With the Q1 NAV holding up relatively well in our view, despite a volatile macro environment, the share price discount now stands at 62%, broadly in line with the average discount over the past three years. During Q2, VNV still anticipates finalising the sale of Gett (pending approvals), which would reduce net debt and mark the beginning of a debt-free new chapter for the company. The underlying portfolio remains on track to deliver >25% growth.
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