1M Performance - Absolute: During July'24 (1M period), the KBCS Holdings Universe posted a return of 0.5% which was mainly driven by multi-asset holdings (+1.7%) while single-asset holdings posted a negative return of -1.3%. The 3 top performers during the period were HAL Trust (+5.1%), Texaf (+2.9%), and The Infrastructure Company (TINC, +9.6%) while the 3 worst performers were Brederode (-2.8%), Solvac (-5.3%), and Whitestone Group (-7.2%). YTD Performance - Relative: On a YTD basis (as of A...
Ackermans & van Haaren: Indian participation casts shadow over excellent result of core segments. ASML: Spotlight on export restrictions again. Basic-Fit: Dutch parliament persists in plans to raise VAT for oa Sports to 21%. CFE: Earnings quality improved in challenging markets. Eurocommercial Properties: Better numbers, guidance moved toward the higher end of the range. OCI: IFCO sale successfully closed, cash return unlocked Recticel: Solid 1H24 beat, FY guidance may disappoint. SIF Grou...
1M Performance - Absolute: During July'24 (1M period), the KBCS Holdings Universe posted a return of 1.2% which was mainly driven by multi-asset holdings (+3.6%) while single-asset holdings posted a negative return of -2.4%. The 3 top performers during the period were Financière de Tubize (+17.0%), Ackermans & van Haaren (+9.8%), and Compagnie du Bois Sauvage (+9.6%) while the 3 worst performers were Texaf (-3.9%), Heineken Holding (-7.5%), and Gimv (-8.4%). YTD Performance - Relative: On a YT...
ABN Amro: CEO leaving in 1H 25, another management change AB InBev: Does what it says on the can AMG: Solid 2Q24 beat and guidance raise, Brazil on track for full capacity by 4Q24 Aperam: Good quarter on EBITDA and FCF, 3Q24 guide in-line Ayvens: Mixed bag Azelis: In-line 2Q24, cautious return to organic growth in Americas yet outlook remains fragile Fagron: Nice 2Q24 beat and guidance raise, higher capex to support growth Fugro: 15% beat but missing balance in its results GBL: Lackluster NAV pe...
NAVps remained flat at €113.9 (vs. €113.6 during FY23-end). What surprised us was the management's decision to payout a dividend of €5.0ps, up 82% YoY. The massive uptick in dividend payment is possible thanks to the €630.0 cap. gains which came from decreasing the stake in Adidas from 7.6% to 5.1% (€999.0m proceeds). Given that GBL materially trimmed its position in Adidas and has entered into a forward contract to sell another €250.0m, we feel that, over the medium term, the stake in Adidas an...
Summary EXOR NV - Company Profile and SWOT Analysis, 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 investment holding company, primarily involved in long-term capital appreciation investments in global leading companies. The company's portfolio is largely composed of investmen...
1M Performance - Absolute: Over the last 1M period, the KBCS Holdings Universe posted a return of -3.6% which was mainly driven by single-asset holdings (-4.1%) while multi-asset holdings posted a slightly less negative return of -3.7%. The 3 top performers during the period were Financière de Tubize (+5.9%), Texaf (0.0%), and Quest for Growth (-1.8%) while the 3 worst performers were Compagnie du Bois Sauvage (-7.7%), Gimv (-5.6%), and KBC Ancora (-5.3%). YTD Performance - Relative: On a YTD ...
Since the start of FY24, GBL has returned -6.5% and has seen its discount widen to a massive 45.2% (vs. an estimated NAVps of €121.5). We believe that GBL's lacklustre performance is mainly due to the poor performance of some listed stakes such as Ontex, Umicore and Concentrix while investors also veered away from the stock since ~70.0% of NAV is derived from listed assets. Going forward, we think GBL's equity story will be centred around the attractiveness and performance of its private assets....
1M Performance - Absolute: Over the last 1M period, the KBCS Holdings Universe posted a return of -0.9% which was mainly driven by multi-asset holdings (-1.3%) while single-asset holdings posted a positive return of +0.6%. The 3 top performers during the period were Solvac (+8.0%), Gimv (+5.5%), and Compagnie du Bois Sauvage (+5.3%) while the 3 worst performers were HAL Trust (-6.5%), D'Ieteren Group (-1.8%), and Texaf (-1.1%). YTD Performance - Relative: On a YTD basis, the KBCS Holdings Univ...
• Q1 24 NAV at EUR 132.3 p/s, up 3% over Q1 and in line with our estimate• The private equity portfolio was the main contributor of performance and management is quoting a rebound in activity which “should amplify the positive trajectory in the coming months”• We estimate today's NAV to be EUR 134.1 p/s, implying a discount of 14.9%. The stock is up 11.1% YTD meaning that the discount has narrowed a bit from its >20% level in 2023. Nevertheless, we believe a discount of
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