KBC Securities - Sofina SA (SOF) Sofina Investment In Listed EdTech Clean Label Food Brand

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KBC Securities

Sharad Kumar S.P

Sofina Investment In Listed EdTech & Clean Label Food Brand

Sofina announced that it has acquired a 16.07% stake in Proeduca, a listed Spanish online higher education provider with operations across Spain, Mexico, Colombia, Peru, Ecuador, Bolivia, and the US. Proeduca offers more than 375 bachelor's and master's programs, doctoral programs, other courses and provides its services to thousands of students in over 90 countries. As part of the transaction Portobello Capital (€3b AuM) acquired a 8.0% stake, with the option to increase its stake to 14.34%. Sofina's stake in Proeduca is estimated to have cost ~€225.0m and the transaction is expected to be closed by 2Q FY25. The transaction's size will put Proeduca in the top-10 investments within Sofina's portfolio.
Sofina also led the $15.0m series C round of The Whole Truth, a clean-label health food brand based in India. All existing investors, including Z47 and Peak XV Partners participated in the round.
After having adjusted our model for the following transactions, we estimate NAVps and TEVps to be €313.6 and €329.8, implying discounts of 23.1% and 26.9% respectively. We reiterate our BUY rating and €300.0 TP.

28/02/2025 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 Investment In Listed EdTech & Clean Label Food Brand

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

Dynamic Top Pick List Update April 2025: Removing Gimv – Adding Adyen

Benelux Morning Notes

Morning Notes : ELI BB, IVA FP, MONT BB, SOF BB, TESB BB, UMI BB, VGP BB, MAAT FP, DEME BB, ONWD BB, EXO NA

Heineken Feedback conference call

Heineken FIRST LOOK: 1Q beer volume -2.1%, FY guidance maintained

ASML Weaker order intake, disappointing 2Q25 outlook, strong GPm

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