KBC Securities - Sofina SA (SOF) Sofina Buy When There Is Blood On The Streets

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KBC Securities

Sharad Kumar S.P

Sofina Buy When There Is Blood On The Streets

On 31st December 2021, Sofina's stock closed for the day at €432.0, a price that is slightly more than 2x the latest close price. During H1 FY22, Sofina's stock took a beating from several angles most importantly due to the publicly announced short position of Mr. Fraser Perring which sent the stock tumbling down before bottoming out at €177.5 during September 2022. In this note, we present to you our attempt at putting a value on each and every investment (excl. Sofina Private Funds) – after having done this exercise, we are even more convinced that Sofina is currently significantly undervalued and a lot of unwarranted pessimism is currently being priced into the stock price. Despite the currently higher probability of a rate hike induced recession being around the corner, our confidence in Sofina's investment strategy, diversified portfolio, and our highly conservative approach when valuing all of Sofina's Private stakes convinces us to make an early call – we raise our target price from €283.0 to €300.0 and reiterate our BUY rating.

11/05/2023 1 EN

Underlying

Sofina SA

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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BE0003717312 Euronext Brussels Belgium

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Sharad Kumar S.P

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Sofina Buy When There Is Blood On The Streets

We are a financial services provider for several types of professional clients, each with distinct needs.

Dynamic Top Pick List Update February 2026: Removing ASMi; Adding UCB

Benelux Morning Notes

Morning Notes : OPTI BB, SOF BB, WDP BB, MAAT FP

Morning Notes : BAR BB, BTLS BB, PHIA NA

Barco Despite US headwinds more or less in line but order cycles shortening

Philips Strong 4Q25 results and outlook, targets mid-teens margins by 2028

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