Gimv 1H24/25 Results: Preparations For A Potential Rights Issue

In its 1H24/25 press release, Gimv announced it is preparing for a potential capital increase (rights issue) over the coming months. A CMD on 22/01/25 will provide more details about its new strategy linked to this transaction. Over 1H24/25, the NAV rose by 9.4% to €55.6 while the overall portfolio's value hit a record high of >€1.7b. Portfolio result came in at €186.8m, a portfolio return of 12.0%. Net result clocked in at €144.9m (€5.1ps), a net return of 9.7%. Portfolio companies posted an overall sales growth of 12.2% and an EBITDA growth of 19.1%, significantly outperforming the macro-economic context. After our model update, we estimate NAV and TEV p.s. to be €56.4 and €58.7 respectively. This implies discounts of 34.7% and 37.3%, far above the 5yr avg. of 1.6%. We reiterate our BUY rating and raise our TP from €51.0 to €56.0. Link to EGM Agenda : Here.