Probable increase in NAV at 31/12
PEUG will publish its half-yearly NAV on 22 March.
After a 17.2% decline in H1, the NAV at 31/12 should benefit from the 7.2% increase in listed assets in H2 (53% of the GAV).
PEUG has not communicated on new investments but had indicated in September that it was selling assets at satisfactory multiples. The unlisted portion of NAV should therefore not disappoint.
In H2 22, PEUG's share price rose by only 3% (-28% over the year), showing a spot discount of 56%.
Orpéa has become insignificant in terms of weight, but remains an important issue in terms of refinancing. This should be resolved in the coming months.
Societe Fonciere, Financiere ACT is an investment holding company which acts as a long-term investor and an active shareholder. As of Dec 31 2010, Co. held 22.1% of the share capital of PSA Peugeot Citroen. Co. usually purchases minority stakes in companies with a large family shareholding. Co. has a portfolio of private equity funds which operate mainly in Europe and countries with emerging economies. Co. also operates a financial investment and cash management business, as well as a real estate and wine-producing businesses.
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