(AOF) – Up this morning, Peugeot Invest shares are now stable at 102.80 euros. The holding company which represents the interests of the Peugeot family posted as of June 30, 2023, a revalued net asset (NAV) per share of 221.3 euros, i.e. an attached dividend performance of +12.4% over the first half of 2023. NAV corresponds to the market valuation of all assets held by Peugeot Invest, less financial debts.
“Over the half-year, listed investments showed good performance, superior to that of the markets, the valuation of co-investments was driven by the value creation of Polyplus, and that of investment funds was stable, adjusted for calls and half-year repayments,” commented Peugeot Invest.
According to Degroof Petercam, the main contributor was Stellantis, which grew by 30% over this period. The analyst explains that the holding company’s discount (54%) is the highest among those he follows and which he justifies by the low float: 20%. Not expecting any change in the short term, he does not see a catalyst to reduce the discount. Degroof Petercam therefore remains to be Retained.
Over the first half, consolidated net profit, group share, increased by 31.6% to 252.2 million euros. This increase is mainly explained by the increase in dividends received by Peugeot Invest and its controlled subsidiaries, which increased by 22.4% to 320.4 million euros.
Peugeot Invest continued to rotate its assets. Proceeds from disposals and distributions for the first half of 2023 amounted to 262 million euros compared to 291 million euros in the first half of 2022. They made it possible to finance 199 million euros of new investments in the first half of 2023.
In this regard, Robert Peugeot, President of Peugeot Invest, welcomed the success of the public buyback offer which allows the company to hold 5.1% of the capital of Rothschild & Co. The result of this operation was unveiled last Tuesday.
Net debt as of June 30, 2023 amounts to 862 million euros, compared to 885 million euros as of December 31, 2022. This amount takes into account the mobilization of 152 million euros in anticipation of the investment in Rothschild & Co disbursed in the second half. The Loan to value debt ratio remains limited, at 14%, down over the half-year. All debt used is at a fixed rate. Unused credit lines total 898 million euros.
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