Brederode - Q3 23: Continued strength and high discount
• Q3 23 NAV at EUR 127.8 p/s, roughly stable vs. H1 23, up 6% YTD and slightly better than our estimate of EUR 125.7• Management increases focus on quality of GPs and is adapting its new commitments to the current environment of lower distributions• We estimate today's NAV to be EUR 134.8, implying a discount of 29%. We find this to be excessive given Brederode's track record and the quality of its PE network of GPs. We raise our TP to EUR 129 p/s (from EUR 122) which provides an upside of 35%. We reiterate our Buy rating.Brederode 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.
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