A famous unknown
Peugeot Invest is a structure on the move that has invested massively over the last 5 years to transform itself.
The proportion of unlisted assets has doubled to 1/3 of its total Gross Asset Value (GAV) as of 6/30/21. It should start to enter the harvest phase in 2022. Stellantis (43% of GAV) succeeded PSA with an unmatched risk profile, balance sheet and potential. These 2 factors will transform PI’s earnings profile, whose dividend payout capacity could, we believe, double.
This change is being ignored by the market, which continues to apply a 45% discount to spot NAV, the highest in the European holding universe. Despite a narrow free float (20%), investor perception could change thanks to more active communication and the entry into the harvesting phase of unlisted assets.