GBL Analyst Call Feedback, New CEO Presentation
At GBL's Q1 2025 conference, newly appointed CEO Johannes Huth, former partner at KKR (now advisory partner), outlined a strategic shift towards more private capital to boost shareholder value. In private, the CEO sees no more than 3 verticals. Healthcare will remain important, next to consumer and potentially a third in light industrial. He targets double-digit total shareholder return and the reduction of the NAV discount by focusing on the investment process. GBL's zero LTV and €5.6 billion liquidity underline its firepower for portfolio investments and shareholder remuneration. Share buy-back will remain an important instrument with a 500m target approved. Key portfolio updates included Sanoptis' buy-and-build strategy and different Trump tariff impacts. Pernod Ricard is most exposed, while Imerys is less exposed. GBL Capital's performance suffered from FX headwinds. We believe the new CEO could become a catalyst for outperformance.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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