Sofina FY23: Stable NAV Thanks To Diversified Portfolio
Sofina finished FY23 with a stable NAV of €9.1b (€273.6ps) which represents a YoY decrease of a little more than 2.0% - we attribute this stability to the various levels of diversification that has been built into the portfolio. The pace of investments during FY23 (€517.0m) was half of the previous year due to muted levels of activity in the private market but also because of management placing more emphasis on engaging with portfolio companies in order to better maintain the portfolio's health. During the year, Sofina announced ‘Sustainable Supply Chains' as a new investment theme. Proposed gross dividend of €3.35ps implying a div. yield of 1.6%. We believe that Sofina has performed well during FY23 by limiting NAV decline and crystalizing returns through several partial exits despite a slowdown in private market activity. We currently estimate NAVps and TEVps to be €272.8 and €297.1ps thereby indicating a discount of 22.8% and 29.1% respectively. We reiterate our BUY rating and €300.0 TP.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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