Sofina FY24: NAVps Rebounds Almost 14% Aided By PE/VC Recovery

During FY24, Sofina's NAVps rose by almost 14% to €311.77 (vs €273.62 at FY23-end) mainly driven by the broader recovery across both PE and VC. Sofina Growth saw its valuation grow by 19.6% to ~€2.3b while Sofina Private Funds grew by 12.7% to ~4.7b. Net result came in at €1.36b (€40.9ps). Sofina will open an office in London and we think this will lead to new connections and eventually, unlock new co-investment opportunities alongside industry leading firms. Post closing, Sofina invested in Berry Street, The Whole Truth, OrganOx and Proeduca while fully divesting from GL Events and First Eagle Investments (KBSe: ~€120m proceeds). We also note that, during FY24, Sofina crystallised value cross its portfolio via partial/full exits (Petit Forestier, Vinted, Lenskart, Graphcore, etc.). We continue to believe that Sofina's portfolio provides access to the best-in-class VC and growth PE ideas but trades at an unjustified discount of 22%+. We currently estimate TEVps to be €315.7 and after applying a 0% discount, raise our TP from €300.0 to €315.0, implying an attractive upside of ~30%.