Gimv Bart Troubleyn to lead Gimv Anchor

Following Gimv's CMD (Jan'25) during which it announced its new strategy, deeper collaboration with WorxInvest, and launched ‘Gimv Anchor', Gimv has appointed Bart Troubleyn as the Head of Gimv Anchor (from mid-April onwards). Bart will also become a member of Gimv's Executive Committee. In his role, Bart will be working closely with all Managing Partners and teams of individual Gimv platforms in terms of both deal sourcing and in further strengthening the active value creation across platforms. Gimv continues to trade at a discount of 26%+ to its NAV while pre-pandemic, the stock traded at a premium of 5-10% to its NAV. We estimate NAVps and TEVps to be €52.5 and €54.0, implying discounts of 26.3% and 28.3%. This is much greater than the 2yr and 5yr average discounts of 16.5% and 3.8%. We reiterate our BUY rating and €56.0 TP.