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Equity Bottom-Up

Mpc Muenchmeyer Petersen Capital Ag / Equity Bottom-Up

Mpc Muenchmeyer Petersen Capital Ag (MPCK GY)

<p>Although MPC’s legacy retail portfolio is still weighing on its results, the company is making steady progress in shifting its business towards institutional, higher-margin clients (representing 52% of assets under management (AUM) at end June 2018). We also appreciate MPC’s expansion of the container ship fleet given this shipping segment now enjoys the most favourable demand/supply outlook. The company’s shares are trading at a c 30–40% discount to peers.</p>

Although MPC’s legacy retail portfolio is still weighing on its results, the company is making steady progress in shifting its business towards institutional, higher-margin clients (representing 52% of assets under management (AUM) at end June 2018). We also appreciate MPC’s expansion of the container ship fleet given this shipping segment now enjoys the most favourable demand/supply outlook. The company’s shares are trading at a c 30–40% discount to peers.

MPC Capital - Expansion of container ship fleet