Whitestone Group acquires 100% of TKM Industries, a company specializing in metal machining located in Wandre (Liège)The transaction is executed through a capital increase of EUR 5.4m in Treestone, in which the stake drops from 50% to 71%After raising a large chunk of cash, Whitestone Group is now actively deploying this cash. Now will come a time of value creation, which will take some timeWe estimate the NAV to be EUR 14.4 p/s, implying a discount of 12.1%. That is in line with our target discount of 10%. TP stays at EUR 14.1. We reiterate our Hold rating.
