reports
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
Benelux Local Champions 27 May 2025
This conference book is your guide to our annual Benelux Local Champions Conference set to take place on Tuesday, 27 May 2025 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or small group meetings with the following Benelux companies and their top management & IR. ACKERMANS & VAN HAAREN | AGEAS | AHOLD DELHAIZE | AKZONOBEL | ARCADIS | AZELIS | CORBION | GBL | KBC GROUP | LOTUS BAKERIES | MELEXIS | PROXIMUS | SOFINA | UMIC...
GBLB GROUPE BRUXELLES LAMBERT SA
AGS AGEAS SA/NV
KBC KBC GROUP N.V.
LOTB LOTUS BAKERIES NV
SOF SOFINA SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
MELE MELEXIS NV
CSM CORBION NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
UMI UMICORE
AKZA AKZO NOBEL N.V.
AZE AZELIS GROUP NV
- ING Helpdesk
Benelux Morning Notes
Aedifica, Cofinimmo: Aedifica CMD feedback bpost: 1Q25 results beat strongly, outlook surprises Brunel: 1Q25 results disappoint on perm, weak revenue Cofinimmo, Aedifica: Negative reaction on Aedifica offer Eurocommercial Properties: Good with no surprise Montea: Good results, guidance reconfirmed Proximus: Small 1Q beat, guidance reiterated, soft commercial performance Sif Group: The jury is still out Talabat: Preview 1Q25 Universal Music Group: Peer Warner Music slowdown in streaming and prof...
GBLB GROUPE BRUXELLES LAMBERT SA
PNL POSTNL NV
COFB COFINIMMO SA
MONT MONTEA SCA
AED AEDIFICA SA
AALB AALBERTS N.V.
BPOST BPOST SA
BRNL BRUNEL INTERNATIONAL N.V.
VGP VGP NV
SIFG SIF HOLDING NV
UMG UNIVERSAL MUSIC GROUP NV
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
TALABAT TALABAT HOLDING PLC
- David Vagman
- CFA
- Hans D’Haese
GBL/Model update post 1Q25 results/BUY
We are updating our sum-of-the-parts model following the 1Q25 release, showing a NAV that came out slightly higher than anticipated. GBL's unlisted valuations rose by 5% YTD versus our assumption of a 5% YTD decline. For context, the LPX Private Equity index (LPX 50 TR Index) we are using to get a feel for the evolution of the valuation of the unlisted assets that are held within GBL Capital declined by 10% over the quarter. Our update model shows a NAV of €15.1bn or €113.00 per share, implying ...
- Livio Luyten
Holdings Report - April 2025 KBCS Holdings Universe Returns 2.7% Durin...
1M Performance - Absolute: During April'25 (1M period), the KBCS Holdings Universe posted a return of +2.7% which was mainly driven by multi-asset holdings (+3.0%) while single-asset holdings posted a smaller return of +2.0%. The 3 top performers during the period were D'Ieteren (+10.6%), Ackermans & van Haaren (+7.7%) and Groupe Bruxelles Lambert (+5.4%) while the 3 worst performers were Exor (-0.8%), HAL Trust (-1.5%) and Quest for Growth (-5.5%). YTD Performance - Relative: On a YTD basis (a...
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
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Lewi
- Livio Luyten
- Wim Lewi
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 ...
- ING Helpdesk
Benelux Morning Notes
BE Semiconductor Industries: Important TCB Next order. Belgian telcos: Telenet weak Q1 commercially across the board, financials reasonable. D'Ieteren: Belgian April car registrations down 5%, VW down 11%. GBL: NAV per share above estimates. Kinepolis: US Peer Cinemark 1Q25 results a slight miss. KPN: VodafoneZiggo 1Q25 very weak, cut guidance on EBITDA, revenue after 2 months
- Hilde Van Boxstael
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Lewi
- Livio Luyten
GBL 1Q FY25: NAV Dips 1.8%, Private Healthcare Assets Post Robust Resu...
The 1Q25 NAVps fell 1.8% to €111.2 vs. €113.8 at FY24-end, mainly dragged down by listed assets. Largest declines came from SGS (-€168m), Pernod Ricard (-€306m), and Adidas (-€127m). Private healthcare assets Affidea (+€116m) and Sanoptis (€32m) partially offset the NAVps decline. Mgmt. remains committed to achieving double-digit total shareholder returns over the medium term, targeting €5b in disposals (~50% completed) between FY24–27 for reinvestment and shareholder distribution. During 1Q, GB...
- David Vagman
- CFA
- Hans D’Haese
GBL/Transforming into a private equity powerhouse/BUY
Breaking news next to the FY24 results report, which for a holding company rarely is a real share price driver, was the announcement of a couple of important changes in governance: current CEO Ian Gallienne will step down and take up a non-executive role as Chairman, the current chairman Paul Demarais, Jr. will become vice-chairman, and KKR's most prolific European dealmaker Johannes Huth is to become the new Managing Director. Key question is whether the latter, who spearheaded some of KKR's mo...
Groupe Bruxelles Lambert SA: 1 director
A director at Groupe Bruxelles Lambert SA bought 4,174 shares at 69.819EUR and the significance rating of the trade was 55/100. 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 ...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
US Tariffs Navigating the impact on Benelux equities
Trumps reciprocal tariffs caused a massive blow to equity markets, following a pressured period of escalating trade wars. Retaliatory measures can further heavily damage market confidence, as seen Friday when China announced their 34% tarrif of US goods. International trade policies have never moved this erratic and untransparant, with uncertainty and volatility being the baseline for now. In this report we highlight the key stocks in our coverage relevant to this discussion.
EURN EURONAV NV
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
UCB UCB S.A.
COFB COFINIMMO SA
DIE D'IETEREN SA
AGFB AGFA-GEVAERT NV
IBAB ION BEAM APPLICATIONS SA
AALB AALBERTS N.V.
ONTEX ONTEX GROUP N.V.
MELE MELEXIS NV
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
EXO EXOR N.V.
ASML ASML HOLDING NV
ARGX ARGEN-X SE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ADYEN ADYEN NV
AUTL AUTOLUS THERAPEUTICS ADS
BAR BARCO NV
DEME DEME GROUP NV
FLOW FLOW TRADERS LTD
SYENS SYENSQO
- 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
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