Merchants Trust PLC (MRCH) - Net Assets
Based on the latest financial reports, Merchants Trust PLC (MRCH) has net assets worth GBX873.51 Million GBX (≈ $106.28K USD) as of July 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (GBX990.75 Million ≈ $120.55K USD) and total liabilities (GBX117.23 Million ≈ $14.26K USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check MRCH asset resilience ratio to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | GBX873.51 Million |
| % of Total Assets | 88.17% |
| Annual Growth Rate | 3.15% |
| 5-Year Change | 53.2% |
| 10-Year Change | 70.61% |
| Growth Volatility | 17.85 |
Merchants Trust PLC - Net Assets Trend (2000–2025)
This chart illustrates how Merchants Trust PLC's net assets have evolved over time, based on quarterly financial data. Also explore MRCH asset base for the complete picture of this company's asset base.
Annual Net Assets for Merchants Trust PLC (2000–2025)
The table below shows the annual net assets of Merchants Trust PLC from 2000 to 2025. For live valuation and market cap data, see MRCH stock market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-01-31 | GBX849.82 Million ≈ $103.40K |
+7.91% |
| 2024-01-31 | GBX787.52 Million ≈ $95.82K |
-3.06% |
| 2023-01-31 | GBX812.38 Million ≈ $98.84K |
+9.92% |
| 2022-01-31 | GBX739.05 Million ≈ $89.92K |
+33.23% |
| 2021-01-31 | GBX554.72 Million ≈ $67.49K |
-10.89% |
| 2020-01-31 | GBX622.53 Million ≈ $75.74K |
+16.60% |
| 2019-01-31 | GBX533.93 Million ≈ $64.96K |
-10.03% |
| 2018-01-31 | GBX593.48 Million ≈ $72.21K |
+8.83% |
| 2017-01-31 | GBX545.32 Million ≈ $66.35K |
+9.48% |
| 2016-01-31 | GBX498.11 Million ≈ $60.61K |
-11.37% |
| 2015-01-31 | GBX562.01 Million ≈ $68.38K |
+6.14% |
| 2014-01-31 | GBX529.48 Million ≈ $64.42K |
+9.97% |
| 2013-01-31 | GBX481.46 Million ≈ $58.58K |
+16.01% |
| 2012-01-31 | GBX415.02 Million ≈ $50.50K |
-5.86% |
| 2011-01-31 | GBX440.85 Million ≈ $53.64K |
+14.58% |
| 2010-01-31 | GBX384.75 Million ≈ $46.81K |
+22.22% |
| 2009-01-31 | GBX314.80 Million ≈ $38.30K |
-37.81% |
| 2008-01-31 | GBX506.19 Million ≈ $61.59K |
-14.04% |
| 2007-01-31 | GBX588.84 Million ≈ $71.64K |
+14.40% |
| 2006-01-31 | GBX514.71 Million ≈ $62.63K |
+21.25% |
| 2005-01-31 | GBX424.51 Million ≈ $51.65K |
+18.37% |
| 2004-01-31 | GBX358.62 Million ≈ $43.63K |
+30.60% |
| 2003-01-31 | GBX274.58 Million ≈ $33.41K |
-34.96% |
| 2002-01-31 | GBX422.16 Million ≈ $51.36K |
-11.11% |
| 2001-01-31 | GBX474.91 Million ≈ $57.78K |
+21.31% |
| 2000-01-31 | GBX391.50 Million ≈ $47.63K |
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Equity Component Analysis
This analysis shows how different components contribute to Merchants Trust PLC's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 100.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (January 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | GBX37.11 Million | 4.37% |
| Other Components | GBX812.72 Million | 95.63% |
| Total Equity | GBX849.82 Million | 100.00% |
Merchants Trust PLC Competitors by Market Cap
The table below lists competitors of Merchants Trust PLC ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
South Star Mining Corp
V:STS
|
$10.98 Million |
|
Canaf Investments Inc
V:CAF
|
$10.98 Million |
|
Aston Bay Holdings Ltd
V:BAY
|
$10.98 Million |
|
Viet Brand Invest JSC
VN:ABR
|
$10.98 Million |
|
Citatah Tbk
JK:CTTH
|
$10.96 Million |
|
Obm Drilchem PT
JK:OBMD
|
$10.96 Million |
|
Wegmans Holdings Berhad
KLSE:0197
|
$10.95 Million |
|
GreenOak Spain Holdings SOCIMI S.A.
MC:YGO2
|
$10.95 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Merchants Trust PLC's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 787,522,000 to 849,822,000, a change of 62,300,000 (7.9%).
- Net income of 104,273,000 contributed positively to equity growth.
- Dividend payments of 42,619,000 reduced retained earnings.
- New share issuances of 577,000 increased equity.
- Other comprehensive income decreased equity by 293,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | GBX104.27 Million | +12.27% |
| Dividends Paid | GBX42.62 Million | -5.02% |
| Share Issuances | GBX577.00K | +0.07% |
| Other Comprehensive Income | GBX-293.00K | -0.03% |
| Other Changes | GBX362.00K | +0.04% |
| Total Change | GBX- | 7.91% |
Book Value vs Market Value Analysis
This analysis compares Merchants Trust PLC's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 106.68x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 227.20x to 106.68x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2003-01-31 | GBX2.69 | GBX611.00 | x |
| 2004-01-31 | GBX3.51 | GBX611.00 | x |
| 2005-01-31 | GBX4.16 | GBX611.00 | x |
| 2006-01-31 | GBX5.04 | GBX611.00 | x |
| 2007-01-31 | GBX5.71 | GBX611.00 | x |
| 2008-01-31 | GBX4.89 | GBX611.00 | x |
| 2009-01-31 | GBX3.06 | GBX611.00 | x |
| 2010-01-31 | GBX3.73 | GBX611.00 | x |
| 2011-01-31 | GBX4.27 | GBX611.00 | x |
| 2012-01-31 | GBX4.02 | GBX611.00 | x |
| 2013-01-31 | GBX4.66 | GBX611.00 | x |
| 2014-01-31 | GBX5.13 | GBX611.00 | x |
| 2015-01-31 | GBX5.31 | GBX611.00 | x |
| 2016-01-31 | GBX4.58 | GBX611.00 | x |
| 2017-01-31 | GBX5.02 | GBX611.00 | x |
| 2018-01-31 | GBX5.46 | GBX611.00 | x |
| 2019-01-31 | GBX4.91 | GBX611.00 | x |
| 2020-01-31 | GBX5.66 | GBX611.00 | x |
| 2021-01-31 | GBX4.70 | GBX611.00 | x |
| 2022-01-31 | GBX5.95 | GBX611.00 | x |
| 2023-01-31 | GBX6.04 | GBX611.00 | x |
| 2024-01-31 | GBX5.40 | GBX611.00 | x |
| 2025-01-31 | GBX5.73 | GBX611.00 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Merchants Trust PLC utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 12.27%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 97.32%
- • Asset Turnover: 0.11x
- • Equity Multiplier: 1.14x
- Recent ROE (12.27%) is above the historical average (6.84%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2004 | 28.46% | 89.56% | 0.24x | 1.32x | GBX66.19 Million |
| 2005 | 17.96% | 86.13% | 0.16x | 1.27x | GBX33.81 Million |
| 2006 | 21.16% | 89.62% | 0.19x | 1.22x | GBX57.42 Million |
| 2007 | 14.64% | 86.89% | 0.14x | 1.19x | GBX27.30 Million |
| 2008 | -11.11% | 0.00% | -0.07x | 1.23x | GBX-106.86 Million |
| 2009 | -53.64% | 0.00% | -0.37x | 1.37x | GBX-200.35 Million |
| 2010 | 24.03% | 88.99% | 0.21x | 1.30x | GBX53.96 Million |
| 2011 | 18.04% | 88.99% | 0.16x | 1.26x | GBX35.44 Million |
| 2012 | -0.55% | -23.79% | 0.02x | 1.27x | GBX-43.79 Million |
| 2013 | 18.75% | 99.24% | 0.15x | 1.24x | GBX42.13 Million |
| 2014 | 13.21% | 98.97% | 0.11x | 1.21x | GBX16.98 Million |
| 2015 | 5.87% | 97.39% | 0.05x | 1.20x | GBX-23.23 Million |
| 2016 | -7.59% | 0.00% | -0.06x | 1.23x | GBX-87.62 Million |
| 2017 | 13.43% | 98.83% | 0.11x | 1.21x | GBX18.68 Million |
| 2018 | 12.60% | 98.92% | 0.11x | 1.19x | GBX15.45 Million |
| 2019 | -5.98% | 0.00% | -0.05x | 1.21x | GBX-85.33 Million |
| 2020 | 15.48% | 99.09% | 0.14x | 1.16x | GBX34.10 Million |
| 2021 | -12.32% | 0.00% | -0.10x | 1.17x | GBX-123.79 Million |
| 2022 | 24.66% | 99.27% | 0.22x | 1.13x | GBX108.34 Million |
| 2023 | 4.95% | 95.76% | 0.05x | 1.14x | GBX-41.05 Million |
| 2024 | -3.84% | 0.00% | -0.02x | 1.14x | GBX-109.00 Million |
| 2025 | 12.27% | 97.32% | 0.11x | 1.14x | GBX19.29 Million |
Industry Comparison
This section compares Merchants Trust PLC's net assets metrics with peer companies in the Asset Management industry.
Industry Context
- Industry: Asset Management
- Average net assets among peers: $745,852,800
- Average return on equity (ROE) among peers: 2.99%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Merchants Trust PLC (MRCH) | GBX873.51 Million | 28.46% | 0.13x | $10.98 Million |
| 3I Infrastructure PLC (3IN) | $1.20 Billion | 4.98% | 0.15x | $42.14 Million |
| Albion Enterprise VCT PLC (AAEV) | $61.87 Million | 11.55% | 0.03x | $3.29 Million |
| abrdn Asian Income Fund Limited (AAIF) | $431.87 Million | 14.17% | 0.08x | $5.17 Million |
| Abrdn Asia Focus PLC (AAS) | $98.67 Million | 9.82% | 0.09x | $7.49 Million |
| Albion Technology & General VCT PLC (AATG) | $64.83 Million | 5.63% | 0.01x | $3.22 Million |
| Abrdn PLC (ABDN) | $4.56 Billion | 10.22% | 39.48x | $45.21 Million |
| Aberdeen Diversified Income and Growth Trust PLC (ADIG) | $426.87 Million | 6.29% | 0.20x | $450.86K |
| Aquila Energy Efficiency Trust PLC (AEET) | $69.67 Million | -2.91% | 0.02x | $261.59K |
| Aquila European Renewables Income PLC (AERI) | $372.54 Million | -8.03% | 0.00x | $79.35 Million |
| Artemis UK Future Leaders plc (AFL) | $174.91 Million | -21.80% | 0.02x | $415.29 |
About Merchants Trust PLC
The Merchants Trust Plc is a closed-ended equity mutual fund launched and managed by Allianz Global Investors GmbH, UK Branch. The fund invests in the public equity markets of the United Kingdom. It invests in stocks of companies operating across diversified sectors. The fund benchmarks the performance of its portfolio against the FTSE All-Share Index. The Merchants Trust Plc was formed on Februa… Read more