reports
Groupe Bruxelles Lambert SA: 1 director
A director at Groupe Bruxelles Lambert SA bought 20,000 shares at 69.330EUR and the significance rating of the trade was 89/100. 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
- Kris Kippers
GBL - FY23: Overall in line with impressive GBL Capital
• FY23 NAV came in at EUR 113.6 p/s, down 2.2% YoY and slightly above our estimate (EUR 112.6). GBL proposes stable dividend at EUR 2.75 p/s, as guided at H1• We estimate today's NAV at EUR 116.1 p/s, which points to a discount of 40.9%. This is quite elevated compared to the long-term average of ~25%. Applying our target discount of 30%, we keep our TP at EUR 89• Despite our TP offering ~30% upside, we believe the sentiment surrounding GBL is suboptimal. We believe the firm needs to regain...
- Sharad Kumar S.P
Holdings Report - January 2024 KBCS Holdings Universe outperforms BEL2...
1M Performance - Absolute: Over the last 1M period, the KBCS Holdings Universe posted a return of +1.2% which was mainly driven by single-asset holdings (+2.0%) while multi-asset holdings posted a lower return (+0.5%). The 3 top performers during the period were Financière de Tubize (+7.5%), Brederode (+7.5%), and D'Ieteren Group (+6.1%) while the 3 worst performers were Solvac (-4.0%), Ackermans & van Haaren (-2.5%), and Gimv (-2.4%). YTD Performance - Relative: On a YTD basis, the KBCS Holdi...
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
- MarketLine Department
EXOR S.p.A. - Mergers & Acquisitions (M&A), Partnerships & Alliances
Summary Marketline's EXOR S.p.A. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by EXOR S.p.A. - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports off...
- Sharad Kumar S.P
Holdings Report - December 2023 KBCS Holdings Universe Outperforms BEL...
1M Performance: Over the last 1M period, the KBCS Holdings Universe posted a resturn of +6.8% which was mainly driven by single-asset holdings (+9.2%) while multi-asset holdings holdings posted a lower return (+5.2%). The 3 top performers during the period were Sofina NV (+16.0%), D'Ieteren Group (+13.4%), and Gimv (+10.4%) while the 3 worst performers were Texaf (+1.8%), Heineken Holding (+1.3%), and The Infrastructure Company (TINC; -1.3%). Full Year Performance: On a FY basis, the KBCS Holdi...
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
- Sharad Kumar S.P
Holdings Report - November 2023 KBCS Holdings Universe Posts 1M Absolu...
1M Performance: Over the last 1M period, the KBCS Holdings Universe posted a resturn of +7.2% which was mainly driven by multi-asset holdings (+10.5%) while single-asset holdings holdings posted a much lower return (+2.2%). The 3 top performers during the period were Sofina NV (+16.0%), D'Ieteren Group (+13.4%), and Gimv (+10.4%) while the 3 worst performers were Texaf (+1.8%), Heineken Holding (+1.3%), and The Infrastructure Company (TINC; -1.3%). YTD Perfomance: On a YTD basis, the KBCS Holdi...
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
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
Atenor: Q3 trading update – capital increase to be finalized soon. Ayvens: Dirty numbers. Brunel International: 3Q23 in line with strong revenue trends, warns on 4Q23/FY24. Eurocommercial Properties: Strong numbers, guidance now at upper end of the range. ForFarmers: 3Q trading update. GBL: NAV underperforms but new share buybacks supportive. Solvay: 3Q23 sales miss, EBITDA in-line and strong FCF, guidance confirmed
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Kris Kippers
GBL - Q3 NAV -8.5%, as expected, new SBB announced
NAV at EUR 109.2 p/s, down 8.5% QoQ and in line with our estimate of EUR 107.47th share buyback envelope approved with another EUR 500m to be put to use or ~5% of its market capStrategic management changes at GBL Capital We estimate today's NAV at EUR 109.1 p/s, implying a discount of 34.4%.We reiterate our Hold rating and keep our EUR 89 TP unchanged
- Sharad Kumar S.P
Holdings Report - October 2023 KBCS Holdings Universe Posts -3.8% 1M A...
1M Performance: Over the last 1M period, the KBCS Holdings Universe posted a -3.8% resturn which was mainly driven by single-asset holdings (-4.4%) while multi-asset holdings holdings posted a slightly better return (-3.5%). The 3 top performers during the period were D'Ieteren Group NV (+3.7%), Solvac (+1.8%), and The Infrastructure Compnay (TINC; +1.3%) while the 3 worst performers were Ackermans & van Haaren (-10.5%), Sofina (-7.5%), and Compagnie du Bois Sauvage (-7.1%). YTD Perfomance: On ...
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
BREB BREDERODE S.A.
TINC TINC COMM. VA
- ING Helpdesk
- Jacob Mekhael
- Michiel Declercq
- Wim Hoste
- Kris Kippers
GBL - H1 23: New assets outperform, Concentrix struggles
GBL's H1 NAV down 2% but NAV p/s up 3% thanks to cancellation of shares to EUR 119.3 (DPe EUR 122)Dividend guided to be stable again at EUR 2.75We estimate today's NAV to be EUR 119.5 p/s, implying a discount of 38.4%. Although elevated and despite continued strong performance from Affidea and Sanoptis, we see little catalysts for a rerating in the short termOur TP goes to EUR 89 (vs. EUR 91 before). Hold reiterated
- Sharad Kumar S.P
Holdings Report - June 2023 KBCS Holdings Universe Declines By -4.0% Y...
Performance – 1M Absolute vs Relative: Over the last 1-month period, the KBCS holdings universe returned -4.0% but outperformed the BEL20 by +1.6%, underperformed the Euronext 100 by -1.6% and lagged the Euro Stoxx 50 by -2.4%. Non-Mono holdings declined by -3.8% whereas Mono holdings declined even more by -4.4%. The negative performance of Mono holdings was mainly driven by KBC Ancora (-10.4%), Heineken Holding (-5.4%), and Financière de Tubize (-3.7%) whereas the negative performance of non-m...
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
BREB BREDERODE S.A.
TINC TINC COMM. VA
- MarketLine Department
EXOR NV - Strategy, SWOT and Corporate Finance Report
Summary EXOR NV - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights EXOR NV (Exor) is a diversified holding company, with investments in companies across a wide range of sectors, such as reinsurance, agricultural and construction equipment, commercial vehicles, automo...
- Sharad Kumar S.P
Holdings Report - May 2023 KBCS Holdings Universe Declines By -1.5% Du...
Performance – 1M Absolute vs Relative: Over the last 1-month period, the KBCS holdings universe returned -1.5% but outperformed the BEL20 by +0.8%, underperformed the Euronext 100 by -0.9% and lagged the Euro Stoxx 50 by -1.0%. Non-Mono holdings declined by -1.2% whereas Mono holdings declined even more by -2.3%. The negative performance of Mono holdings was mainly driven by Solvac (-3.5%), Financière de Tubize (-2.7%) and Heineken Holding (-2.2%). The performance of non-mono holdings were main...
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
BREB BREDERODE S.A.
TINC TINC COMM. VA
- ING Helpdesk
Benelux Morning Notes
ABN AMRO: Good 1Q set, impairments win the day. Aedifica: Limited write off and sound organic performance – No major surprise in Q1. Ahold Delhaize: A strong start of the year. Bekaert: 1Q23 sales beat on robust tyre cord. Groupe Bruxelles Lambert: €500m bond issue. KPN: VodafoneZiggo poor start of the year but guidance reiterated. KPN: T Mobile deal with Delta Fiber. Results calendar Universal Music Group: Peer Warner Music Group 2Q23 disappoint, on higher costs Vopak: Storing old cooking oil ...
- Marc Zwartsenburg
- CEFA
ING Benelux Favourites/Weekly performance and valuation update
ABN AMRO: Good 1Q set, impairments win the day. Aedifica: Limited write off and sound organic performance – No major surprise in Q1. Ahold Delhaize: A strong start of the year. Bekaert: 1Q23 sales beat on robust tyre cord. Groupe Bruxelles Lambert: €500m bond issue. KPN: VodafoneZiggo poor start of the year but guidance reiterated. KPN: T Mobile deal with Delta Fiber. Universal Music Group: Peer Warner Music Group 2Q23 disappoint, on higher costs. Vopak: Storing old cooking oil is not a diversi...
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