Sofina Newsletter 15: NAVps up 12% y/y aided by recovery across PE & VC
ENAV grew by 12% y/y and came in at €10.1bn or €307ps. We see the NAV growth as further evidence of operational excellence of portfolio companies and rebound in both activity and valuations across PE and VC. NAV growth was mainly driven by Sofina Growth which rose, during 2H FY24, by 15.8% to ~€2.2bn. As expected, EG Software is now one of the top-10 investments in the portfolio. During FY24, Sofina invested in Cyera ($3bn valuation), Finova Capital ($728m valuation) and Vivobarefoot while partially exiting K12 Techno Services, Vinted, Honasa Consumer (Mamaearth) and fully exiting Aohua and TCNS. With the recovery across both PE and VC in full swing, we believe Sofina will further capitalise on opportunities to crystallise value and to invest in high-growth potential future unicorns. We maintain our BUY rating and €300 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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