GBL - H1 23: New assets outperform, Concentrix struggles
GBL's H1 NAV down 2% but NAV p/s up 3% thanks to cancellation of shares to EUR 119.3 (DPe EUR 122)Dividend guided to be stable again at EUR 2.75We estimate today's NAV to be EUR 119.5 p/s, implying a discount of 38.4%. Although elevated and despite continued strong performance from Affidea and Sanoptis, we see little catalysts for a rerating in the short termOur TP goes to EUR 89 (vs. EUR 91 before). Hold reiteratedGroupe 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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