Sofina - Newsletter #12: Should provide comfort
H1 NAV at EUR 279 p/s, flat YTD (FY22: EUR 279)Main factor seems to be adjusted valuation for BYJU'S which has completely exited the Top 10 in the portfolio (was #4 at FY22)We estimate today's NAV at EUR 267 p/s, implying a discount of 25%. Keep in mind that this is below the reported NAV as we took impairments on the stakes in BYJU'S and ByteDance and also took a discount on the Private Funds NAV. Even with this very conservative approach, we arrive at our TP of EUR 274 p/s (using our 5% target premium) which provides >35% upside.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).
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