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Mercia Technologies (MERC)

Business description

Mercia Technologies is a leading player in the funding and scaling of high growth businesses. Through its subsidiary managed funds (MFM) and its own balance sheet, Mercia provides a ‘complete capital solution’ to UK SMEs, with a focus on the Midlands and North UK.

Stock data

Market cap.£86.4m
Last close28.50p
High / Low (52 weeks)42.0p / 27.5p
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(5)(5.6)(28.4)
Relative *(9)(4.6)(20.7)

* % Relative to local index

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YuuZoo
Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2017A 6.7 (2.4) 2.8 1.26 22.6 N/A
2018A 10.2 (0.4) 3.5 1.17 24.4 N/A
2019E N/A N/A N/A N/A N/A N/A
2020E N/A N/A N/A N/A N/A N/A

Last updated on 22/11/2018

Latest research

Good progress across the portfolio

Update | Technology | 04/12/2018

Realising value

Initiation | Technology | 18/10/2018

Investment summary

Mercia’s H119 results reflected continued steady progress across the portfolio, with net assets rising slightly to £125.2m and FuM remaining stable at £394.9m. The direct investment portfolio increased 17.7% to £77.8m, reflecting £9.2m of cash investment as well as £2.6m fair value uplift. Key portfolio companies continue to deliver against commercial milestones and with c £60m of investment expected in FY19, Mercia is well positioned for further progress in FY19. The shares continue to trade at a significant discount to NAV (0.74x) and peer group comparators.

Last updated on 04/12/2018

Industry outlook

Over the past decade, the IP commercialisation (IPC) sector has become significantly more established and until 2016, it generally traded at a significant premium to NAV. Similar to many of its peers, Mercia’s premium to NAV peaked in 2015, with investors clearly anticipating healthy IRRs across the sector. From 2017, however, sector sentiment has turned more negative and, similar to many of its peers, Mercia’s share price has fallen by c 40% since 2017.

Last updated on 29/11/2018

Key management

Dr Mark Payton, CEO
Martin Glanfield, CFO
Julian Viggars, CIO

Company address

Forward House
17 High Street
Henley-in-Arden
B95 5AA
United Kingdom
0330 223 1430
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