GBL 1Q FY25: NAV Dips 1.8%, Private Healthcare Assets Post Robust Results
The 1Q25 NAVps fell 1.8% to €111.2 vs. €113.8 at FY24-end, mainly dragged down by listed assets. Largest declines came from SGS (-€168m), Pernod Ricard (-€306m), and Adidas (-€127m). Private healthcare assets Affidea (+€116m) and Sanoptis (€32m) partially offset the NAVps decline. Mgmt. remains committed to achieving double-digit total shareholder returns over the medium term, targeting €5b in disposals (~50% completed) between FY24–27 for reinvestment and shareholder distribution. During 1Q, GBL reduced its stake in SGS from 19.1% to 14.6%, generating €0.8b in proceeds and €0.2b capital gains (1.7x MoIC). Investments totaled €234m, driven by €110m in share buybacks and €107m in capital calls for GBL Capital. The FY24 gross dividend of €5.0ps was approved for an attractive dividend yield of 7.4%. We reiterate our BUY rating and €86.0 TP.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.
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