GBL - FY23: Overall in line with impressive GBL Capital
• FY23 NAV came in at EUR 113.6 p/s, down 2.2% YoY and slightly above our estimate (EUR 112.6). GBL proposes stable dividend at EUR 2.75 p/s, as guided at H1• We estimate today's NAV at EUR 116.1 p/s, which points to a discount of 40.9%. This is quite elevated compared to the long-term average of ~25%. Applying our target discount of 30%, we keep our TP at EUR 89• Despite our TP offering ~30% upside, we believe the sentiment surrounding GBL is suboptimal. We believe the firm needs to regain trust of investors by realizing attractive NAV growth. ThisGroupe 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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