Update of our fair valuation range to EUR6.9 / EUR7.7 (EUR6.3/EUR7.2 previously) After our initiation one month ago, we raise our valuation range from EUR6.3/EUR7.2 to EUR6.9/EUR7.7 (figures 1 and 2) on the back of peer reratings and the update of the EBNPP TPs on various stocks during the earnings'' season. The current discount to NAV remains around 6%, at a higher level than the last 5 years historical average of almost 0%, representing an opportunity. Investments to improve leadership positioning TIP was present at our Midcap CEO conference. OVS (c. 5% of NAV) announced a share capital increase for up to EUR80m to further consolidate the reference market with possible MandA deals in the next future. TIP already stated that it will subscribe pro rata (23.3%) to the capital hike together with the CEO of OVS, Stefano Beraldo. Besides this investment, we would expect more to come through the launch of ITACA, which is focused on the restructuring and turnaround segment (TIP to invest directly up to EUR100m). In our view, ITACA may make up to 8/10 investments in the next 5 years in sectors linked to industrial businesses and automotive components, with ticket sizes of around EUR30m-EUR100m each. The controlled companies continue to do MandA (i.e. Interpump, Sesa) and benefit from the recovery in Industrial Production. In the last month, lockdown measures further limited visibility on the recovery of the business of Alpitour (c. 7% of NAV). Its sales are expected to decline by c. -60% in 2020. The company promptly restructured its business this year and is not expected to have liquidity issues for most of 2021 even in the absence of a recovery of the business. At the end of the crisis, Alpitour will likely be better positioned relative to its competitors thanks to its leadership and financial support. Moncler has continued to show strength and resiliency recently. Eataly will stop new openings of retail stores after the opening in Dallas in...