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MAJEDIE INV PLC Net Asset Value 2021
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Net Asset Value
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National Storage Mechanism | Additional information 
RNS Number : 1967O
Majedie Investments PLC
05 February 2021
05 February 2021
LEI: 2138007QEY9DYONC2723
Majedie Investments PLC
Quarterly Majedie Asset Management Valuation
In accordance with the revised valuation basis, the Company's holding in Majedie Asset Management has been valued at £32.6m as at 31 December 2020. This is an increase of 5% from the valuation at 30 September 2020. On a total return basis, including the dividend received from MAM in December 2020, the return is 15%. The methodology is comprised as follows:
| 30.9.20 | 31.12.20 | |
| Earnings after tax (last 3 months annualised) | £11.8m | £11.7m |
| Peer Group PE multiple | 13.7x | 15.4x |
| Liquidity discount | 20% | 20% |
| Peer group multiple after liquidity discount | 11.0x | 12.3x |
| Performance fee earnings after tax | £1.3m | £2.0m |
| 50% of peer group multiple | 6.9x | 7.7x |
| 50% of peer group PE multiple after liquidity discount | 5.5x | 6.2x |
| Surplus net assets having deducted 200% of Regulatory Capital | £43.7m | £33.4m |
| Valuation of MAM | £180.7m | £189.7m |
| Valuation of the Company's 17.2% holding in MAM | £31.0m | £32.6m |
Enquiries
If you have any enquiries regarding this announcement, please contact Mr William Barlow on 020 7382 8185.
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