reports
- Wim Lewi
Brederode 1Q25: NAVps down 1.7%; Weakening Dollar Impacts Private Asse...
Over 1Q25, NAVps decreased by 1.7% to €139.0ps (vs. €141.4ps at FY24-end). This was mainly due to the private asset portfolio, which recorded a loss of €74.7m on the ~€4.1bn portfolio. The primary reason was the recent decline of the USD. The listed assets generated a modest €6.6m gain, mostly driven by Iberdrola and Enel. During the first quarter, the position in Experian was strengthened, while the position in Nestlé was reduced. We currently estimate the NAVps at €140.0, implying a 13.2% disc...
- Livio Luyten
Holdings Report May 2025 KBCS Holdings Universe Returns 2.2% During Ma...
1M Performance - Absolute: During May'25 (1M period), the KBCS Holdings Universe posted a return of +2.2% which was mainly driven by multi-asset holdings (+2.6%) while single-asset holdings posted a smaller return of +1.2%. The 3 top performers during the period were Gimv (+12.1%), KBC Ancora (+11.1%) and Ackermans & van Haaren (+4.1%) while the 3 worst performers were Solvac (-2.8%), Groupe Bruxelles Lambert (-0.8%) and Heineken Holding (-0.3%). YTD Performance - Relative: On a YTD basis (as 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
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
Benelux Local Champions Feedback document
Below our feedback notes written at the occasion of our annual Benelux Local Champions Conference that took place on 27 May 2025 at our historic building at Grand Place Brussels. This event offered 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 | AHOLD DELHAIZE | AKZONOBEL | ARCADIS | AZELIS | CORBION | GBL | LOTUS BAKERIES | MELEXIS | PROXIMUS | SOFINA | UMICORE
- 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
- Guy Sips
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thomas Vranken
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Guy Sips
Jensen-Group A good start of 2025 and aiming to stay on course
1Q25 order intake for Jensen-Group came in at €137.5m (+20% y/y) and 1Q25 revenues increased y/y 17% to a very nice €127.5m (KBCSe € 120.5m). 1Q EBIT was €16.6m (KBCSe €13.5m), compared to €11.2m in 1Q24, resulting in a very impressive 1Q25 EBIT margin of 13% (KBCSe 11.2%) compared to 10.3% in 1Q24. The 1Q25 net result amounted to €14.7m (KBCSe €10.8m) compared to €11.1m in 1Q24 or 1Q25 EPS of €1.55, y/y +34% as 1Q24 EPS was €1.15. We updated our model and as a result we increase our TP from €51...
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Lewi
- 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 ...
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- 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...
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Lewi
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Wim Hoste
- 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...
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