September 15, 2022
18:12
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With disappointing news from London and India, Thursday was a bad day for Bel20’er Sofina. The Boël holding company remained in the dark on the stock exchange for several months.
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Things could gradually get better for Sofina. The Boël family holding company has experienced difficult months on the stock exchange. The discreet investor took a dip this year as tech sentiment cooled. But it seems that Sofina has to empty the glass to the bottom. On Thursday, the holding again had to deal with a double damper on its portfolio, again due to the concerns of children who have long been in the spotlight.
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Disappointing results came from London from the THG lifestyle online store, formerly known as The Hut Group. That ecommerce player linked a sale notice to a profit notice. THG now expects revenue growth of 10 to 15 percent, compared to a previous growth forecast of 22 to 25 percent. The gross operating margin (EBITDA) will be lower than in 2021.
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THG thus continues its journey on the ordeal. Since the euphoric IPO in September 2020, things have gone from bad to worse for the company. This has seen more than 80 percent of its initial market value go up in smoke due to an amalgam of problems. Sofina owns more than 8% of the company.
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Ex-crown jewel
With the Indian Byju’s, Sofina has yet another problem of participation. On Thursday, the Indian learning app, long considered the crown jewel in Sofina’s portfolio, finally released financial results for fiscal year 2021. These figures were repeatedly shelved as the auditor took longer to review them. to keep the light. Not a good sign for a business who can count on skepticism about its financial pros and cons.
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The long wait was not rewarded with promising figures. Turnover decreased by 3.3 percent to 24.28 billion rupees (about 300 million euros), while the loss increased to 45.64 billion rupees (570 million euros) due to, among other things , higher wage costs. Furthermore, due to the difficult macroeconomic environment, Byju’s is postponing its planned IPO to next year.
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Sofina was the worst at Argenx on Thursday in Bel20, but the 1.9% loss wasn’t a bat. This is because both holdings have significantly lost importance in Sofina’s portfolio in recent months. Bank Degroof, for example, has already zeroed Byju’s intrinsic value in its models for Sofina.
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