Whitestone Group Model Update: Portfolio Progress + Multifin Deal Justifies Higher TP

Whitestone reported its full year results on 29th April 2024 which showed that NAV had grown by a healthy 10.3% (to €14.3ps) which was mainly driven by growth of portfolio companies and the deal with Multifin SA. The deal brought in new assets into the portfolio and as a result, Whitestone Group reshuffled its portfolio and now reports under 3 main platforms namely “Specific Materials”, “SMEs” and “Energy Transition”. Added to this, the group also bought a 10.0% stake in Tilman Laboratory (herbal medicines) for €5.0m of which €2.5m will be funded as a subordinated loan and €2.5m through equity raise. We updated our model and placed a valuation on each and every investment – after this, we arrived at a Target Equity Value (TEVps) of €15.8ps to which we applied a 10.0% discount to arrive at our new TP of €14.2. BUY rating maintained.