Fin. de Tubize - FY23: Excellent timing, dividend up 13% and high discount
Dividend up 13% to EUR 0.97, above our estimateBought back 1m shares at a price of EUR 78.5, UCB's share price today is 33% higher. Stake in UCB up to 36.24%Net debt slightly higher at EUR 2.76 per share to fund acquisitionWe estimate today's NAV to be EUR 162.5, implying a discount of 48.7%. Historically speaking this is quite high and has signaled a buying opportunity. Our TP moves to EUR 134.5 (driven by higher UCB TP) providing more than 60% of upside. BUY reiterated.Financiere de Tubize SA is a Belgium-based holding company. The Company holds minor capital in UCB SA. UCB is a Belgian pharmaceutical and specialty chemical company that specializes in two therapeutic areas: diseases of the central nervous system (CNS) and immunology. UCB, together with its subsidiaries, has research and development facilities in Belgium, Germany, Japan, the United Kingdom and the United States.
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