect investments in the region.
- Unstable tax rules and divergent interpretations could generate additional obligations.
Risks
- Concentration in a single fundhigh
Almost all balance sheet value is tied to fund certificates, so a deterioration in one portfolio can pass directly to the group 1.
- Liquidity of unlisted investmentshigh
Exits depend on buyers and market conditions, and the source notes there is no certainty that funds will find such buyers 1.
- Short-term liabilities above current assetsmedium
A funding structure based on short-dated obligations could put pressure on liquidity if redemptions are delayed 1.
- Conflict in Ukrainemedium
The impact on the portfolio and on liquidity remains uncertain, and management flags this uncertainty in the report 1.
- Tax risklow
Tax interpretations are not uniform and authorities may challenge group structures, which could affect results 1.
Investment thesis
What would need to be true (bull case)
- If sub-funds realise their exits at good values, the group could benefit from redemptions and distributions that strengthen liquidity.
- The statutory structure of redemptions offers some predictability of cash flows, which could support funding of the business.
- Management income tied to net asset values could provide a recurring stream if fund values rise.
What would break the thesis
- Dependence on a single fund leaves the group vulnerable to a deterioration in its main portfolio.
- Delayed exits or exits at lower values could reduce distributions and put pressure on repaying obligations.
- Geopolitical and tax risks in the region could alter both valuations and operating costs.
What to watch
- Evolution of the net asset value of the MCI.EuroVentures 1.0 sub-fund and the rate of realised exitsnext 10-K
- Liquidation progress of the MCI.TechVentures 1.0 sub-fund and distributions to participants2024
- Ratio of short-term liabilities to current assets and the level of certificate redemptionsnext 10-K
- Developments in the conflict in Ukraine and sanctions affecting the portfolio2023
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The MCI Capital group operates mainly as an investor, placing capital in investment certificates of closed-end funds. From the 2022 annual report it appears the company regards itself as an investment entity, so it does not consolidate its subsidiaries except those providing investment-related services, namely MCI Capital TFI S.A. and PEM Asset Management Sp. z o.o. 1. The main investment vehicle is the MCI.PrivateVentures FIZ fund, with sub-funds MCI.EuroVentures 1.0 and MCI.TechVentures 1.0, alongside Internet Ventures FIZ in liquidation 1. Group revenue comes largely from these positions, from management fees and from possible performance remuneration linked to exits from investments 1.
The financing structure relies on bond issues, initially aimed at institutional investors and, from Q4 2021, also at retail clients, as well as bank loans and redemption of investment certificates 1. The report notes that short-term liabilities exceed current assets, a situation management considers natural for the model and expects to be covered mainly from certificate redemptions and management income 1.
At the date of approval of the financial statements on 30 March 2023, management identifies no facts that would question the going concern over at least 12 months, but draws attention to the uncertainty created by the armed conflict in Ukraine and the sanctions imposed on Russia 1.
Segments
Closed-end fund investment certificates
This is the dominant segment, representing 97% of total balance sheet value at 31 December 2022 and the main source of the group's asset value 1. The commitment to MCI.PrivateVentures FIZ certificates is about 2,143,722 thousand PLN 1.
Bonds and external financing
Bond issues have been the main funding source. The group has issued bonds with total nominal value of 777 mln PLN since inception, of which 582 mln PLN had been repaid by 31 December 2022 1. In 2022 debts of 124,633 thousand PLN were repaid, all on time 1.
Asset management
Fund management income, which depends on net asset value, is earned through MCI Capital TFI S.A., and performance remuneration linked to exits cannot exceed 5% of net profit realised on each investment 1.
Market context
Developments in regional markets and the conflict in Ukraine are factors that could influence fund net asset values and the ability to exit investments, especially if economic conditions deteriorate 1.
Trends
- Limited liquidity of private investmentsheadwind
Exits from unlisted companies depend on the market and on buyers, which could delay the realisation of gains if the economic cycle becomes harder 1.
- Statutory redemptions from sub-fundstailwind
The statute of the MCI.EuroVentures 1.0 sub-fund allows redemption at the end of each quarter, limited only by the requirement that sub-fund assets stay above 150,000 PLN, while the second sub-fund is heading toward liquidation, which could generate cash flows 1.
- Ukraine uncertainty and sanctionsheadwind
The conflict and sanctions against Russia affect the portfolio through exposure to the Russian market, which represented 9% of the TechVentures sub-fund at 31 December 2022 1.
- Tax risk in Polandmixed
Tax regulations change frequently and the general anti-avoidance clause can be applied to group structures, which could generate additional obligations if authorities challenge the tax treatment 1.
Competitive position
The 2022 annual report does not name specific competitors. Competition implicitly takes place between private equity and venture capital funds that attract investors in the same regional market, but the available sources do not allow a direct comparison of market shares 1.
The group's apparent advantage lies in its statutory fund structure and management income, while its competitive risk concerns access to exit transactions and the ability to attract new capital 1.
- Private equity and venture capital funds in Central and Eastern Europe
The source does not name competitors; the category refers to funds active in the same region and asset class.
- Closed-end fund managers in Poland
No precise names in the source; competition concerns attracting capital and fund returns.
- Institutional investors buying exit stakes
The source states exits are made to strategic or financial investors without naming them.
- Other alternative investment companies in the region
General category with no verifiable data in the source document.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202204 May 2023
- Annual report 202119 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / MCI Capital ASI S.A. · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.