KBC Securities - Groupe Bruxelles Lambert SA (GBLB) GBL 1Q FY24: NAV rises 2%; Adidas Stake Trimmed To 6.9%

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KBC Securities

Sharad Kumar S.P

GBL 1Q FY24: NAV rises 2%; Adidas Stake Trimmed To 6.9%

During 1Q FY24, GBL posted a NAVps of €115.9ps, up 2.0% vs €113.6ps during FY23-end. GBL crystallized value on a portion of its Adidas stake by trimming its position from 7.9% to 6.9% - this generated €258.0m in cash proceeds of which €155.0m was capital gains. Both healthcare participations reported strong top line growth which was complimented by M&A while private assets cumulatively rose by €36.0m in FV. GBL Capital generated €94.0m in value and €37.0m in cash earnings. Sienna IM recorded inflows of €2.1b and saw AuM rise to €36.0b+. We are pleased to see the slight increase in NAV which was mainly driven by slight upticks in valuation within private assets, GBL Capital and Sienna IM. We current estimate NAVps and TEVps to be €115.3 and €128.4 thus implying a discount of 39.4% and 45.3% respectively. We reiterate our BUY rating and €91.0 TP.

03/05/2024 1 EN

Underlying

Groupe Bruxelles Lambert SA

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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BE0003797140 Euronext Brussels Belgium

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Sharad Kumar S.P

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GBL 1Q FY24: NAV rises 2%; Adidas Stake Trimmed To 6.9%

We are a financial services provider for several types of professional clients, each with distinct needs.

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Corbion FIRST LOOK: FY25 EBITDA +27% organ., FY26 margin guidance of 17%

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