Yesterday FFP released their 2016 annual report (French) which prompted me to update my spreadsheet that calculates the live NAV of the holding company. Since I started my position in FFP in 2013 the discount has shrunk a little bit, but has remain fairly constant so far. I estimate it to be 40.4%, just a handful of percentage points lower than the 46.5% discount it was trading at three/four years ago. Because of that I’m happy to continue holding my position. If you want to access the spreadsheet yourself, I have shared it here.
Author is long FFP