KBC Securities - WHITESTONE GROUP (ROCK) Whitestone Group Stakes in GFIN Sibelco strengthened; Tilman transaction completed

Report

KBC Securities

Sharad Kumar S.P

Whitestone Group Stakes in GFIN & Sibelco strengthened; Tilman transaction completed

Whitestone Group has announced that it has completed its € 5m investment in Laboratoire Tilman SA and has increased its stake in both Gold & Forex International SA (GFIN) and Sibelco. Whitestone's stake in GFIN has increased from 56.7% to 95.7% after the purchase of two minority shareholders (each having a 19.5% stake) of GFIN for a total of € 4m. The group also strengthened its stake in Sibelco by 1,045 shares which were purchased at a price of € 6,450 (€ 6.7m total investment). These investments total € 15.7m and were financed by the € 25m private placement that was announced earlier and closed this week. We welcome this news as it is evidence of Whitestone's strong execution pertaining to its efforts to scale up its investment portfolio. We reiterate our BUY rating and € 14.2 TP.

18/06/2024 1 EN

Underlying

WHITESTONE GROUP

See profile

BE0974401334 Euronext Brussels Belgium

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

See profile

Analysts

Sharad Kumar S.P

Other Reports on these Companies

KBC Securities

Holdings Report - May 2024 KBCS Holdings Universe Down -0.9% Due To Multi-Asset Holdings

1M Performance - Absolute: Over the last 1M period, the KBCS Holdings Universe posted a return of -0.9% which was mainly driven by multi-asset holdings (-1.3%) while single-asset holdings posted a positive return of +0.6%. The 3 top performers during the period were Solvac (+8.0%), Gimv (+5.5%), and Compagnie du Bois Sauvage (+5.3%) while the 3 worst performers were HAL Trust (-6.5%), D'Ieteren Group (-1.8%), and Texaf (-1.1%). YTD Performance - Relative: On a YTD basis, the KBCS Holdings Universe returned +2.9% mainly driven by multi-asset holdings (+3.6%) while single-asset holdings posted...

June 11, 2024 June 11, 2024 1 EN

KBC Securities

Whitestone Group Accelerating Growth With Capital Raise; €40.0m From 2 Different Sources

Whitestone Group announced that it has successfully completed a private placement of 1,923,045 new ordinary shares at an issue price of €13.0ps – the capital raised was €25.0m, including the issue premium. As subscriptions exceeded €25.0m, the Board of Directors decided to reduce (proportionally) the number of shares allocated to each investor to comply with this limit. Additionally, the BoD has agreed in principle to increase the capital via the authorised capital in order to welcome a new shareholder, unrelated to existing shareholders, to take a 10.0% shareholding as well as to enable inves...

June 10, 2024 June 10, 2024 1 EN

Morning Notes : ARGX BB, BAR BB, DIE BB, ALFEN NA

: ARGX BB, BAR BB, DIE BB, ALFEN NA

10h / 49m 10h / 49m 1 EN

Michiel Declercq

Michiel Declercq

D'Ieteren Key highlights from the PHE strategy day & model update

Yesterday, PHE held a strategy day at its Logisteo distribution centre in Reau France, giving investors the opportunity to meet with PHE's management (CEO, CFO & COO) for the first time since the acquisition by D'Ieteren in 2022. As expected, no new financial targets were disclosed. However, during the presentation, the underlying growth drivers for the business were reiterated. Below, we summarize the key highlights. Additionally, we also slightly adjusted our D'Ieteren group estimates following the 1Q24 update (end-May). Although we have slightly tweaked our estimates to the downside due to ...

11h / 18m 11h / 18m 1 EN

Wim Hoste

Wim Hoste

Solvay Feedback Performance Chemicals webinar

Below are the highlights from the Performance Chemicals webinar which was held this morning. After the recent spun off of Syensqo, Solvay is a base chemicals group with leading market and technology positions in the vast majority of its businesses. The company will be managed with a conservative financial approach, favouring dividends over aggressive growth and operating with a solid balance sheet (1.4x leverage). The stable to growing dividend flow implies a solid 7% dividend yield. Other valuation ratios also look attractive and prompt us to reiterate our BUY rating and € 40 target price.

June 25, 2024 June 25, 2024 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Whitestone Group Stakes in GFIN & Sibelco strengthened; Tilman transaction completed

We are a financial services provider for several types of professional clients, each with distinct needs.

Holdings Report - May 2024 KBCS Holdings Universe Down -0.9% Due To Multi-Asset Holdings

Whitestone Group Accelerating Growth With Capital Raise; €40.0m From 2 Different Sources

Morning Notes : ARGX BB, BAR BB, DIE BB, ALFEN NA

D'Ieteren Key highlights from the PHE strategy day & model update

Solvay Feedback Performance Chemicals webinar

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe