At the end of the first half of 2022, NAV stood at €4.78bn and NAV per share at €192, compared with €235 at the end of 2021, a decline of 17.2%, dividend reinvested. Over the period, the portfolio’s diversification into unlisted investments and the high dividend payments made by Stellantis offset part of the decline in the share price of listed holdings (-31.4%).
Stellantis, 34.9% of the group’s GAV, published dynamic half-yearly results despite a hostile economic climate. Orpéa, with 1.3% of the group’s GAV at 30 June, continued its descent into the stock market. A new management team is implementing a recovery strategy, but the model is being called into question.
The group’s discount reached a historically high level of 55% (+8pts) compared to 31/12/21. The share price remains correlated to Stellantis, while the evolution of NAV demonstrates the resilience of an investment mix that is less and less exposed to market volatility. However, the increase in the discount is less marked than that of its peer group (+25 points), which is impacted by investors’ distrust of more aggressive investment models.
With an unchanged discount, our central scenario shows an upside potential of 29%, which would rise to 71% with a reduction of the discount to 40%.