Brederode - FY23 results not reflected in share price
• FY23 NAV at EUR 128.6 p/s, up 5.5% YoY, slightly below our estimate and no signs of painful impairments despite what market is pricing in. Dividend of EUR 1.29 p/s is proposed, up 6%, in line with expectations• We estimate today's NAV at EUR 132.4 p/s, implying a discount of 24.3%. We do not believe this to be warranted because of Brederode's unique network of partners combined with an impressive track record spanning more than 20 years. Our investment case is based on peaking interest rates in the US which should result in a recovery in transactions in privateBrederode is an investment holding company that manages a portfolio of listed and unlisted ('private equity') investments. The purpose of portfolio management is to increase the wealth of shareholders over the long term not only generating recurring dividend income but also and above all through gains on the disposals of investments. Co. focuses its investments on 'private equity' primarily through fixed-term partnerships with other institutional investors, participating in the capital of companies operating primarily in the United States, Western Europe, and the Asia-Australia zone.
We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.