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

Joachim Vansanten

Holdings: Post-October 2019 - Strong performance in line with N100 Index

Performance In October, the holdings in our universe showed strong performance. Both the mono and non-mono holdings performed strongly, reporting a 6.3% and 5.4% average increase in share prices respectively. In doing so they both outperformed the n100 index by 1.3% and 0.4% repetitively. Discount The average discount contracted further to 11.7%, compared to 12.4% at the last holding update in September. The discount contraction is mainly driven by a contraction in the mono-holding discount from 24.6% to 17.1%. The non-mono holding discount remained largely flat at 9.6%.

ING
ING Helpdesk

Benelux Morning Notes

Ageas: Looking to the East (once more). Basic-Fit: Strong Q3 trading update; improving yield per member. Brunel International: 3Q19 EBIT a touch better, leaving last week's FY19 warning aside. Corbion: Back to reality. GBL: Steadily increasing its private equity exposure. IMCD: Nice add-on but FY19 not developing as an M&A year. Vopak: 3Q last quarter suffering from IMO2020 Coverage change – Wessanen delisted

Alan Vandenberghe ...
  • Cedric Duinslaeger
  • Guy Sips
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Sandra Cauwenberghs

Morning Note: AD NA, COMB BB, EVS BB, EXM BB, FAGR BB, GBLB BB, WES NA

Ahold Delhaize: CFO Jeff Carr will not stand for another term Bois Sauvage: Weak first half of the year EVS: Appointment of Serge Van Herck as new CEO EXMAR: 1H19 Results Fagron: Next slice off the Waterland stake GBL: Closing of € 750m exchangeable bond Wessanen: 91.35% of shares committed to consortium

With a more favourable environment, GROEP BRUSSEL LAMBERT NV improves to Slightly Positive

GROEP BRUSSEL LAMBERT NV (BE), a company active in the Specialty Finance industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date September 6, 2019, the closing price was EUR 86.44 and its potential was estimated at EUR 90.76.

ING
Research Department

Benelux Morning Notes

Econocom: Analyst meeting feedback; major €97m cost savings plan announced. FNG: Strong top-line growth, OK-ish operating performance, disappointing bottom-line. GBL: An elegant way to exit the LafargeHolcim participation. KPN: Proximus CEO Dominique Leroy joins KPN. Proximus: Dominique Leroy to step down as the CEO to join KPN. SBM Offshore: LT supply agreement supports speed and opportunities. TomTom: Automotive newsflow.

Joachim Vansanten

Holdings: Post-October 2019 - Strong performance in line with N100 Index

Performance In October, the holdings in our universe showed strong performance. Both the mono and non-mono holdings performed strongly, reporting a 6.3% and 5.4% average increase in share prices respectively. In doing so they both outperformed the n100 index by 1.3% and 0.4% repetitively. Discount The average discount contracted further to 11.7%, compared to 12.4% at the last holding update in September. The discount contraction is mainly driven by a contraction in the mono-holding discount from 24.6% to 17.1%. The non-mono holding discount remained largely flat at 9.6%.

ING
ING Helpdesk

Benelux Morning Notes

Ageas: Looking to the East (once more). Basic-Fit: Strong Q3 trading update; improving yield per member. Brunel International: 3Q19 EBIT a touch better, leaving last week's FY19 warning aside. Corbion: Back to reality. GBL: Steadily increasing its private equity exposure. IMCD: Nice add-on but FY19 not developing as an M&A year. Vopak: 3Q last quarter suffering from IMO2020 Coverage change – Wessanen delisted

Alan Vandenberghe ...
  • Cedric Duinslaeger
  • Guy Sips
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Sandra Cauwenberghs

Morning Note: AD NA, COMB BB, EVS BB, EXM BB, FAGR BB, GBLB BB, WES NA

Ahold Delhaize: CFO Jeff Carr will not stand for another term Bois Sauvage: Weak first half of the year EVS: Appointment of Serge Van Herck as new CEO EXMAR: 1H19 Results Fagron: Next slice off the Waterland stake GBL: Closing of € 750m exchangeable bond Wessanen: 91.35% of shares committed to consortium

ING
Research Department

Benelux Morning Notes

Econocom: Analyst meeting feedback; major €97m cost savings plan announced. FNG: Strong top-line growth, OK-ish operating performance, disappointing bottom-line. GBL: An elegant way to exit the LafargeHolcim participation. KPN: Proximus CEO Dominique Leroy joins KPN. Proximus: Dominique Leroy to step down as the CEO to join KPN. SBM Offshore: LT supply agreement supports speed and opportunities. TomTom: Automotive newsflow.

Cedric Duinslaeger ...
  • Guy Sips
  • Jan Opdecam
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Ruben Devos
  • Sandra Cauwenberghs

Morning Note: BCART BB, BREB BB, COFB BB, EURN BB, GBLB BB, HOMI BB, JEN BB, KPN NA, OXUR BB, PROX BB, QFG BB, SBMO NA, SOF BB, TEXF BB

Biocartis: Moving fast can cause an ugly fall Brederode: Strong results driven by its listed portfolio Cofinimmo: First steps into HC in Spain w. € 45m investment Euronav: Key take-aways IMO2020 webinar GBL: € 750m exchangeable bond for Lafarge shares Home Invest Belgium: 1H19 results: strong sales will cover DPS Jensen-Group: When I said “I do”, I didn’t mean laundry! KPN: Appointment of new CEO, Dominique Leroy Oxurion: 1H19: a setback versus rising opportunity in DR Proximus: CEO Dominique Leroy leaves for KPN Quest for Growth: NAV down 2.7%, discount up to 25% SBM Offshore: LT FPSO supply ...

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 ...

With a more favourable environment, GROEP BRUSSEL LAMBERT NV improves to Slightly Positive

GROEP BRUSSEL LAMBERT NV (BE), a company active in the Specialty Finance industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date September 6, 2019, the closing price was EUR 86.44 and its potential was estimated at EUR 90.76.

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

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.

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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