Gimv FY24: Strong Set Of Results; NAVps Up 10.8% YoY
Gimv reported a strong set of results with net profit coming in at €217.1m (€7.8ps) while portfolio result clocked in at €291.1m (19.1%). Investments were €115.8m (of which €57.5m in 5 new companies) whereas divestments were €364.6m thanks to the sale of stakes in Coolworld, GNPZ, Impact, Wemas and Groupe Claire. We note that significant upward revaluation linked to the Acceo sale is included in the unrealised result since the transaction was not finalised by 31st March'24. The book value of all stakes sold (ex Acceo) amounted to €212.9m implying a money multiple of 2.1x and IRR of 16.3%. As a result of the strong performance, NAVps rose 10.8% YoY from €48.2 to €53.4. A gross dividend of €2.6 was confirmed. We see these results positively and note that despite the EBITDA multiple of portfolio companies slightly dropping to 8.6x, the positive valuation result achieved was purely driven by the strong YoY EBITDA growth of 20.0%+. We reiterate our BUY rating and €51.0 TP.GIMV is a listed investment company, specializing in private equity and venture capital and active in small and medium buyouts, growth financing and technology investments. Co. is also present with technology investments across Europe and in Israel, Japan and the USA. Co. invests in ICT (Technology), environmentally friendly technology (Cleantech) and Life Sciences.
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