Whitestone Group FY23: NAV rises 10.3% thanks to asset quality & Multifin deal

During FY23, Whitestone Group saw its NAV increase by 10.3% from €13.0ps to €14.3ps (€52.1m) – the increase in NAV was mainly driven by upward revisions of the value of portfolio companies and due to the €17.8 Mutifin SA deal which enabled Whitestone to bring onboard an experienced partner and to gain ownership interests in Energy Solutions Group, Clay Capital fund (€1.3m), Sibelco (€3.2m) and Abbove (€1.0m). The aim of the partnership is to strengthen certain existing holdings and make new investments in SMEs that meet investment criteria with a slight bias toward energy transition and specific materials segments. On a YTD basis, Whitestone has rallied 26.9% (22.4% vs BEL20) on the back of consistently positive news flow. Also, Whitestone has committed €5.0m to Tilman SA (BE pharmaceutical laboratory) which will be split as €2.5m each as a sub. loan and a capital raise. We reiterate our BUY rating and €13.7 TP.