Gimv - First investment following change in shareholdership
• Gimv announced it will take a majority stake in SMG Sportplatzmaschinenbau, the global leader of machines for sports floors and artificial grass• It is Gimv's first significant investment since its change in shareholdership• No further details were announced• We estimate today's NAV to be EUR 54.2, implying a discount of 14.1%. Given the conservative valuation (8.6x EBITDA) of the portfolio combined with the low leverage (1.7x EBITDA), we deem this as too high. Hence, we reiterate our BUY rating and TP of EUR 54GIMV is a listed investment company, specializing in private equity and venture capital and active in small and medium buyouts, growth financing and technology investments. Co. is also present with technology investments across Europe and in Israel, Japan and the USA. Co. invests in ICT (Technology), environmentally friendly technology (Cleantech) and Life Sciences.
We are an investment house with Belgian roots founded on more than 150 years of trust.
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