GBL Capital Markets Day
Yesterday, GBL hosted its CMD which included some 2027E targets for the approximate allocations to different sub-portfolios – what stood out was that the weight of listed assets would reduce from 60.0%+ currently to approximately 50.0% while private assets (direct private + GBL capital) could reach a weight of 55.0% (upper-end) within GBL's portfolio. We think that a private asset weight of more than 50.0% would make GBL more attractive since its portfolio will be only one of the few ways to gain exposure to stakes in highly sought-after/dominant private companies across Europe. GBL also stated that, during the period FY24-FY27, the group expects to dispose €3.3b cumulatively from both listed and private assets while returning €3.0b to shareholders over the same period of time. As of YTD FY24, GBL has already executed €1.7b in disposals. Finally, GBL will start paying an annually rising dividend which will increase from a new bas of €5.0ps. We reiterate our BUY rating and €100.0 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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