Whitestone Group €70m capital raise at NAV backed by new Alcopa signals investor confidence

Whitestone announced a capital increase of approximately €70m in two phases to fuel its growth strategy. A first €46m private placement will be executed at €17.1ps (NAV as of 1H25), backed by main shareholders and new investor Alcopa (family Moorkens). This represents a 30% premium to yesterday's share price and underscores confidence in the company's trajectory. This is expected to be followed by a second ~€25m public offering in 2Q26 on the same terms, and will be open for “qualified investors” (ticket size above €100k). The proceeds will support portfolio companies and new SME investments. With NAV at €121m at 1H25, Whitestone remains on track for its 15% annual invested capital growth target to double NAV by 2030. Given the strategic alignment, clean balance sheet, strong shareholder backing, and expanded capital base for larger investments, we see this as a positive catalyst to lower our target discount from 20% to 10%. In addition, due to the continued momentum in Gold, we increase our valuation for GFI from €51.2m to €56.0m. This lifts our target price to €18.0 from €15.0. We reiterate our BUY recommendation.