• Whitestone's FY23 NAV amounted to EUR 34.3m or EUR 15.1 p/s• Since the start of 2024, Whitestone announced both a deal with Multifin and a capital raise, which would bring the portfolio towards a size of EUR 80m• The Group has significantly improved its communication, clarified its investment strategy and is implementing best practices in terms of governance including several initiatives on ESG• We estimate today's NAV at EUR 14.7 p/s, implying a discount of 12.1%. We raise our target range to ....
