GBL - Q3 NAV -8.5%, as expected, new SBB announced
NAV at EUR 109.2 p/s, down 8.5% QoQ and in line with our estimate of EUR 107.47th share buyback envelope approved with another EUR 500m to be put to use or ~5% of its market capStrategic management changes at GBL Capital We estimate today's NAV at EUR 109.1 p/s, implying a discount of 34.4%.We reiterate our Hold rating and keep our EUR 89 TP unchangedGroupe 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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