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MCI Management SA (MCI) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of MCI Management SA PLN 33.37, price PLN 27.10, upside +23.1%, quality 73 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Financial Services · PL · ISIN PLMCIMG00012

MM Broad data Sep 23, 2026

MCI Management SA

MCI · WAR

UndervaluedThe stock appears undervalued with acceptable quality.

✓Fair value 33.37 PLN · Undervalued (+23%)
✓Quality 73/100
!Weak Growth (revenue 5y −13.0 %/yr)
✓Highly profitable · 35.0% net margin (TTM)
✓Low debt · generates free cash flow
·5.94% dividend yield
✓Ranks above peers (9/14)
!Moderate moat 59/100
!Weak on past: 6 out of 100

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

30.30 PLN 14.43 PLN Fair Value 33.37 PLN Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range 14.43 PLN – 30.30 PLN · fair‑value band 25.03 PLN – 41.71 PLN · the 27.10 PLN price screens below the 33.37 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

MCI Capital Alternatywna Spólka Inwestycyjna S.A., is a private equity and venture capital firm specializing in seed/startup, early to late venture, buy-out, middle market, mature, emerging growth, and growth capital investments.

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MCI Capital Alternatywna Spólka Inwestycyjna S.A., is a private equity and venture capital firm specializing in seed/startup, early to late venture, buy-out, middle market, mature, emerging growth, and growth capital investments. The firm seeks to invest in digital economy, digital climatech with a focus in area of green transformation in technology/digital companies, digital disruption, digital transformation & digital infrastructure. Preferred sectors are SaaS, e-commerce, payments, marketplace, security, fintech, proptech, food, travel, insurtech, foodtech, deeptech, Internet infrastructure like fibre and 5G, telecoms, IoT, traveltech, B2C apps, consumer discretionary, consumer services, logistics infrastructure, retailing, financials, insurance, information technology, software, communication services, media, and entertainment. It seeks to invest in Israel, Africa/Middle East, Nordic countries (Denmark, Finland, Iceland, Norway, Sweden), Europe (Developed & Emerging Markets) with a focus on North CEE (Poland, Baltics, Czech Republic, Slovakia, Hungary), South CEE (Romania, Bulgaria, Slovenia, Croatia, Greece) and DACH countries (Germany, Austria, Switzerland, Italy). The firm prefers to invest between "25 million ($26.97 million) and "100 million ($107.90 million). The firm prefers to take majority stake. It has also been historically involved in funds dedicated to Private Debt, Growth and Venture Capital areas. MCI Capital Alternatywna Spólka Inwestycyjna S.A. was founded in 1999 and is based in Warsaw, Poland.

Stock analysis

MCI Management SA (MCI) currently trades at 27.10 PLN, while our model-based Fair Value estimate is 33.37 PLN, implying the stock looks roughly 18.8% undervalued today.

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Valuation

How firm this estimate is: it rests on 25 models at a data quality of 95/100, which puts the evidence level at high.

Scenario range: 25.03 PLN (bear) to 41.71 PLN (bull), the price of 27.10 PLN sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 73/100 (solid quality), in the Financial Services sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

MCI Management SA reported revenue of 108M PLN in FY2025 versus 411M PLN in FY2021, a compound −28.4%/yr. Reported net income was 45.5M PLN in FY2025, compounding −44.1%/yr from FY2021.

Key figures

Market cap 1.4B PLN (≈ $370M) · P/E ratio 41.7 · P/S ratio 17.6 · EPS (TTM) 0.6500 PLN · Dividend yield 5.9% · Net margin 42.2% · Return on equity 1.6% · Return on assets (EBIT) 7.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).

What moves the price

The share trades about 11% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at 23%, MCI screens cheaper than that median.

Fair Value models

Bear 25.03 PLN Fair Value 33.37 PLN Bull 41.71 PLN
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
P/B Multiple 25.03 PLN 33.37 PLN 41.71 PLN 55
NCAV (Graham) 19.63 PLN 26.30 PLN 39.26 PLN 54
All 2 models by family
Multiples
P/B Multiple 25.03 PLN 33.37 PLN 41.71 PLN 55
Asset-Based
NCAV (Graham) 19.63 PLN 26.30 PLN 39.26 PLN 54

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Quality Score breakdown

Overall quality 73/100

Of which business quality 68 · Market factors (momentum, volatility) 53

Profitability 32
Margins and returns on capital today
Quality Growth 59
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 54
Balance sheet, leverage, solvency risk
Investment 93
Disciplined investing over empire-building
Low Volatility 95
Calm price path (market factor)
Momentum 40
Price trend over the last 3–12 months (market factor)
52W Momentum 28
Distance to the 52-week high (market factor)
Net Issuance 81
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+132.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−14.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−13.0%
Start year 2020 (pandemic). Over 10 years: +30.3% a year
Revenue growth 17 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+30.9%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−14.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−20.5%
Dividend (yield on the price)5.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−21% vs −11%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.83% → 76%
Start year 2020 (pandemic)

Growth Forecast

A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+0.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Poland: IMF forecast 3.1% a year to 2030, 4.6% from 2016 to 2025) that is about −2.8% a year for the price.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 658 stocks

Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 71 · Top 25%
Fair Value upside +23% · Above median
Profitability
Return on equity (TTM) 2% · Below median
Return on assets 2% · Below median
Net margin (TTM) 35% · Above median
Operating margin (TTM) 64% · Above median
Growth and dividend
Revenue growth −40% · Bottom 25%
Dividend yield (TTM) 5.9% · Above median
Balance sheet
Debt / equity 0.11× · Below median

Valuation Multiplesvs Asset Management median · lower = cheaper

P/E (TTM) 41.7× · Priciest 25%
P/B 0.18× · Cheapest 25%
P/S (TTM) 3.82× · Pricier than median
P/FCF 2.4× · Cheaper than median
EV/EBITDA 8.1× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)64 · sector 54
FUTURE (revenue growth)0 · sector 21
PAST (return on equity)6 · sector 22
HEALTH (low debt)95 · sector 95
DIVIDEND (yield)100 · sector 81

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Blackstone Inc BX $124.01 $52.88 −57%
Brookfield Corporation BN $37.85 $13.75 −64%
KKR & Co KKR $97.21 $29.25 −70%
Apollo Global Management, Inc APO $124.36 $229.64 +85%
State Street Corporation STT $179.95 $138.33 −23%
Ameriprise Financial, Inc AMP $502.79 $579.51 +15%
Ares Management Corporation ARES $124.72 $119.25 −4%
Northern Trust Corporation NTRS $173.40 $122.02 −30%
Raymond James Financial, Inc RJF $158.23 $312.27 +97%
T. Rowe Price Group TROW $104.57 $209.14 +100%

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Cite: Fair Value Calculator (2026). "MCI Management SA Fair Value". https://www.fairvalue-calculator.com/stock/MCI

Frequently asked questions

Is MCI Management SA (MCI) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 33.37 PLN versus a price of 27.10 PLN, about +23% upside (undervalued).
What is the fair value of MCI?
Our model-based fair value for MCI Management SA is 33.37 PLN (as of Sep 23, 2026), built from audited fundamentals. The current price: 27.10 PLN.
What is the quality score of MCI?
MCI Management SA has a Quality Score of 73/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for MCI Management SA (MCI)?
Our model-based price target is the fair value of 33.37 PLN (as of Sep 23, 2026) from 2 valuation models. Cautious scenario 25.03 PLN, optimistic scenario 41.71 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the MCI Management SA stock forecast for 2026?
Our models put fair value at 33.37 PLN, about +23% upside versus a price of 27.10 PLN (undervalued). Cautious scenario 25.03 PLN, optimistic scenario 41.71 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of MCI Management SA (MCI)?
MCI Management SA reported trailing-twelve-month revenue of about 96.9M PLN (latest available figure, as of Sep 23, 2026).
Does MCI Management SA pay a dividend?
MCI Management SA currently shows a dividend yield of about 5.94% relative to its recent price (as of Sep 23, 2026).
What growth is priced into MCI Management SA (MCI)?
For today's price to be fair in a discounted-cash-flow model, MCI Management SA would have to grow free cash flow by +0.3 % per year for five years (discount rate 10.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -13.0 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of MCI use?
Our models discount MCI Management SA at 10.6 %: a base by market capitalisation (small), damped by beta 0.43, country premium for Poland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For MCI Management SA that is +0.3 % per year a year over ten years, using the same discount rate (10.6 %) and the same formula as our fair value.
How much growth has MCI Management SA (MCI) delivered so far?
Over the past 5 years revenue at MCI Management SA grew -13.0 % a year. The price currently implies +0.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of MCI Management SA (MCI) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into MCI Management SA (+0.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of MCI Management SA (MCI)?
The free-cash-flow yield on the price is 10.71 %: that much free cash flow MCI Management SA produces per unit of market value. When it exceeds the discount rate of our models (10.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of MCI Management SA (MCI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For MCI Management SA it is 33.37 PLN per share (as of Sep 23, 2026), against a price of 27.10 PLN. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is MCI Management SA stock overvalued or undervalued in 2026?
As of Sep 23, 2026, MCI trades below its calculated fair value: price 27.10 PLN, fair value 33.37 PLN, a gap of about +23% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MCI?
No. The price is what the market pays today (27.10 PLN); the fair value is what the company's own numbers justify (33.37 PLN). For MCI Management SA the two are 6.27 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is MCI Management SA worth?
The market values MCI Management SA at about 1.4B PLN (market capitalisation, as of Sep 23, 2026). Per share that is 27.10 PLN; our models calculate a fair value of 33.37 PLN per share.
What do the bullish and bearish scenarios say about MCI?
Our models span a range for MCI Management SA: cautious scenario 25.03 PLN, base 33.37 PLN, optimistic 41.71 PLN per share (as of Sep 23, 2026, price 27.10 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MCI?
MCI Management SA trades at a price-to-earnings ratio of 41.7 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 33.37 PLN is built from several models across several years. Other multiples: P/B 0.2, P/S 3.8, EV/EBITDA 8.1.
How solid is the balance sheet of MCI Management SA (MCI)?
Balance-sheet figures for MCI Management SA (as of Sep 23, 2026): return on equity 1.6%, debt of 0.11 per unit of equity. They feed the Quality Score of 73/100, which measures business quality independently of the share price.
How far is MCI from its 52-week high?
MCI Management SA trades at 27.10 PLN, about 11% below its 52-week high of 30.30 PLN and 5% above the low of 25.70 PLN (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 33.37 PLN is for.
Which stocks are comparable to MCI Management SA?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is MCI Management SA stock attractive at the current price?
The data as of Sep 23, 2026: price 27.10 PLN, calculated fair value 33.37 PLN (+23%), Quality Score 73/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MCI calculated?
We run MCI Management SA through 2 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 33.37 PLN, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0 % above its aggregate fair value. MCI Management SA currently trades 23 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of MCI Management SA (MCI)?
The closing price on Sep 24, 2026 was 27.10 PLN. Our model-based fair value is 33.37 PLN, about +23% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with MCI Management SA right now?
For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.

Key figures of MCI Management SA

How large is the market capitalisation of MCI Management SA (MCI)?
The market capitalisation of MCI Management SA is 1.4B PLN (≈ $370M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of MCI Management SA (MCI)?
The price-to-sales ratio of MCI Management SA is 17.6 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of MCI Management SA (MCI)?
Earnings per share at MCI Management SA are 0.6500 PLN (price ÷ EPS = P/E 41.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of MCI Management SA (MCI)?
The dividend yield of MCI Management SA is 5.9%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of MCI Management SA (MCI)?
The net margin of MCI Management SA is 42.2% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of MCI Management SA (MCI)?
The return on equity (ROE) of MCI Management SA is 1.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of MCI Management SA (MCI)?
On an EBIT basis the return on assets of MCI Management SA is 7.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of MCI Management SA (MCI)?
The operating margin of MCI Management SA is 64.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at MCI Management SA (MCI)?
Revenue at MCI Management SA is growing −39.7% versus a year earlier (3y avg −14.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at MCI Management SA (MCI)?
Earnings per share at MCI Management SA are growing −77.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does MCI Management SA (MCI) carry?
The net debt of MCI Management SA is 245M PLN (fiscal year 2025, ≈ 1.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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