Gimv - Sale of Groupe Acceo with EUR 1 capital gain
• Gimv will sell its majority stake in Groupe Acceo to Sagard, resulting in a capital gain vs. last reported NAV of about EUR 1 p/s• We estimate today's NAV to be EUR 54.4 implying a discount of almost 20%• Despite the uncertainty surrounding the new cornerstone investor now being gone, the discount has remained elevated. Potentially, investors remain hesitant and prefer to wait and see whether WorxInvest will try to change Gimv's strategy• Following today's news combined with a portfolio update, our TP goes up to EUR 54 (from EUR 51). BUY reiterated. Dividend yield is still attractive atGIMV 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.
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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