GBL FY23: Slight NAV Decrease; Private Assets Continue To Shine

During FY23, GBL's NAV came in at €113.6ps, down 2.2% vs €116.2ps during FY22-end. The decline in NAV was driven by the listed assets whose performance remained muted during the year. On the other hand, the performance of private assets continues to impress us with Affidea, Sanoptis, and Canyon posting top line growths of 19.0%, 33.0% and 22.0% respectively. GBL Capital, under new CEO Joe Topley, created €267.0m of value while helping further diversify GBL's portfolio and helping generate cash that contributes to GBL's dividend. We continue to believe that the market is not appreciating GBL for its initiative to simplify shareholder structure, share buybacks and its new strategy. We estimate NAVps and TEVps to be €113.6 and €130.2 thus implying a discount of 39.6% and 47.3% respectively. We reiterate our BUY rating and €91.0 TP.