Confident tone on all assets, Alpitour recovery ongoing TIP''s management expressed confidence when speaking about their holdings, which they expect to reach their best ever results in 2022 despite the ongoing macro uncertainties. Due diligence of the situation at Alpitour was strongly emphasised. Booking trends for the summer season were mentioned as being even better than in 2019. Alpitour''s competitive positioning in the aviation business has improved, in light of the difficulties that affected the whole sector in Italy in particular. This positioning is confirmed by improving partnerships, even with players like Easyjet, on capacity optimization. Disposals (and IPOs?) are next to give more firepower to spend on acquisitions A decision on whether Chiorino will go public or not is likely to be made soon. Its sales mix skewed to the aftermarket and its willingness to consolidate the market may help. In the next weeks the acquisition of BE by Engineering should be finalized, leading to a cash in (net of reinvestment) of close to c.EUR100m (or even EUR100m if the IPO of Chiorino is confirmed). These proceeds should provide financial support to the group''s MandA strategy, at a time when valuations have come down. ESG: strong focus on improving standards at TIP itself and in the invested companies TIP is committed to implementing ESG principles in their companies in relation to the environment, gender equality, board independence, and quality and education (10 scholarships funded). This reinforces a historically strong focus on governance at the companies it invests in. Discount to NAV remains wide at mid-teens level - FV range updated to EUR9.8/13.1 After the publication of the 2021 Annual Report and the recent market sell-off, we update our NAV and lower our Fair Value range to EUR9.8 (from EUR10) and EUR13.1 (from EUR13.7). This small change in the current market context shows the resilience of TIP''s portfolio. Indeed, the discount is still in...