MandA wave from Tamburi''s invested companies continues with Moncler and OVS Since our last update at the end of November, two of the companies in the portfolio reported MandA activity. Moncler bought Stone Island, an Italian brand with unique positioning in luxury sportswear, fashion and streetwear. Stone Island has revenues of EUR240m, a 28% EBITDA margin and has been valued at EUR 1.1bn; Moncler will pay with a combination of cash and shares to be issued. Details are available in the report issued by EBNPP luxury team (MONCLER: Beyond outerwear). The second company that has carried out MandA is OVS, which submitted an offer to buy out the Stefanel brand, plus other related activities, following the entry of Stefanel into bankruptcy proceedings. The deal in our view makes sense: it will add a brand in a higher segment with good reputation/awareness in Italy that has perhaps been suboptimally managed in the past. No details are yet available on whether OVS''s offer also includes the ownership of the retail distribution or not. The investment is possible thanks to a EUR80m capital hike that has been fully approved by the EGM. Increased shareholding in BE Tamburi increased its shareholding in BE Think, Solve, Execute from 23.4% to 27.5% at the end of November. We estimate that the additional investment was around EUR7m. This is further confirmation of Tamburi IP''s positive stance on the trend towards big data and analytics in the financial industry and its intention to benefit from BE''s capacity to increasingly penetrate international markets. NAV update points to a valuation range of EUR7.3/EUR8.1 (vs EUR6.9/EUR7.7 previously) The key shareholdings of Tamburi IP performed well in the last month and for this reason our updated NAV leads us to increase the valuation range to EUR7.3/EUR8.1 (versus EUR6.9/EUR7.7 previously). Tamburi IP trades at a 9% discount to its NAV compared to a 5-year historical average of around 0%.