GBL - Well positioned to enter its next growth phase GBLB BB
During the CMD, management delivered a powerful message with a deep dive into the private assets, updated strategy for Sienna and ESG focus. Although the new strategy will take some time to develop, we believe it will unlock additional value over time and hence enhance shareholder returns. We believe this is still not yet reflected in GBL’s share price, with the holding trading at a discount of c. 30%. We are convinced that a lower discount in the low 20’s range is more justified and hence reiterate our Buy rating and € 118.0 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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