Quest For Growth - Difficult Q2 but halfway there for a dividend
H1 NAV at EUR 7.78 p/s which was already pre-announced.Net profit at EUR 1.5m which is about half of the EUR 2.8m accumulated loss needed to be able to pay out a dividend for FY23.Dividend still possible if QfG manages EUR 1.35m profit in H2 or only +1%We estimate today's NAV to be EUR 7.85 p/s, implying a discount of 31.2%. TP of EUR 6.3 and Hold rating reiterated.More details in our note issued this morningQuest for Growth Privak Leuven is a Belgium-based closed-end private equity fund. The Fund focuses on European technology-based growth companies covering such sectors as life sciences, information technology, software, semiconductors, telecom, electronics, new materials and special situations in other growth sectors. The Fund invests in growth companies with the objective of converting capital gains into tax-free income through the Privak structure, an investment vehicle tailored to provide a framework for investments in private equity and in growth companies. As of Dec. 31, 2013, the Fund's investment portfolio totaled Euro120,264,108 and assets totaled Euro125,347,624.
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