DAVY VIEW

Malin’s H1 results indicate that momentum is building across a broad base of assets in its portfolio. Poseida share price weakness post its July IPO has expectantly led to a decrease in portfolio fair value — that has fallen by c.7.4% from June 30th to August 31st — but we see upcoming milestones across several key assets, including Poseida, that can drive an increase in fair values and ultimately lead to cash exits for Malin. Malin’s stock price is trading at a material c.45% discount to its FVPS of €7.18, providing an attractive entry point for investors.