Q3 report shows further capital allocation to conviction ideas - intrinsic value EUR12.6/s TIP reported a pro forma NP of EUR13.8m in Q3 21 (which includes the realised capital gains and losses on shares) and EUR85.4m in 9m. In Q3 21 TIP committed to acquire an additional 5% stake in Vianova (TIP has 12% stake). The capital hike of OVS (EUR21.6m invested) and Eataly (EUR1m invested) were completed. In October TIP announced EUR89m investment in Limonta, one of the leading players in luxury textile. In addition, TIP followed with the capital hike in Alpitour (EUR11.6m out of EUR50m total capital hike) and in Digital Magics. The issuance of OVS''s 6 years bond sustainability-linked with 2.25% was EUR15m subscribed by TIP. In November EUR3.4m was further invested in Bending Spoons. Intrinsic Value is now at EUR12.6/share. Limonta: high-end luxury textile supplier focused on ESG trends Limonta is one of the main players in the high-end textile market in EU with a specific leadership in the design and production of plain, jacquard and coated fabrics mainly for clothing, accessories and furnishings. It has a complete textile supply chain, which is combined with resin coating, coating, coagulation and printing technologies, with particular focus on the development of sustainable products. It is one of the main suppliers for the largest international luxury maisons, with which Limonta has been partnering for a very long time. EBITDA margin has been c. 19%/20% historically. The 2021e turnover of EUR160m is done with 850 employees in 5 industrial sites. TIP acquired a 25% stake in the company for EUR89m (EUR356m for 100%). However, according to our estimates, Limonta has c. EUR80m of net cash which can be used for MandA, and assuming a cautious 8x EV/EBITDA paid, Limonta may be valued at EUR500m (TIP stake at EUR125m) if it is IPO-ed, assuming 12x 2023 EV/EBITDA, similar to the luxury sector. TIP and Limonta''s main shareholder may consider an IPO but...