08
September 2025
Reinet Investments
Pierre Muller
Equity Analyst, PSG Wealth
Analyst recommendation
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| Counter | Share price | Intrinsic value | Difference |
| RNI-ZA | R539.16 | R615 | 14% |
As at 28 August 2025
Executive Summary
In this report, we review the latest management statement released for the first quarter that ended 30 June 2025.
Financial results at a glance:
• Net asset value (NAV) as of 30 June 2025: €6.6 billion, reflecting a compound growth rate of 8.6% per annum in euro terms since March 2009, inclusive of dividends paid. This is higher than the 5.2% average rate of South Africa inflation in the same period, positioning RNI as an inflation-beating investment over the long-term, while also being a Rand hedge.
• Quarter-on-quarter change: NAV decreased by 4.6% due to declines in the estimated fair value of larger investments and currency weakness in sterling and the US dollar, reducing the euro value of certain assets and liabilities.
• NAV per Share: €36.30 as of 30 June 2025, a 24% discount (previous: €38.04 on 31 March 2025, a discount of 40%).
• Listed investments: €121 million, making up 1.8% of NAV.
• Unlisted investments: €4 682 million, not considering the PICG transaction, making up 70% of NAV, with €3 432 million (52%) in PICG. Note: The unlisted section will appear materially different once the PICG transaction is completed, as the cash received will be transferred from unlisted investments to liquid cash holdings.
• Cash and liquid funds: €1 941 million, making up 29% of NAV, up from €1 819 million on 31 March 2025.
• Investment activity: €293 million committed to new/existing investments in the quarter, with €21 million funded.
• Post 30 June 2025 highlights: Agreement reached to sell 100% holding in Pension Insurance Corporation Group Limited to Athora Holding Ltd, expected to close in early 2026.
Analyst thesis
Our recommendation is based on:
• With BATS-GB-related debt repaid and significant inflows expected from the PICG transaction, anticipated to be completed in early 2026, Reinet will have the flexibility to increase shareholder returns via buybacks, dividends, or redeployment into new investments.
• Plausible room for a minority buyout post PICG transaction completion as most of the NAV will be in cash.
• While peers such as closed-end investment trusts in Europe also trade at discounts, Reinet’s clear monetisation event (PICG sale) provides a stronger near-term rerating catalyst than most, especially given its low leverage and proven history of value realisation.
• Holdings in Trilantic, TruArc, Coatue, Asian growth funds, and select listed positions provide exposure to private-market investments, although we view this as immaterial in value compared to the above.