reports
- Sharad Kumar S.P
Holdings Report - April 2024 KBCS Holdings Universe Up 0.6% Thanks To ...
1M Performance - Absolute: Over the last 1M period, the KBCS Holdings Universe posted a return of +0.6% which was mainly driven by single-asset holdings (+1.8%) while multi-asset holdings posted a negative return of -0.1%. The 3 top performers during the period were Financière de Tubize (+8.1%), Brederode (+7.4%), and Texaf (+6.9%) while the 3 worst performers were HAL Trust (-4.6%), Gimv (-1.5%), and D'Ieteren Group (-1.2%). YTD Performance - Relative: On a YTD basis, the KBCS Holdings Univer...
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
ROCK WHITESTONE GROUP
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Joren Van Aken
Brederode - FY23 results not reflected in share price
• FY23 NAV at EUR 128.6 p/s, up 5.5% YoY, slightly below our estimate and no signs of painful impairments despite what market is pricing in. Dividend of EUR 1.29 p/s is proposed, up 6%, in line with expectations• We estimate today's NAV at EUR 132.4 p/s, implying a discount of 24.3%. We do not believe this to be warranted because of Brederode's unique network of partners combined with an impressive track record spanning more than 20 years. Our investment case is based on peaking intere...
- Sharad Kumar S.P
Holdings Report - February 2024 KBCS Holdings Universe Underperforms B...
1M Performance - Absolute: Over the last 1M period, the KBCS Holdings Universe posted a return of -3.8% which was mainly driven by single-asset holdings (-5.4%) while multi-asset holdings posted a less negative return og -2.8%. The 3 top performers during the period were Financière de Tubize (+8.7%), Whitestone Group (+7.7%), and Texaf (+3.0%) while the 3 worst performers were Heineken Holding (-8.3%), Compagnie Du Bois Sauvage (-7.7%), and Solvac (-7.5%). YTD Performance - Relative: On a YTD ...
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
ROCK WHITESTONE GROUP
- 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
- 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
- Joren Van Aken
Brederode - Q3 23: Continued strength and high discount
• Q3 23 NAV at EUR 127.8 p/s, roughly stable vs. H1 23, up 6% YTD and slightly better than our estimate of EUR 125.7• Management increases focus on quality of GPs and is adapting its new commitments to the current environment of lower distributions• We estimate today's NAV to be EUR 134.8, implying a discount of 29%. We find this to be excessive given Brederode's track record and the quality of its PE network of GPs. We raise our TP to EUR 129 p/s (from EUR 122) which provides an upsid...
- 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
- 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
- Jacob Mekhael
- Kristof Samoy
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- 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
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Joren Van Aken
Brederode - Resilient in 2022, lagging slightly in 2023
Q1 NAV amounted to EUR 125.2 p/s, up 2.8% but below our estimate of EUR 135The private equity portfolio returned only about 1%, clearly lagging the STOXX 600 which returned about 7% in Q1.The listed portfolio performed well with a return of 7.1%We estimate today's NAV to be EUR 132 p/s, implying a discount of ~ 22%. With that, we believe the market prices in too much of a downturn in the portfolio valuations. As we have seen now, the exceptional resilient 2022 does not have to translate int...
- 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
- Sharad Kumar S.P
Holdings Report - April 2023 KBCS Holdings Universe Posts Strong +5.4%...
Performance – 1M Absolute vs Relative: Over the last 1-month period, the KBCS holdings universe returned +5.4% but underperformed the BEL20 by -0.9%, the Euronext 100 by -1.9% and lagged the Euro Stoxx 50 by -2.7%. Non-Mono holdings advanced by +4.3% whereas Mono holdings advanced by +8.2%. The performance of Mono holdings was mainly driven by Solvac (+11.8%), KBC Ancora (+8.8%) and Heineken Holding (+6.8%). The performance of non-mono holdings were mainly driven by Gimv (+9.3%), GBL (+8.2%), 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
BREB BREDERODE S.A.
TINC TINC COMM. VA
- Hilde Van Boxstael
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Sharad Kumar S.P
Holdings Report - March 2023 KBCS Holdings Universe Dragged Down By SV...
Performance – 1M Absolute vs Relative: Over the last 1-month period, the KBCS holdings universe returned -2.9% and managed to outperform the BEL20 by +1.3% but lagged the Euronext 100 by -0.7% and lagged the Euro Stoxx 50 by -1.5%. Non-Mono holdings declined by -3.8% whereas Mono holdings declined by -0.7%. The relative stable performance of Mono holdings was mainly driven by Heineken Holding (+5.9%), and Financière de Tubize (+2.3%). Performance – YTD Absolute vs Relative: On a YTD basis, th...
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
- Sharad Kumar S.P
Holdings Report - February 2023 KBCS Holdings Universe Posts Flat 1M P...
Performance – 1M Absolute vs Relative: Over the last 1-month period, the KBCS holdings universe returned 0.0% and managed to outperform the BEL20 by +0.9% but lagged the Euronext 100 by -2.4% and lagged the Euro Stoxx 50 by -2.4%. Non-Mono holdings declined by -1.1% whereas Mono holdings rose +2.6%. The positive performance of Mono holdings was mainly driven by KBC Ancora (+8.3%), Heineken Holding (+4.6%), and Solvac (2.7%). Performance – YTD Absolute vs Relative: On a YTD basis, the KBCS hol...
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
- Sharad Kumar S.P
Holdings Report - January 2023 KBCS Holdings Universe Gets Positive 20...
Performance – 1M Absolute vs Relative: Over the last month, the KBCS holdings universe returned +5.8% but lagged the BEL20 by -2.3%, the Euronext 100 by -2.3%, and the Euro Stoxx 50 by -3.9%. Non-Mono holdings advanced by +4.4% whereas Mono holdings rose +9.4%. The positive performance of Mono holdings was mainly driven by Financière de Tubize (+11.6%), KBC Ancora (+11.5%), and Solvac (10.9%). Performance – YTD Absolute vs Relative: On a YTD basis, the KBCS holdings universe returned +4.4% un...
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
- Sharad Kumar S.P
SHARAD KUMAR S.P, CFA FINANCIAL ANALYST – DIVERSIFIED FINANCIALS & REA...
Performance – 1M Absolute vs Relative: Over the last month, the KBCS holdings universe returned +7.6% thereby outperforming the BEL20 by +0.9%, underperforming the Euronext 100 by -3.9%, and underperforming the Euro Stoxx 50 by -7.2%. Non-Mono holdings advanced by +9.0% and Mono holdings rose +4.2%. The positive performance of the Non-Mono holdings was mainly driven by Sofina (+22.3%), HAL Trust (+13.6%), and Brederode (+12.5%) while Mono holdings were helped by KBC Ancora (+10.9%) and Solvac (...
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
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