Vivion - comment

A small €50m institutional investment (for 3.1% of the equity) completed in August has placed a nominal €1.6bn valuation on the equity in Vivion, and the company may seek further equity participations. The valuation is far below the €2bn figure mentioned by management some years ago, but matches our estimates. Reading too much into such a modest investment is a stretch, even if Vivion says that the asset manager is unconnected and manages over €80bn in assets. We will conduct further research before accepting it.

H1 25 operational results were in line with our expectations, and there were no significant revaluations (in either direction) in the portfolio. Fully consolidating Golden Partners gives a headline Loan to Value (LTV) of 44%, which is distorted by lower leverage at 52% owned Golden. Proportionally consolidating Golden gives an LTV figure closer to 55%.