NAV
As Sofina is an investment holding company, NAV is an important factor in my evaluation. This Net Asset Value is estimated at a price share of 297 Eur, up from 294 last year. It is slightly impacted by a capital raise end of 25, which might have diluted the NAV by 7 to 10 Eur per share.
Discount
Current trading at 237,5 Eur, we have a NAV discount of about 18 to 20%. This makes today a potential "good buy" moment.
Price to books
We see a 0.86x, this confirms buying the underlying assets at a good price, although not in line with the Discount.
Dividend
Sofina pays a stable, but relative low yield dividend, estimated to be at gross yield of 1.4%, backed with a solid cash position.
Portfolio
- Sofina Direct – minority direct stakes in private companies
- Long-term minority investments (often more mature / strategic)
- Sofina Private Funds – commitments as LP into VC/growth/private equity funds
Sofina is exposed to the techlandscape, as well as USD FX fluctuation !
Risks
- Dilution of capital raise if not invested correctly
- FX risks
- What if no IPO of underlying investments - drag on share price vs NAV
My evaluation
I invest in Sofina based on the NAV and Price to books ratio today, and the stable dividend growth historically. I feel the recent capital increase positions them well to invest wisely in 2026, but I monitor the risks as mentioned.
My fair value is 340 Eur for 2027.
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Disclaimer
The user fhuyge has a position in ENXTBR:SOF. Simply Wall St has no position in any of the companies mentioned. Simply Wall St may provide the securities issuer or related entities with website advertising services for a fee, on an arm's length basis. These relationships have no impact on the way we conduct our business, the content we host, or how our content is served to users. The author of this narrative is not affiliated with, nor authorised by Simply Wall St as a sub-authorised representative. This narrative is general in nature and explores scenarios and estimates created by the author. The narrative does not reflect the opinions of Simply Wall St, and the views expressed are the opinion of the author alone, acting on their own behalf. These scenarios are not indicative of the company's future performance and are exploratory in the ideas they cover. The fair value estimates are estimations only, and does not constitute a recommendation to buy or sell any stock, and they do not take account of your objectives, or your financial situation. Note that the author's analysis may not factor in the latest price-sensitive company announcements or qualitative material.