VNV delivered a Q1 NAV that was strongly influenced by listed peers’ multiples trading down, while our impression is that the underlying portfolio continues to perform well and that transactions are still taking place close to VNV’s NAV levels. The company also announced a partial buy-back offer for its outstanding bonds, which we interpret as it having further exits in sight and liquidity on the way. The NAV discount after today hovers at c. 50%.
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