• Q1 24 up 4.9% over the quarter to EUR 157.5 p/s, slightly below our estimate• We estimate today's NAV to be EUR 159.5 p/s, implying a discount of 23%• We see few catalysts at portfolio level. Although there remains a potential catalyst in the shareholder structure following the passing of Mr. Melchers• We remain neutral on the name. TP goes up slightly to EUR 125 p/s (from EUR 123) mainly due to higher TPs for the listed portfolio - Hold reiterated
