The NAV and DCF are down as we have updated the conversion of the (€1.5m) green bond issued in January 2021 to the current share price level, with a 20% discount, leading to the creation of 3.3m shares. Note that, ultimately, the dilution of shares will depend on the bondholders’ decision to convert, and the conversion price (which depends on the stock price). Note that we have also added the issuance of the €2m green bond (30/11/2021). Given the current gap between the share price and conversion price (€0.50 per share), we do not expect that the bond will be converted for now, but instead be repaid by the company on a monthly basis (€1m in 2022 and €1m in 2023).
