Groupe Bruxelles Lambert

Groupe Bruxelles Lambert is a holding company. Through its subsidiaries, Co. operates through the following segments: Imerys, which consists of the Imerys group that operates in four business lines of energy solutions and specialties, filtration and performance additives, ceramic materials, and high resistance minerals; and Financial Pillar, which includes, on the one hand, under investment activities, the companies Sienna Capital, Ergon Capital Partners (ECP), ECP II, ECP III, PAI Europe III, Sagard, Sagard II and Sagard III, Kartesia and Merieux Participations I and II and, on the other hand, under consolidated operating activities, the operating subsidiaries of ECP III.
  • TickerGBLB
  • ISINBE0003797140
  • ExchangeEuronext Brussels
  • SectorFinancial Services
  • CountryBelgium

Analysts

ING
Hans D’Haese

GBL/The Webhelp deal, a value compounder/BUY

GBL has entered in exclusive negotiations to acquire a 60% stake in Webhelp group, together with its co-founding shareholders, Olivier Duha and Fréderic Jousset, who would retain their role as founding executive directors, and its management team. In our recent report (“The beginning of a new era”), we explained that GBL was to increase strongly its exposure to private equity assets. The pending bid on Parques Reunidos (€340m) and the acquisition of a 60% stake in Webhelp group (deal value of GBL's stake estimated at €0.6bn) nicely fit with this statement. Next to the potential to generate hig...

ING
Research Department

Benelux Morning Notes

ÁRIMA: Makes acquisition of c.€33m. GBL: To acquire Webhelp group. IBA: signs new ProteusOne contract in the US. SEMICON West: Feedback from day 1

Joachim Vansanten ...
  • Lenny Van Steenhuyse
  • Thomas Couvreur

Morning Note: ECONB BB, GBLB BB, IBAB BB

Econocom: Stock reboot: ready for recovery GBL: To acquire a majority stake in Webhelp Group IBA: Proteus One contract in the US

ING
Hans D’Haese

GBL/The beginning of a new era/BUY

The recent disposal of the remainder of the shareholding in Total marks the end of the era of GBL as a holding company. What is more, the recent investment in Upfield and the launch of a bid on Parques Reunidos, marks the beginning of a new era for GBL as an investment company, with more focus on private equity. After a change in primary analyst we reinitiate coverage with a Buy rating and €95.0 TP.

Alexander Makar ...
  • Cedric Duinslaeger
  • Guy Sips
  • Jan Opdecam
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Sandra Cauwenberghs

Morning Note: BANI BB, GBLB BB, GIMB BB, GREEN BB, IBAB BB, MITRA BB, SEQUA:BB

Banimmo: New management GBL: Ergon IV makes its first investment in TMC Gimv: Investment in Smart Battery Solutions Greenyard: Dedicated service provider of Delhaize Belgium IBA: Milan contract materializes Mithra: Myring goes to Germany Sequana Medical: Start of a new application for alfapump in heart

ING
Hans D’Haese

GBL/The Webhelp deal, a value compounder/BUY

GBL has entered in exclusive negotiations to acquire a 60% stake in Webhelp group, together with its co-founding shareholders, Olivier Duha and Fréderic Jousset, who would retain their role as founding executive directors, and its management team. In our recent report (“The beginning of a new era”), we explained that GBL was to increase strongly its exposure to private equity assets. The pending bid on Parques Reunidos (€340m) and the acquisition of a 60% stake in Webhelp group (deal value of GBL's stake estimated at €0.6bn) nicely fit with this statement. Next to the potential to generate hig...

ING
Research Department

Benelux Morning Notes

ÁRIMA: Makes acquisition of c.€33m. GBL: To acquire Webhelp group. IBA: signs new ProteusOne contract in the US. SEMICON West: Feedback from day 1

Joachim Vansanten ...
  • Lenny Van Steenhuyse
  • Thomas Couvreur

Morning Note: ECONB BB, GBLB BB, IBAB BB

Econocom: Stock reboot: ready for recovery GBL: To acquire a majority stake in Webhelp Group IBA: Proteus One contract in the US

ING
Hans D’Haese

GBL/The beginning of a new era/BUY

The recent disposal of the remainder of the shareholding in Total marks the end of the era of GBL as a holding company. What is more, the recent investment in Upfield and the launch of a bid on Parques Reunidos, marks the beginning of a new era for GBL as an investment company, with more focus on private equity. After a change in primary analyst we reinitiate coverage with a Buy rating and €95.0 TP.

Alexander Makar ...
  • Cedric Duinslaeger
  • Guy Sips
  • Jan Opdecam
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Sandra Cauwenberghs

Morning Note: BANI BB, GBLB BB, GIMB BB, GREEN BB, IBAB BB, MITRA BB, SEQUA:BB

Banimmo: New management GBL: Ergon IV makes its first investment in TMC Gimv: Investment in Smart Battery Solutions Greenyard: Dedicated service provider of Delhaize Belgium IBA: Milan contract materializes Mithra: Myring goes to Germany Sequana Medical: Start of a new application for alfapump in heart

Two Directors bought 87,000 shares at between 85.000EUR and 87.170EUR.

Two Directors at Groupe Bruxelles Lambert (New) bought 87,000 shares at between 85.000EUR and 87.170EUR. The significance rating of the trade was 100/100. 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 years clearly showing Close periods where trading activity is restricted ...

GROEP BRUSSEL LAMBERT NV with less fundamental stars is reduced to Neutral

GROEP BRUSSEL LAMBERT NV (BE), a company active in the Specialty Finance industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date April 30, 2019, the closing price was EUR 85.22 and its expected value was estimated at...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

MarketLine Department

Ackermans & Van Haaren NV - Strategy, SWOT and Corporate Finance Report

Summary Ackermans & Van Haaren 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 Ackermans & Van Haaren NV (AVH) is a construction and investment service provider. It principally focuses on the construction and related services, dredging, environmental services, sale of properties, investment services, leasing of property, engineering services, wealth managemen...

Pauline Delecourt

Groupe Bruxelles Lambert - AGM 23 April 2019

ITEM 4, 5.6: we note that the Company fails once again to disclose the date on which the current statutory auditor, Deloitte Reviseurs d'Entreprises, was appointed. According to the oldest Annual Report available on Company’s website (2007), Deloitte was already the Company's statutory auditor at that time. Hence, we cannot support both proposals concerning the discharge and the renewal of Deloitte's mandate. ITEM 5.2.1, 5.2.2: Given our concerns regarding independence on the board (25% only), we oppose to the elections of Xavier Le Clef and Claude Généreux. ITEM 5.4.2, 5.4.4, 5.4.5, 5.4.6: ...

Etude de l'AG du 25/04/2017

Following the resignation of Albert Frère in 2016, the two managing directors, Ian Gallienne and Gérard Lamarche were named Co-CEOs.New nominees to the board this year include Jocelyn Lefebvre a representative of Power Financial BV and Laurence Danon Arnaud, unfortunately only one of whom is independent. Given the absence of a majority independence on the board (28%), we are unable to support the election of Jocelyn Lefebvre to the board (Resolution 5.1.2).Although we note that, the following the election of Laurence Danon Arnaud, there will be one additional independent member on the board (5...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Europe & the UK remain in focus The MSCI ACWI ex-U.S. is breaking topside its nearly 14-month downtrend and above key resistance. The move is being fueled by improvements throughout most of Europe and the UK, along with strength in China over the past 2-3 months. We believe these positive developments are supportive of higher equity prices moving forward. As a result of these and several other observations highlighted below, our outlook on global equities is positive. • Europe & the UK. As has been the case over the last several weeks, a major focus of ours within global equities (ex-U.S.) h...

Jérôme VINERIER

Short term view - GROUPE BRUXELLES LAMBERT SA : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €78.10. The background trend would be questioned should prices rise above €87.10.

Jérôme VINERIER

Analyse court terme - GROUPE BRUXELLES LAMBERT SA : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 78,10 €. La tendance de fond serait remise en cause en cas de franchissement de 87,10 €.

Jérôme VINERIER

Analyse court terme - GROUPE BRUXELLES LAMBERT SA : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 78,10 €. La tendance de fond serait remise en cause en cas de franchissement de 87,10 €.

Jérôme VINERIER

Short term view - GROUPE BRUXELLES LAMBERT SA : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €78.10. The background trend would be questioned should prices rise above €87.10.

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