Analyst Report KBC Securities - Quest for Growth

MORNING NOTE
5 July 2012
SOTP MODEL – BASED ON CLOSING PRICES OF 4 JULY 2012
Description Sector/market BB Shares held Recent Last price Crncy % of NAV Valuation
change
(€m)
Quoted companies Software & Services 14.16% 13.71
ECONOCOM Euronext Brussels ECONB BB 196,763 21,500 17.2 € 3.49% 3.37
INIT Deutsche Börse IXX GY 105,200 5,200 18.2 € 1.97% 1.91
NEMETSCHEK Deutsche Börse NEM GR 125,000 -5,000 29.4 € 3.79% 3.67
SAP Deutsche Börse SAP GR 42,500 2,500 47.6 € 2.09% 2.02
TRANSICS Euronext Brussels TRAN BB 250,000 0 7.3 € 1.87% 1.81
UNIT4 Euronext Amsterdam UNIT4 NA 45,330 0 20.3 € 0.95% 0.92
Technology Hardware 6.05% 5.85
EVS BROADCAST Euronext Brussels EVS BB 100,000 8,000 38.6 € 3.98% 3.86
LEM HOLDING Zwitserland LEHN SW 4,869 0 493.0 CHF 2.06% 2.00
Pharma & Biotech 1.98% 1.92
TEVA PHARMACEUTICAL Nasdaq TEVA US 60,000 0 40.1 USD 1.98% 1.92
Health Care Equipment 9.39% 9.09
GERRESHEIMER Deutsche Börse GXI GR 53,500 3,500 38.1 € 2.11% 2.04
NEXUS Deutsche Börse 195,000 7,500 7.8 € 1.56% 1.51
PHARMAGEST INTERACTIVE Euronext Paris 40,000 0 45.5 € 1.88% 1.82
SPHERE MEDICAL HOLDING AIM 930,031 0 0.7 £ 0.88% 0.85
UNITED DRUG Dublin 1,391,786 0 2.1 € 2.96% 2.87
Electrical & Engineering 17.61% 17.05
ANDRITZ Vienna 100,000 -7,500 41.7 € 4.31% 4.17
ARCADIS Euronext Amsterdam 210,000 -15,000 17.6 € 3.81% 3.69
FAIVELEY Euronext Paris 27,500 0 43.1 € 1.22% 1.19
IMTECH Euronext Amsterdam IM NA 194,666 7,500 19.4 € 3.89% 3.77
KENDRION Euronext Amsterdam KENDR NA 112,128 0 17.5 € 2.02% 1.96
SAFT GROUPE Euronext Paris SAFT FP 50,000 0 18.7 € 0.96% 0.93
SCHALTBAU HOLDING Deutsche Börse 16,600 81.2 € 1.39% 1.35
Semiconductors 1.80% 1.74
MELEXIS Euronext Brussels MELE BB 145,133 7,500 12.0 € 1.80% 1.74
Materials 3.13% 3.03
UMICORE Euronext Brussels 82,500 2,500 36.7 € 3.13% 3.03
Other sectors 0.00% 0.00
-
Direct Private Equity Investments Asset type Invested Committed 19.23% 18.62
ANTERYON Semiconductors equity 1.50 € 1.55% 1.50
Software & Services equity 0.63 € 0.65% 0.63
CLEAR2PAY Software & Services equity 5.57 € 5.75% 5.57
IDEA Pharma & Biotech equity 0.16 € 0.17% 0.16
KIADIS Pharma & Biotech equity 2.37 € 2.45% 2.37
MAGWELL Software & Services equity 0.43 € 0.44% 0.43
PROSONIX Pharma & Biotech equity 2.70 £ 2.79% 2.70
SYNTAXIN Pharma & Biotech equity 2.49 £ 2.57% 2.49
TCLAND Pharma & Biotech equity 2.76 € 2.86% 2.76
Capricorn Private Equity Funds & I 5.55 13.30 5.78% 5.55
CAPRICORN CLEANTECH FUND Funds & Div. Cpies equity 1.16 0.55 € 1.21% 1.16
CAPRICORN HEALTH-TECH FUNDFunds & Div. Cpies equity 3.32 11.25 € 3.46% 3.32
CAPRICORN CLEANTECH CO-INVTechnology hardware equity 1.07 1.50 € 1.12% 1.07
3rd Party Private Equity Funds 11.20 4.31 € 11.57% 11.20
Portfolio 90.65% 87.76
Net cash (incl. others & options) 9.35% 9.05
Adjusted equity value 100.00% 96.81
Number of shares (outstanding) 11,529,950
Treasury shares (for remuneration purposes, resale, collateral,...) 0.00% 0
Treasury shares (available for cancellation) 0.00% 0
Number of shares (for per share calculation) 11,529,950
Quest for Growth last price 4.80
Adjusted equity value p.s. 8.40
Current discount 42.83%
Target prices -
Target equity value 96.81
Target equity value p.s. 8.40
Discount to target equity value 42.83%
KBCS has a BUY recommendation and a € 6 target price.
The upside potential versus a stock price of € 4.8 equals 25%.
The implied discount of our € 6 target price vs. the target equity value is 28.54%.
Source: KBC Securities
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