GBL 3Q24: NAV Up 3.6% To €118 & Capital Markets Day Today

As of 3Q-end, GBL's NAVps stood at €117.99, up 3.6% compared to 1H FY24 (€113.9). On a YTD basis, GBL's disposals of listed assets has helped crystallise capital gains of €1.1b (€630.0m during 9M'24 and €422.0m coming from forward sales that matured on 24th Oct'24). Notably, the stake in Adidas has been cut in half from 7.6% to 3.51%. GBL continues to have an attractive overall liquidity profile of €4.3b, which should be sufficient to seize an opportunities over the short to medium-term. We note that shares of Pernod Ricard (approx. 13.0% of NAVps) have declined almost 30.0% YTD and has put downward pressure on GBL's overall performance while Concentrix has also declined more that 50.0% YTD. We look forward to GBL's strategic update during which management could potentially unveil a strategy that gives a higher weight to private assets (40.0%+). We currently estimate NAVps and TEVps to be €107.7 and €126.2, implying discounts of 39.2% and 48.1%. We reiterate our BUY rating and €100.0 TP.