H1-25 NAV up 13% to EUR 17.1 p/s, well above our estimateGFI is performing better than expected thanks to strong gold pricesPost-close, Whitestone did a nice exit with the sale of ECPWe estimate today's NAV to be EUR 18.6 p/s implying a discount of 34%. We lift our TP to EUR 15.3 (from EUR 15.0) driven by a higher valuation for GFI offset by a higher target discount of 20% (from 10%). Given the attractive upside of >24%, we upgrade to BUY