DAVY VIEW

While Poseida remains a key component of Malin’s portfolio, momentum is also building across a broader array of assets that are at important development junctures. Upcoming milestones for several assets over the next 12-24 months can lead to increases in fair value (FV) in the first instance and potentially catalyse cash exit events for Malin. We think Malin’s fair value per share (FVPS) can increase from c.€7 to €10.70 with growth spread across six assets. Given the near-term catalysts, we expect the current share price discount to FVPS to narrow considerably.