Whitestone Group (AO) | Buy | Invests in Mäder Group

Research evidence excerpt

Whitestone Group (AO) | Buy | Invests in Mäder Group

Whitestone Group Buy | Target Price: EUR20.00

Company description Management

Whitestone Group is an investment firm based in Lasne, Belgium. Founded in Frédéric Pouchain, CEO

2012, the company invests only in European companies operating in growth and Gérard Lamarche, Chairman

niche markets, with a regional focus on Belgium. Activities are structured around

Key shareholders3 pillars: Private Equity (80% of the portfolio), listed companies in special Free float 18.90%

situations (10%), and asset management for third parties/co-investments (10%). Multifin 36.70%

The PE pillar is organized around three platforms: Specific Materials, Transitions, Founders 7.60%

and Technologies. Alcopa 10.10%

Investment case Valuation methodology

Whitestone invests mainly in Belgian SMEs, which should drive We value Whitestone Group using an SOP model that includes

growth and may lead to exits that result in capital gains. The an EV/EBITDA multiple valuation for GFI, Sibelco, Atima, ISO-

company focuses on companies operating in niche markets, Tech, Whitestone Partners, Freedelity, TKMI, Lambda-X, Tilman,

thereby providing investors with a unique value proposition. and Telemis, in which we add a 0-10% discount for liquidity/size.

The acquisition of Gold & Forex International (GFI) provides a Newtree Impact is valued at market value. Other private assets

hedge in an uncertain economic environment and should are valued at historical costs.

balance investments in SMEs that are more risky by nature. We add a 10% discount to our projected NAV.

Potential capital raises in the future followed by Risks to our rating

expansion/rotation of the portfolio should create shareholder Unfavourable portfolio rotation.

value.