• FY24 NAV at EUR 15.2 p/s, flat YoY but better than expected• 90% of capital raised is already deployed, incl. stake in GFIN to 100%• We estimate today's NAV to be EUR 15.3 p/s, implying a discount of 21.6%. Capital has been deployed and now they need time to generate value. TP stays at EUR 14.1. Hold reiterated as we await investments to mature and value creation to become clear
