Original-Research: MPC Capital AG (von Quirin Privatbank Kapitalmarktgeschäft): Buy

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: MPC-20250926 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/