Whitestone Group 1H FY24: NAV Up 200% Thanks To Private Placements

During 1H FY24, Whitestone Group bulked up its portfolio by executing 2 capital increases which cumulatively brought in €59.7m (at €13.0ps). Within the next couple months, Whitestone further diversified its portfolio by investing €34.5m across 4 new investments (ESG, Sibelco, Tilman & Abbove) and 2 existing portfolio companies (GFIN & Newtree Impact). In particular, the stake in GFIN was increase from 56.7% and 95.7% by buying out 2 minority shareholders for a total of €4.0m. Post 1H, Whitestone acquired a 69% stake in Lambda-X Ophthalmics for €5.3m. Whitestone's strong execution across both fundraising and investment has led to NAV rising by almost 190% from €33.4m to €99.7m, making Whitestone Group a holding company with a sizable and diversified portfolio. We currently estimate NAVps and TEVps €14.5 and €15.9, implying discounts of 16.6% and 23.9%. After having applied a 10% discount to our TEVps of €15.9, we reiterate our BUY rating and €14.2 TP.