Corporacion Financiera Alba posted results well above our estimates for 2022, with net income up 45% to €439m. These results were nevertheless driven by the performance of financial investments at fair value, as well as the capital gains on sales while the portfolio companies posted a weaker performance (-5.7% yoy). As per the H1, we think that the observed 2.7% decline in NAV is unlikely to distract investors from the attractiveness of the stock, considering the compelling 48% discount to NAV.
