Whitestone Group (1K) | Buy (Hold) | Entering the next phase of growth

Research evidence excerpt

Whitestone Group (1K) | Buy (Hold) | Entering the next phase of growth

Whitestone Group Buy | Target Price: EUR20.00

EUR54m raised to fund the next phase of growth

After completing a EUR46.2m raise through a private placement in January 2026, Whitestone

Group successfully raised an additional EUR7.6m through the public offering launched on 7 April.

The public offering was designed to allow existing shareholders and the Belgian public to

subscribe under the same financial conditions as those offered to participants in the January

private placement.

Combined with the January private placement, the public offering brings Whitestone’s total

capital raised to approximately EUR54m, significantly strengthening the holding company’s

investment capacity.

After this operation, the shareholding structure has evolved and stands as the following:

Chart 1: Shareholding structure

Free-float

18.9%

Treasury shares

0.2% Multifin SA

36.7%

Alcopa

10.1%

Family shareholders

16.5% Famo

Founders 10.0%

7.6%

Source: Whitestone Group, Kepler Cheuvreux

NAV estimates and valuation

Based on Whitestone’s solid 2025 performance, with NAV per share up 19% YOY and several

holdings delivering strong results, we have revised upwards our 2026E estimates for a number of

portfolio companies, particularly GFI.

GFI delivered a strong performance in 2025 and, against a backdrop of elevated gold prices in 2026,

we now expect EBITDA to reach EUR8m, versus EUR7.0m previously. In addition to this supportive

gold price environment, the expansion of GFI’s network through new branches in Belgium and

Luxembourg, the acquisition of Stevens & Cie, and the roll-out of digital initiatives, including its ERP

system and gold savings plan, should further strengthen the company’s earnings power.