At the end of 2022, the NAV reached €5.9bn or €199.5 per share (- 14%). Dividends received amounted to €286m, driven by Stellantis (€170m). Net debt was €885m, €261m lower than at the end of 2021, giving an LTV of 16%. This was achieved despite €329m of investments, including €200m of commitments to private equity funds, as expected. Asset disposals amounted to €532m (investments and co-investments).
The strategy, visible since 2017, to accelerate in the non-listed sector is reflected in a resilient GAV Investments (-10% in 2022 despite the collapse of Orpéa). It is divided between listed and unlisted holdings for 29%, co-investments for 19% and funds for 14%.
In February 2023, PEUG sold its 6.3% stake in the holding company of Tikehau Capital for €100m(E). PEUG is also participating in the recomposition of Rothschild & Cie’s shareholding via the takeover bid launched by its holding company Concordia (€150m(E)). Lastly, the group benefited from the public tender offer announced by Lisi, followed by a capital reduction by the holding company CID. This should enable it to significantly increase the liquidity of its exposure.
PEUG’s valuation does not take into account the evolution of its portfolio and its resistance. The discount to NAV is 55%, the highest in our sample of peers.