DAVY VIEW

Malin will report its FY19 results on February 25th. Excluding the sale of 3D4Medical for €17m (H1 €15.5m) in November 2019, we don’t expect material changes to Malin’s portfolio value (H1 €384.8m). The effect of COVID-19 is uncertain, but we don’t see any obvious pressure points for Malin’s key assets. We also know that Malin’s balance sheet has ample reserves to finance the business over the next two+ years. Given last week’s market sell- off, where Malin’s share price declined 50%, it is now trading at a very material c.80% discount to its fair value per share (FVPS) of €7.80, a compelling value/price disconnect worth consideration by investors.