Sofina - H1 2023: Valuation stable but activity slowing down massively
H1 NAV at EUR 277 p/s, in line with the newsletter of July (EUR 279)Investment and divestment flows clearly show a slowdown in activityValuations remain intact, also in Sofina Private FundsWe estimate today's NAV to be EUR 278 p/s, implying a discount of 25%. Our TP moves to EUR 266 (vs. EUR 274 p/s) providing an upside of 27%. As said before, even though the market has shown to be impatient, we believe Sofina is an excellent way to get exposure to early-stage companies managed by a family with an impressive track record.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.
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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