Today is the end of lock-up period for exercising warrants with strike price of EUR 22.2.
Our view:
As we mentioned previously we see the difference between current stock price of EUR 63.1 and strike price as significant, which could trigger warrants’ exercise and create the dilution effect. Full warrants’ execution would result in decline of NAV from EUR 52.3 per share at the end of last year to approx. EUR 42 per share, implying P/NAV of 1.5x.