reports
Groupe Bruxelles Lambert SA: 1 director
A director at Groupe Bruxelles Lambert SA bought 5,000 shares at 69.842EUR and the significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ...
- ING Helpdesk
Benelux Morning Notes
GBL: Beat on NAV thanks to strong Affidea & Sanoptis, changes in governance. OCI: 2H24 EBITDA loss on soft Nitrogen Europe and corporate costs. Proximus: Belgian state not yet proposing a new chairman. Universal Music Group: Ackman to sell a 2.7% stake. Vopak: Aiming for acceleration, opportunities promising
- Hilde Van Boxstael
- Jacob Mekhael
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Lewi
- Sharad Kumar S.P
GBL FY24: Flat NAV, Leadership Change & Progress Made On Mid-Term Targ...
During FY24, NAVps remained flat at €113.3 (vs €113.6 at FY23-end), mainly dragged down by declines amongst listed assets. Mgmt. has made progress towards delivering double-digit TSR during the medium term. During Mar'25, GBL reduced its stake in SGS to 14.6%, generating proceeds to €0.8b of which €0.2b was cap gain. Prior to this, the stake in Adidas was also reduced from 7.6% to 3.5%. Proceeds from these divestments will be used to pay out a €5.0ps dividend (+80% YoY), which is expected to gro...
- ING Helpdesk
Benelux Morning Notes
Ageas: Final stages in race for bidders on ESURE (UK). Agfa-Gevaert: A strong end to the year, driven by Healthcare. Basic-Fit: FY24 broadly in line; outlook FY25 below due to more aggressive 24/7 roll-out. GBL: Preview of upcoming FY24 results. Staffing: Manpower Employment Outlook Survey 2Q25; positive but stable trend vs 1Q25
- ING Helpdesk
Benelux Morning Notes
Air France-KLM: Surprising 4Q to the upside. CMB.TECH: A golden step into Golden Ocean? EVS: Evertz 3Q25 results. GBL: Boosting its liquidity profile. Gimv: Continued transaction spree post capital increase. Solvay: 4Q24 beat, 2025F guide in-line, reaffirmed 2028F target. Talabat: Completes InstaShop acquisition
- Sharad Kumar S.P
GBL Sale Of 8.5m Shares Of SGS SA Could Make Way For Sizable Private A...
GBL announced that it had sold, through its wholly-owned subsidiary ‘Serena S.à r.l', 8.5m shares of SGS SA (~4.5% of SGS' shares outstanding) by way of an accelerated bookbuilding process for total proceeds of €0.8b. GBL will continue to remain SGS' largest shareholder with ~14.6% of the capital and voting rights. In the context of the Offering, GBL has entered into a 90-day lock-up commitment with respect to its remaining shares of SGS. The Offering is expected to settle on March 10, 2025. We ...
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Sharad Kumar S.P
Holdings Report - February 2025 KBCS Holdings Universe Returns 3.7% Du...
1M Performance - Absolute: During Feb'25 (1M period), the KBCS Holdings Universe posted a return of +3.7% which was mainly driven by single-asset holdings (+11.1%) while multi-asset holdings posted a modest return of +0.5%. The 3 top performers during the period were Heineken Holding (+21.3%), KBC Ancora (+6.9%) and Ackermans & van Haaren (+4.4%) while the 3 worst performers were Financière de Tubize (-6.3%), Compagnie du Bois Sauvage (TINC; -6.6%) and Whitestone Group (-6.8%). YTD Performance...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
EXO EXOR N.V.
ROCK WHITESTONE GROUP
- ING Helpdesk
Benelux Morning Notes
Fagron: FDA says semaglutide shortage is resolved. GBL: Imerys, a challenge and a possible solution. Food Delivery: Prosus set to acquire Just Eat Takeaway. PostNL: Final FY24 results in line, FY25 outlook below due to strategic investments. Retail Estates: 9-month update with no surprises
- Sharad Kumar S.P
Holdings Report - January 2025 KBCS Holdings Universe Returns 3.1% Dur...
1M Performance - Absolute: During Jan'25 (1M period), the KBCS Holdings Universe posted a return of +3.1% which was mainly driven by multi-asset holdings (+3.3%) while single-asset holdings posted a slightly lower return of +2.7%. The 3 top performers during the period were Sofina (+10.6%), Financière de Tubize (+7.5%) and Whitestone Group (+6.4%) while the 3 worst performers were Gimv (-2.0%), The Infrastructure Company (TINC; -3.4%) and Texaf (-5.1%). YTD Performance - Relative: On a YTD bas...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
EXO EXOR N.V.
ROCK WHITESTONE GROUP
- Sharad Kumar S.P
Holdings Report - December 2024 KBCS Holdings Universe Returns -3.1% d...
1M Performance - Absolute: During Dec'24 (1M period), the KBCS Holdings Universe posted a return of -3.2% which was mainly driven by multi-asset holdings (-4.3%) while single-asset holdings posted a significantly less negative return of -0.6%. The 3 top performers during the period were D'Ieteren Group (+26.6%), Compagnie du Bois Sauvage (+7.0%) and KBC Ancora (+7.0%) while the 3 worst performers were Exor (-5.4%), Heineken Holding (-3.6%) and Gimv (-1.1%). FY24 Performance - Relative: During ...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
EXO EXOR N.V.
ROCK WHITESTONE GROUP
- ING Helpdesk
- Sharad Kumar S.P
Holdings Report - November 2024 KBCS Holdings Universe Returns -3.6% D...
1M Performance - Absolute: During Nov'24 (1M period), the KBCS Holdings Universe posted a return of -3.6% which was mainly driven by single-asset holdings (-6.9%) while multi-asset holdings posted a slightly less negative return of -2.2%. The 3 top performers during the period were D'Ieteren Group (+5.4%), Gimv (+5.1%) and KBC Ancora (+0.6%) while the 3 worst performers were Compagnie du Bois Sauvage (-10.1%), Heineken Holding (-9.6%) and Quest For Growth (-7.5%). YTD Performance - Relative: O...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
EXO EXOR N.V.
ROCK WHITESTONE GROUP
- Sharad Kumar S.P
GBL Capital Markets Day
Yesterday, GBL hosted its CMD which included some 2027E targets for the approximate allocations to different sub-portfolios – what stood out was that the weight of listed assets would reduce from 60.0%+ currently to approximately 50.0% while private assets (direct private + GBL capital) could reach a weight of 55.0% (upper-end) within GBL's portfolio. We think that a private asset weight of more than 50.0% would make GBL more attractive since its portfolio will be only one of the few ways to gai...
- Hilde Van Boxstael
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Aalberts: Building already bottoming, industry tough. Air France-KLM: Nobody helps. Alfen: Covenant agreement, hikes output Smart Grid. AMG: Sweet for 2024F, sour for 2025F. ArcelorMittal: 3Q24 EBITDA beats by 6%, FCF solid. BAM: 3Q beats, on its way to reach FY guidance. CMB.TECH: 3Q and FY24 reasonable but then more challenges. D'Ieteren: EGM and dividend dates announced; Belron US peer Boyd disappointing 3Q24. GBL: Double-digit TSR expected over 2024-27F. KBC: 3Q better acro...
- Thomas Couvreur
GBL 3Q24: NAV Up 3.6% To €118 & Capital Markets Day Today
As of 3Q-end, GBL's NAVps stood at €117.99, up 3.6% compared to 1H FY24 (€113.9). On a YTD basis, GBL's disposals of listed assets has helped crystallise capital gains of €1.1b (€630.0m during 9M'24 and €422.0m coming from forward sales that matured on 24th Oct'24). Notably, the stake in Adidas has been cut in half from 7.6% to 3.51%. GBL continues to have an attractive overall liquidity profile of €4.3b, which should be sufficient to seize an opportunities over the short to medium-term. We note...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Sharad Kumar S.P
Holdings Report - October 2024 KBCS Holdings Universe Returns -2.5% Du...
1M Performance - Absolute: During Oct'24 (1M period), the KBCS Holdings Universe posted a return of -2.5% which was mainly driven by single-asset holdings (-2.8%) while multi-asset holdings posted a slightly less negative return of -2.3%. The 3 top performers during the period were Financière de Tubize (+6.7%), D'Ieteren Group (+4.5%), and Solvac (+2.8%) while the 3 worst performers were Sofina (-11.4%), Gimv (-9.8%), and Compagnie du Bois Sauvage (-6.3%). YTD Performance - Relative: On a YTD ...
GBLB GROUPE BRUXELLES LAMBERT SA
HAL HAL TRUST
DIE D'IETEREN SA
SOF SOFINA SA
SOLV SOLVAC S.A.
GIMB GIMV NV
QFG QUEST FOR GROWTH
ACKB ACKERMANS & VAN HAAREN NV
TUB FINANCIERE DE TUBIZE S.A.
HEIO HEINEKEN HOLDING N.V.
KBCA KBC ANCORA SCA
TEXF TEXAF
BREB BREDERODE S.A.
TINC TINC COMM. VA
EXO EXOR N.V.
ROCK WHITESTONE GROUP
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