Groupe Bruxelles Lambert

Groupe Bruxelles Lambert is a holding company. Through its subsidiaries, Co. operates through the following segments: Imerys, which consists of the Imerys group that operates in four business lines of energy solutions and specialties, filtration and performance additives, ceramic materials, and high resistance minerals; and Financial Pillar, which includes, on the one hand, under investment activities, the companies Sienna Capital, Ergon Capital Partners (ECP), ECP II, ECP III, PAI Europe III, Sagard, Sagard II and Sagard III, Kartesia and Merieux Participations I and II and, on the other hand, under consolidated operating activities, the operating subsidiaries of ECP III.
  • TickerGBLB
  • ISINBE0003797140
  • ExchangeEuronext Brussels
  • SectorFinancial Services
  • CountryBelgium

With a more favourable environment, GROEP BRUSSEL LAMBERT NV improves to Slightly Positive

GROEP BRUSSEL LAMBERT NV (BE), a company active in the Speciality Finance industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date July 31, 2020, the closing price was EUR 73.72 and its potential was estimated at EUR 86.98.

ING
ING Helpdesk

Benelux Morning Notes

Air France-KLM: A recovery yes, but a slow one. Basic-Fit: Strong membership stats in Q2 and in July. Bekaert: A beat on self-help, but tire cord decline worse than feared. Brunel International: Nice beat on 2Q20, strong NL and impressive cost control. Euronext: LSEG in talks for Borsa Italiana sale or stake in MTS. Flow Traders: Another active quarter but weaker realized volatility. GBL: 2020F DPS materially below consensus due to the Covid-19 outbreak. Proximus: Beat on cost savings, solid consumer sales, two FTTH partnerships announced. Umicore: Strong 1H20 due to bumper Rec...

ING
ING Helpdesk

Benelux Morning Notes

Basic-Fit: equity offering to relieve balance sheet and provide financial flexibility. Groupe Bruxelles Lambert: Exchange offer to Pargesa shareholders successful

Alan Vandenberghe ...
  • Michiel Declercq

Morning Note: BFIT NA, GBLB BB

Basic-Fit: Builds in additional flexibility at a small discount GBL: Pargesa declares exchange offer successful

Alan Vandenberghe ...
  • Jason Kalamboussis
  • Michiel Declercq
  • Ruben Devos
  • Wim Hoste

Feedback Virtual Benelux Conference

On Thursday 28 May 2020, KBC Securities hosted its first 100% virtual Flagship Conference. 10 out of the 11 companies were represented by C-level management. The conference was well-attended as we welcomed over 100 national and international investors. We planned around 60 meetings over the day, combining one on ones and group meetings. The preliminary feedback gathered from both investors and companies, is extremely positive. Many investors got the opportunity to dig deeper into selected investment cases and some discovered interesting new companies. In this document, we summarize the main ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Europe & the UK remain in focus The MSCI ACWI ex-U.S. is breaking topside its nearly 14-month downtrend and above key resistance. The move is being fueled by improvements throughout most of Europe and the UK, along with strength in China over the past 2-3 months. We believe these positive developments are supportive of higher equity prices moving forward. As a result of these and several other observations highlighted below, our outlook on global equities is positive. • Europe & the UK. As has been the case over the last several weeks, a major focus of ours within global equities (ex-U.S.) h...

Jérôme VINERIER

Short term view - GROUPE BRUXELLES LAMBERT SA : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €78.10. The background trend would be questioned should prices rise above €87.10.

Jérôme VINERIER

Analyse court terme - GROUPE BRUXELLES LAMBERT SA : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 78,10 €. La tendance de fond serait remise en cause en cas de franchissement de 87,10 €.

Jérôme VINERIER

Analyse court terme - GROUPE BRUXELLES LAMBERT SA : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 78,10 €. La tendance de fond serait remise en cause en cas de franchissement de 87,10 €.

Jérôme VINERIER

Short term view - GROUPE BRUXELLES LAMBERT SA : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €78.10. The background trend would be questioned should prices rise above €87.10.

ING
ING Helpdesk

Benelux Morning Notes

Air France-KLM: A recovery yes, but a slow one. Basic-Fit: Strong membership stats in Q2 and in July. Bekaert: A beat on self-help, but tire cord decline worse than feared. Brunel International: Nice beat on 2Q20, strong NL and impressive cost control. Euronext: LSEG in talks for Borsa Italiana sale or stake in MTS. Flow Traders: Another active quarter but weaker realized volatility. GBL: 2020F DPS materially below consensus due to the Covid-19 outbreak. Proximus: Beat on cost savings, solid consumer sales, two FTTH partnerships announced. Umicore: Strong 1H20 due to bumper Rec...

ING
ING Helpdesk

Benelux Morning Notes

Basic-Fit: equity offering to relieve balance sheet and provide financial flexibility. Groupe Bruxelles Lambert: Exchange offer to Pargesa shareholders successful

Alan Vandenberghe ...
  • Michiel Declercq

Morning Note: BFIT NA, GBLB BB

Basic-Fit: Builds in additional flexibility at a small discount GBL: Pargesa declares exchange offer successful

Alan Vandenberghe ...
  • Jason Kalamboussis
  • Michiel Declercq
  • Ruben Devos
  • Wim Hoste

Feedback Virtual Benelux Conference

On Thursday 28 May 2020, KBC Securities hosted its first 100% virtual Flagship Conference. 10 out of the 11 companies were represented by C-level management. The conference was well-attended as we welcomed over 100 national and international investors. We planned around 60 meetings over the day, combining one on ones and group meetings. The preliminary feedback gathered from both investors and companies, is extremely positive. Many investors got the opportunity to dig deeper into selected investment cases and some discovered interesting new companies. In this document, we summarize the main ...

ING
Hans D’Haese

GBL/Covid-19 market update/BUY (previously Hold)

After our downgrade in February, GBL's 1Q20 results publication in May allowed us to update our SOTP model with particular attention to the company's alternative investments and private equity stakes. As predicted, the discount to NAV has widened (currently c.31%). As we expect the market to normalise in the course of the next 12 months, banking on the economy coming out of a recession in 2022, we are now anticipating strong upside thanks to a shrinking discount (on top of the upside from the underlying assets). Our new TP of €86, even taking into account a 75% haircut on GBL's stake in Parque...

With a more favourable environment, GROEP BRUSSEL LAMBERT NV improves to Slightly Positive

GROEP BRUSSEL LAMBERT NV (BE), a company active in the Speciality Finance industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date July 31, 2020, the closing price was EUR 73.72 and its potential was estimated at EUR 86.98.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Groupe Bruxelles Lambert – AGM 28 April 2020

Covid-19 Alert As a precautionary measure, taking into account the exceptional situation linked to the coronavirus, the formalities of participation to the Meetings could be restricted following decisions by the public authorities or for security reasons. Shareholders are already invited to participate to the Meetings, as far as possible, by postal vote or by proxy addressed to the company. Ordinary General Meeting  Item 5: Given our concerns regarding independence on the Board (29% only), we OPPOSE to the election of M. Ian Gallienne, CEO of the company.  Item 6-9: Remuneration report and...

Pauline Delecourt

Groupe Bruxelles Lambert - AGM 23 April 2019

ITEM 4, 5.6: we note that the Company fails once again to disclose the date on which the current statutory auditor, Deloitte Reviseurs d'Entreprises, was appointed. According to the oldest Annual Report available on Company’s website (2007), Deloitte was already the Company's statutory auditor at that time. Hence, we cannot support both proposals concerning the discharge and the renewal of Deloitte's mandate. ITEM 5.2.1, 5.2.2: Given our concerns regarding independence on the board (25% only), we oppose to the elections of Xavier Le Clef and Claude Généreux. ITEM 5.4.2, 5.4.4, 5.4.5, 5.4.6: ...

Etude de l'AG du 25/04/2017

Following the resignation of Albert Frère in 2016, the two managing directors, Ian Gallienne and Gérard Lamarche were named Co-CEOs.New nominees to the board this year include Jocelyn Lefebvre a representative of Power Financial BV and Laurence Danon Arnaud, unfortunately only one of whom is independent. Given the absence of a majority independence on the board (28%), we are unable to support the election of Jocelyn Lefebvre to the board (Resolution 5.1.2).Although we note that, the following the election of Laurence Danon Arnaud, there will be one additional independent member on the board (5...

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