Sofina - FY23: Disproving the doubters
• Final NAV at EUR 274 p/s, slightly above the EUR 272 reported in January. Q4 Private Funds higher than Q3 despite USD/EUR headwind and the company proposed a dividend of EUR 3.35 p/s, up 3.4%• We estimate today's NAV to be EUR 288.9 p/s, implying a discount of 28%. We do not understand the continued skepticism around the NAV given Sofina's track record. Hence, we deem Sofina to be one of the best opportunities in the sector• Our TP moves to EUR 280 (from EUR 273) providing 35% upside. Buy reiteratedSOFINA 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.
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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