Gimv - H1 FY23/24 trading update
H1 FY23/24 NAV at EUR 51.3 p/s, up 9% YTD and also above our estimateUnderlying portfolio sales were up 16.6%, EBITDA up 13.3% with mainly Healthcare division having some inflationary difficultiesWe estimate the NAV to be EUR 51.3 p/s, implying a discount of 23%. This remains elevated relative to the LT average of ~1%. Unfortunately we believe the share price will remain under pressure as long as the block of the Flemish government remains unsold. Gimv could use some proceeds from recent divestments to pick up some shares itself. At the current levels, Gimv offers an attractive 6.6% dividend yield.GIMV 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.
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