Whitestone launched its annual report for FY24 including some important improvement to its transparency to shareholdersWith the disclosure of a NAV overview and more financial data per portfolio company, Whitestone's transparency is now in line with some of the biggest investment companies in EuropeWe estimate today's NAV to be EUR 16.2 p/s, implying a discount of 20.5%. Our target valuation comes in at EUR 16.7 p/s. Applying our target discount of 10%, we arrive at our new TP of EUR 15 vs. EUR 14.1 before. This provides an upside of 16% compared to the latest close. As the average upside