Q1 23 NAV amounted to EUR 152.04 p/s (FY22: EUR 147.7), in line with our estimate of EUR 151.2Portfolio realized an organic growth decline of 3%. Meanwhile, its cash position dropped to EUR 3.0bn but still represents >20% of its portfolioWe estimate today's NAV to be EUR 153.4 p/s, implying a discount of 18%. That is in between the long-term average of (~10%) and our target discount of 25%. TP of EUR 126 and Hold rating reiterated