H1-25 NAV up 0.7% to EUR 115.5, slightly below our estimate as portfolio was impacted by FXWith more than EUR 200m in net cash and another EUR 200m in credit lines, Luxempart has plenty of cash to do some deals, which it expects to materialize in the near termWe estimate today's NAV to be EUR 118.3 p/s, implying a discount of 42.5%. That is quite wide and provides an opportunity for long-term, patient investors. BUY reiterated. TP moves down slightly to EUR 90 (from EUR 92)
