Solvac SA (SOLV) BE0003545531

Je ne sais plus qui demandait ces jours-ci s'il y avait un accès à ce titre chez Bolero, voici ce que KBC Securities en disait ce 21/12/2015.

News:
On 17 December, Solvac announced an initial take-up of its rights offering at
87.45%. The subscription period for the shares ended 15 December 2015.
The remaining rights that were not exercised (3,833,260 out of 76,339,405)
have been converted into scrips. After market close, Solvac announced the
successful placement of all scrips on Friday (at € 4 per scrip).
As such, the maximum total of new shares of 6,107,152 has been placed,
bringing in the necessary € 451m for Solvac to participate in Solvay’s capital
increase (stake at 30.2%). Payment of the € 74 subscription price is expected
no later than 22 December (tomorrow). The auction price of the scrips of € 4
will be paid before 31 December.
Our View:
After accounting for both capital increases (number of shares outstanding at
Solvac and Solvay at 21,375,033 and 105,876,416 respectively), we arrive at
an NAV of € 2,970m. The NAV per share amounts to € 139.0, signalling a
current discount of 28.8%.
Conclusion:
At Friday’s closing price and incorporating the new capital situation, we
estimate NAV per share at € 139.0. At KBCS target price of Solvay of € 117,
this number augments to € 169.6. At a 30% discount, which we deem
justified given the limited free float of the Solvac share, we arrive at our new
target price of € 120, and hence put a BUY rating on the stock (upside
potential 19.9%)