PEUG will publish its half-yearly NAV on March 22.
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.
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.
In H2 22, PEUG’s share price rose by only 3% (-28% over the year), showing a discount of 56% to the spot NAV of €200,4.