Gimv (AO) | Buy | Q1 trading update: growth trajectory eased somewhat in Q1

研报英文原文证据摘录

Gimv (AO) | Buy | Q1 trading update: growth trajectory eased somewhat in Q1

Gimv Buy | Target Price: EUR53.00

Company description Management

Gimv is a European investment company investing directly in private companies, Koen Dejonckheere, CEO

and focused on the mid-market growth equity segment. In 2012, it invests across Kristof Vande Capelle, CFO

five strategic platforms - Consumer, Healthcare, Life Sciences, Smart Industries

and Sustainable Cities. With a solid balance sheet, it presents itself as a flexible Key shareholders

and evergreen partner. Following the transfer of its reference shareholding stake Free float 64.56%

from the government to Worxinvest, the group is now taking a more dynamic Worx Invest 35.44%

approach to growth.

Investment case Valuation methodology

Gimv is looking to accelerate the growth of the size of its We value Gimv using a NAV estimate and a consequent 15%

portfolio, which should help the company reap benefits from target discount to NAV. Overall for holdings, our target discount

scale and operating leverage effects, have a lower cost base is triggered by a qualitative analysis of a number of metrics such

relative to the size of the portfolio, and boost return on equity. as style, track record, valuation method, uniqueness of assets,

The company aims to add a few "anchored shareholdings" etc.

(permanent capital approach) aimed at increasing the Risks to our rating

compounding power of the portfolio, in addition to its "core" (-) Macro conditions in Europe susbtantially deteriorate,

portfolio (basically similar to what the company has been doing impacting portfolio companies.

for many years). (-) Operational underperformance at the level of portfolio

The capital raise should also improve the liquidity of the share companies.