Compagnie du Bois Sauvage - High discount but irrelevant to investment case
• FY23 NAV at EUR 543.7 p/s, down 3% YoY and 3% below our estimate• Main culprit of the lower NAV is its real estate segment• Proposed dividend of EUR 8.2, increase of 2.5%, which implies a 3.2% gross dividend yield• We estimate today's NAV to be EUR 533 p/s, implying a 52% discount. We keep our TP of EUR 343 unchanged. Even though this provides upside of more than 30%, we see no way to unlock this value. Hold reiteratedCompagnie du Bois Sauvage SA, (also CBS), is a Belgium-based holding company that invests in both listed and unlisted companies. The Company provides assistance in financial management, structural development and capital stability to the companies in which it invests. The Company's portfolio is based on three separate pillars: a Real Estate sector, a Long-Term Investment division composed of strategic participating interests and a Cash Portfolio focused on liquid values that serve as a basis for derivatives activity. As of December 31, 2011, CBS had a number of wholly owned subsidiaries, such as Parfina, CBS Services, Neuhaus and CBS Nederland and affiliated companies, including Cofinimmo, Ceran, Codic, Noel Group, among others. In March 2014, it acquired Chocolate-Maker Corne Port Royal, sold its stake in Ceran and a real estate property in Luxembourg.
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.
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