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Heliad Equity Partners (HEP) posted a 35% decrease in net asset value (NAV) per share during Q222, driven mostly by the 51% stock price decrease of flatexDEGIRO (FTK) (alongside the sell-off across listed online brokers), which now makes up roughly half of HEP’s portfolio. Meanwhile, revaluation of private holdings had a minor impact on HEP’s NAV, with only FINN and Klarna closing new funding rounds in Q222. We note that HEP’s management expects the weighted average revenue of its new investments since 2021 to grow 3.6x in 2022 vs the prior year. Management also highlighted that advanced talks on new funding rounds of some holdings may bring HEP’s NAV per share to c €10 (up c 20% from end-June 2022), while the current HEP share price is c 53% lower.