No Surprises at Groupe Bruxelles Lambert; Shares Fairly Valued
Full-year results at Groupe Bruxelles Lambert brought no surprises. Cash earnings were negatively affected by the divestment of high-yielding stakes in Total and Engie, decreasing close to 5% compared with 2015 to EUR 440 million. Earnings came in at a loss of EUR 458 million owing primarily to recognized impairment charges on LafargeHolcim of EUR 1.7 billion, slightly offset by capital gains resulting from the Total divestment. More representative of GBL's performance, adjusted net assets per s...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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