Corporacion Financiera Alba posted tepid H1 23 results, with net income down 24% to €147m. The reasons? i) lower earnings from investments, ii) falling fair value of property investments, and iii) lower capital gains compared with last year. On a more positive note, Alba recorded a NAV bounce, up 8.4% ytd to €5.7bn, leaving the discount to NAV at 50%. Notwithstanding these results, Alba remains, for us, an affordable access to quality Iberian assets.
