FY22 NAV came in at EUR 147.7 p/s, down 2.3% (FY21: EUR 151.2) and perfectly in line with our estimate (DPe: EUR 147.7)Dividend was already pre-announced at EUR 5 p/s (FY21: EUR 5.7)Cash remains high at EUR 3.3bn which can provide opportunities in the current market, but strategy remains unclear We estimate today's NAV to be EUR 150.7 p/s, implying a discount of 17%. That is above its long-term average (7%) and more in line with our target discount (25%). We deem this is justified given the poor recent track record and lack of communication.TP goes down to EUR 126
