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JSE-listed investment holding company Brait [JSE:BAT] announced a sharp drop in its net asset value on Thursday amid a "challenging" business environment.
It said its net asset value per share at March 31 2019 is expected to be between R40.75 and R42.75, a reduction of between 23.4% and 27.0% from a year ago. In euro terms, NAV per share is expected to decrease of between 31.3% and 34.5%.
The company is dual listed on the Luxembourg and Johannesburg stock exchanges.
"The challenging environment has resulted in the decline of the respective peer group average multiples for each of Brait’s portfolio companies," it said in a note to shareholders.
"To maintain historic levels of discount to these peer averages, Brait has reduced the respective valuation multiples applied at 31 March 2019 for Virgin Active, Premier and Iceland Foods."
Brait said it expects to release financial results through March 2019 on or about June 18.
The group's shares were changing hands at R23.25 a share on Thursday before trading on the JSE commenced.
