Share Code: ARA – Market Cap: R508m – Discount to NAV: 40%

Q1:24 Results: Currency headwinds

• Astoria Investments reported its Q1:24 results that show Net Asset Value (NAV) per share decreased -7.7% and -4.8% in USD and ZAR respectively as currency headwinds impacted translations and Goldrush (code: RACP) and Leatt’s (code: LEAT) share price pressure endured for this period.
• As a reminder, Astoria’s reporting policy for Q1 and Q3 periods is not to perform detailed valuations of unlisted investments (except when developments require an immediate and material change in value). Price changes for listed investments and currencies are reflected on an ongoing basis.
• In our updated Sum-of-the-Parts (SOTP) valuation below and on the next page, we have done the same and updated our view for the latest share prices and exchange rates.

Commentary: Further Leatt Investments Concluded

• Astoria’s further acquisition of Leatt Corp’s shares was concluded during this period. We discuss this investment and the underlying business in some detail in our previous results note (LINK) and consider it an attractively priced asset with the deal using Astoria’s equity in a non-dilutive manner.
• Late in April, Astoria’s management hosted an investor event that was recorded and can be viewed here: LINK.

Valuation, 12m TP & Implied Return: Above Average Discount

• Updating Astoria’s NAV to current prices, the share is trading at c.40% discount to the current NAV (Previously: 42%).

• If we take out our calculated “HoldCo discount” of c.14.2% (Previously: 13.9%) from this NAV, we arrive at a fair value for Astoria’s shares of c,1162cps (Previously: 1192cps) or c.42% higher than the current share price.
• Rolling this fair value forward at our Cost of Equity, we arrive at a 12m TP of c.1386cps (Previously: 1420cps) that implies a potential return of c.69% from the current share price.