Theia note - Listed assets: a fine end to the year

N A V per share for H1-23 rose by 12.4 %, dividends reinvested. This trend was driven by listed holdings, despite the downward revision of property assets. The year 2023 ended with a rally in the equity markets against a backdrop of falling interest rates. We are taking advantage of this movement to highlight the operating performance and prospects of 3 listed holdings that stood out. Despite the economic slowdown observed since 2023, China (and Asia) represent growth drivers for each of these 3 groups. It should be noted, however, that any downturn in Chinese growth will have a negative impact on the perception of Forvia and SEB, which have a strong presence on this continent (29% of their sales).

• Stellantis (7.1% holding and 42.9% of CAV H1-23)

• Forvia (3.1% holding and 1.6% GAV H1-23)

• SEB (4.0% holding and 3.0% of GAV H1-23)

Stellantis' surge has not been a catalyst for PEUG's share price over the past year...