reports
- Sharad Kumar S.P
Whitestone Group FY24: NAV Up 209% Thanks To Steadfast Execution Of St...
FY24 was a year during which Whitestone bulked up its portfolio with NAV rising ~209% from €34.3m to €106.0m. On a per-share basis, NAV stood at €15.2ps (vs €15.06 during FY23-end) – this implies that NAV growth has offset the dilutive impact of capital raises during FY24. The 1st placement was a CiK in which 1.3m shares were issued to Multifin SA for participations in Energy Solutions Group, Clay Capital, Sibelco & Abbove. The 2nd placement was for €41.9m during which ref. investor (FAMO NV, Ax...
- Sharad Kumar S.P
Holdings Report - February 2025 KBCS Holdings Universe Returns 3.7% Du...
1M Performance - Absolute: During Feb'25 (1M period), the KBCS Holdings Universe posted a return of +3.7% which was mainly driven by single-asset holdings (+11.1%) while multi-asset holdings posted a modest return of +0.5%. The 3 top performers during the period were Heineken Holding (+21.3%), KBC Ancora (+6.9%) and Ackermans & van Haaren (+4.4%) while the 3 worst performers were Financière de Tubize (-6.3%), Compagnie du Bois Sauvage (TINC; -6.6%) and Whitestone Group (-6.8%). YTD Performance...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
EXO EXOR N.V.
ROCK WHITESTONE GROUP
- Sharad Kumar S.P
Holdings Report - January 2025 KBCS Holdings Universe Returns 3.1% Dur...
1M Performance - Absolute: During Jan'25 (1M period), the KBCS Holdings Universe posted a return of +3.1% which was mainly driven by multi-asset holdings (+3.3%) while single-asset holdings posted a slightly lower return of +2.7%. The 3 top performers during the period were Sofina (+10.6%), Financière de Tubize (+7.5%) and Whitestone Group (+6.4%) while the 3 worst performers were Gimv (-2.0%), The Infrastructure Company (TINC; -3.4%) and Texaf (-5.1%). YTD Performance - Relative: On a YTD bas...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
EXO EXOR N.V.
ROCK WHITESTONE GROUP
- Sharad Kumar S.P
Holdings Report - December 2024 KBCS Holdings Universe Returns -3.1% d...
1M Performance - Absolute: During Dec'24 (1M period), the KBCS Holdings Universe posted a return of -3.2% which was mainly driven by multi-asset holdings (-4.3%) while single-asset holdings posted a significantly less negative return of -0.6%. The 3 top performers during the period were D'Ieteren Group (+26.6%), Compagnie du Bois Sauvage (+7.0%) and KBC Ancora (+7.0%) while the 3 worst performers were Exor (-5.4%), Heineken Holding (-3.6%) and Gimv (-1.1%). FY24 Performance - Relative: During ...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
EXO EXOR N.V.
ROCK WHITESTONE GROUP
- Sharad Kumar S.P
Whitestone Group 100% Acquisition of TKM Industries
Whitestone Group announced that it has, via its subsidiary ‘Treestone', acquired 100% of TKM Industries, a company specialising in metal machining located in Wandre (Liège, Belgium). The acquisition was carried out in partnership with ‘Wallonie Entreprendre', which will own 10% of the acquisition vehicle (Ecotys) and contributed part of the acquisition leverage. Through a capital increase, Whitestone increased its stake in Treestone from 50% to 71%. The larger stake in Treestone will also increa...
- Sharad Kumar S.P
Whitestone Group Acquires 28% stake in Telemis
Whitestone announced that it had reached an agreement to acquire 28.0% of Telemis, making Whitestone the second largest shareholder. Whitestone put down €9.1m for this investment, which implies a total equity value of ~€32.5 for Telemis. With the close of this investment, the group has now successfully invested nearly 75.0% of the €42.0m that was raised in June'24. We welcome this new as by further putting cash to use, Whitestone is reducing ‘cash drag' on its portfolio. We note that management'...
- Research Team
(Sponsored) Whitestone Group - Buying a 28% stake in Telemis for EUR ...
• Whitestones acquires a 28% stake in Telemis for EUR 9.1m• Acquisition is sizeable and in line with recently adjusted strategy• We estimate the NAV at EUR 14.5 p/s, implying a 11.5% discount. That is in line with our target discount (10%). Hence, we reiterate our Hold rating. Our TP moves up from EUR 13.5 to EUR 14.1
- Sharad Kumar S.P
Holdings Report - November 2024 KBCS Holdings Universe Returns -3.6% D...
1M Performance - Absolute: During Nov'24 (1M period), the KBCS Holdings Universe posted a return of -3.6% which was mainly driven by single-asset holdings (-6.9%) while multi-asset holdings posted a slightly less negative return of -2.2%. The 3 top performers during the period were D'Ieteren Group (+5.4%), Gimv (+5.1%) and KBC Ancora (+0.6%) while the 3 worst performers were Compagnie du Bois Sauvage (-10.1%), Heineken Holding (-9.6%) and Quest For Growth (-7.5%). YTD Performance - Relative: O...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
EXO EXOR N.V.
ROCK WHITESTONE GROUP
- Sharad Kumar S.P
Holdings Report - October 2024 KBCS Holdings Universe Returns -2.5% Du...
1M Performance - Absolute: During Oct'24 (1M period), the KBCS Holdings Universe posted a return of -2.5% which was mainly driven by single-asset holdings (-2.8%) while multi-asset holdings posted a slightly less negative return of -2.3%. The 3 top performers during the period were Financière de Tubize (+6.7%), D'Ieteren Group (+4.5%), and Solvac (+2.8%) while the 3 worst performers were Sofina (-11.4%), Gimv (-9.8%), and Compagnie du Bois Sauvage (-6.3%). YTD Performance - Relative: On a YTD ...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
EXO EXOR N.V.
ROCK WHITESTONE GROUP
- Sharad Kumar S.P
Whitestone Group 1H FY24: NAV Up 200% Thanks To Private Placements
During 1H FY24, Whitestone Group bulked up its portfolio by executing 2 capital increases which cumulatively brought in €59.7m (at €13.0ps). Within the next couple months, Whitestone further diversified its portfolio by investing €34.5m across 4 new investments (ESG, Sibelco, Tilman & Abbove) and 2 existing portfolio companies (GFIN & Newtree Impact). In particular, the stake in GFIN was increase from 56.7% and 95.7% by buying out 2 minority shareholders for a total of €4.0m. Post 1H, Whitestone...
- Research Team
(Sponsored) Whitestone Group - H1-24: Very active first half and read...
Whitestone's NAV almost tripled in size over H1 from EUR 34.4m to EUR 99.7m at June 30.The majority of the immense growth is thanks to two capital raises with in total EUR 59.7m raised.The remainder of the growth comes from the solid performance in the portfolio (+EUR 6m).The company still has more than EUR 20m in cash available to deploy, even after its most recent investment in Lambda X Ophtalmics.We estimate today's NAV at EUR 14.5 p/s implying a discount of 16.5%. Our TP moves to E...
- Sharad Kumar S.P
Holdings Report - September 2024 Exor Added To The KBC Securities Hold...
1M Performance - Absolute: During Sept'24 (1M period), the KBCS Holdings Universe posted a return of -0.2% which was mainly driven by multi-asset holdings (-1.2%) while single-asset holdings posted a positive return of 2.0%. The 3 top performers during the period were Sofina (+15.3%), Financière de Tubize (+8.4%), and Brederode (+7.2%) while the 3 worst performers were Exor (-4.4%), Compagnie du Bois Sauvage (-5.5%), and D'Ieteren Group (-7.2%). YTD Performance - Relative: On a YTD basis (as o...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
EXO EXOR N.V.
ROCK WHITESTONE GROUP
- Sharad Kumar S.P
Holdings Report - August 2024 KBCS Holdings Universe Up 0.5% Thanks To...
1M Performance - Absolute: During July'24 (1M period), the KBCS Holdings Universe posted a return of 0.5% which was mainly driven by multi-asset holdings (+1.7%) while single-asset holdings posted a negative return of -1.3%. The 3 top performers during the period were HAL Trust (+5.1%), Texaf (+2.9%), and The Infrastructure Company (TINC, +9.6%) while the 3 worst performers were Brederode (-2.8%), Solvac (-5.3%), and Whitestone Group (-7.2%). YTD Performance - Relative: On a YTD basis (as of A...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
ROCK WHITESTONE GROUP
- Sharad Kumar S.P
Whitestone Group Acquisition Of 69% Of Lambda-X
Whitestone Group has acquired 69% of Lambda-X Ophthalmics (LXO) for €5.3m. The rest of the company will be owned by company management (17%) and Invest.BW (14%). Lambda-X Ophthalmics is a division of the Verhaert Group. Lambda-X has developed an exclusive, high value-added range of instruments (NIMO) and software for measuring and characterizing ophthalmic lenses (contact, intraocular) as well as spectacle lenses with special geometries. We welcome this news as after consecutive capital raises, ...
- Sharad Kumar S.P
Holdings Report - July 2024 KBCS Holdings Universe Up 1.2% Thanks To M...
1M Performance - Absolute: During July'24 (1M period), the KBCS Holdings Universe posted a return of 1.2% which was mainly driven by multi-asset holdings (+3.6%) while single-asset holdings posted a negative return of -2.4%. The 3 top performers during the period were Financière de Tubize (+17.0%), Ackermans & van Haaren (+9.8%), and Compagnie du Bois Sauvage (+9.6%) while the 3 worst performers were Texaf (-3.9%), Heineken Holding (-7.5%), and Gimv (-8.4%). YTD Performance - Relative: On a YT...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
ROCK WHITESTONE GROUP
- Sharad Kumar S.P
Holdings Report - June 2024 KBCS Holdings Universe Down -3.6% Due To S...
1M Performance - Absolute: Over the last 1M period, the KBCS Holdings Universe posted a return of -3.6% which was mainly driven by single-asset holdings (-4.1%) while multi-asset holdings posted a slightly less negative return of -3.7%. The 3 top performers during the period were Financière de Tubize (+5.9%), Texaf (0.0%), and Quest for Growth (-1.8%) while the 3 worst performers were Compagnie du Bois Sauvage (-7.7%), Gimv (-5.6%), and KBC Ancora (-5.3%). YTD Performance - Relative: On a YTD ...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
ROCK WHITESTONE GROUP
- Sharad Kumar S.P
Whitestone Group Stakes in GFIN & Sibelco strengthened; Tilman transac...
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 investmen...
- Sharad Kumar S.P
Holdings Report - May 2024 KBCS Holdings Universe Down -0.9% Due To Mu...
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 Univ...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
ROCK WHITESTONE GROUP
- Sharad Kumar S.P
Whitestone Group Accelerating Growth With Capital Raise; €40.0m From 2...
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 shar...
- Joren Van Aken
(Sponsored) Whitestone Group - Capital increase completed and ready f...
• On Friday, Whitestone Group announced that it completed its EUR 25m capital increase, which was oversubscribed• Another EUR 15m can be raised by the end of June through a potential new shareholder who would take a 10% stake in the firm at the same price of EUR 13.0• Whitestone is sitting on a cash pile of >EUR 20m or almost EUR 4 p/s. That represents close to 40% of the portfolio. This can increase further if the new shareholder injects its EUR 15m• We estimate today's NAV to be EUR 14.2 ...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.