Sofina - Calm H2 but likely positive surprise at final NAV
• Sofina's preliminary NAV landed at EUR 272, albeit excluding the market rally in Q4• We expect the final NAV to come in higher. Today, we estimate Sofina's NAV to be EUR 283.2 p/s, implying a discount of 25.6%.• Sofina has been one of the laggards YTD in the investment company sector. We expect this to revert as we progress into the year and as we expect deal activity returns. Hence, we reiterate our BUY rating in the meantime. TP increased to EUR 273 (from EUR 266 previously)SOFINA is an investment company whose portfolio consists of shareholdings in various companies. Co. manages a portfolio of long-term and short-term investments. Its portfolio comprises investments in companies which are active in sectors such as: Energy and Services (GDF Suez, Suez Environnement, bioMerieux and Exmar); Retail (Colruyt, Delhaize); Consumer goods (Danone, Rapala, B & W Group, and Chapoutier); Satellite operators (SES); Finance Companies (Eurazeo, Caledonia, Luxempart, RAB Capital); Industry (Petit Forestier, Landis + Gyr, Carbone Lorraine and Deceuninck) and Alternative assets (Private equity, Hedge funds).
We are an investment house with Belgian roots founded on more than 150 years of trust.
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