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

Holding and Investment Companies overview: Post-April update: Outperforming the BEL20 by 5.4%

• GBL – Solid 1Q19 results, NAV +14.1% (09/05/2019) • Solvac – TP to €133 following Solvay’s 1Q19 trading update (07/05/2019) • Brederode – 1Q19, steady NAV Growth (+7.3%) (30/04/2019) • Gimv – Life sciences team establishes advisory board (30/04/2019) • Quest for Growth – 1Q19 Trading update (26/04/2019) • Heineken Holding – Steady 1Q beer volume growth (+4.3%) (24/04/2019) • KBC Ancora – Court of appeal dismisses minority claim (10/04/2019)

ING
Research Department

Benelux Morning Notes

Ageas: 1Q19F preview– China turns from headwind to tailwind. ArcelorMittal: 1Q19 EBITDA in line, cashflow strong. BAM: Headline looks weak, underlying less so. Bekaert: Feedback from analyst meeting. EVS: Poor start to the year, guidance maintained. GBL: The end of an era. LEG Immobilien: Confirms strong valuation momentum

Alan Vandenberghe ...
  • Alexander Makar
  • Bart Cuypers
  • Cedric Duinslaeger
  • Guy Sips
  • Jan Opdecam
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Sandra Cauwenberghs
  • Wim Hoste

Morning Note: ARGX BB, BAMNB NA, BEKB BB, BOKA NA, CYAD BB, EVS BB, GBLB BB, ONTEX BB, QRF BB

Argenx: 1Q19 – further de-risking pipeline with 2 additions BAM Group: Relatively soft 1Q19 margin, FY19 still unchanged Bekaert: Feedback AGM & company contact Boskalis: 1Q19 trading update with unchanged outlook Celyad: 1Q19 – updates on allo CRC and auto AML mid 2019 EVS: Confirmed its guidance for FY19 GBL: Solid 1Q19 results, NAV +14.1% Ontex: Waiting for the dust to settle Qrf: 1Q19 results: strengthening balance sheet first

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...

ING
Research Department

Benelux Morning Notes

Agfa-Gevaert: AOC continues buying shares. BE Semiconductor Industries: Margin strength defies ongoing industry weakness. Cofinimmo: Solid prospects, but setting low expectations. Corbion: Sweeter than it looks. DWS: 1Q19 results – NNM recovered, stable margins, rigorous execution on cost savings. Econocom: Poor start to the year, leasing down 11%. Fugro: 1Q19: Testing shareholder nerves again. GBL: Launches bid on Parques Reunidos. GrandVision: Solid growth trends, higher online costs. KPN: Weaker sales and KPIs, EBITDA in line. Recticel: New Kingspan approach for Recticel...

Joachim Vansanten

Holding and Investment Companies overview: Post-April update: Outperforming the BEL20 by 5.4%

• GBL – Solid 1Q19 results, NAV +14.1% (09/05/2019) • Solvac – TP to €133 following Solvay’s 1Q19 trading update (07/05/2019) • Brederode – 1Q19, steady NAV Growth (+7.3%) (30/04/2019) • Gimv – Life sciences team establishes advisory board (30/04/2019) • Quest for Growth – 1Q19 Trading update (26/04/2019) • Heineken Holding – Steady 1Q beer volume growth (+4.3%) (24/04/2019) • KBC Ancora – Court of appeal dismisses minority claim (10/04/2019)

ING
Research Department

Benelux Morning Notes

Ageas: 1Q19F preview– China turns from headwind to tailwind. ArcelorMittal: 1Q19 EBITDA in line, cashflow strong. BAM: Headline looks weak, underlying less so. Bekaert: Feedback from analyst meeting. EVS: Poor start to the year, guidance maintained. GBL: The end of an era. LEG Immobilien: Confirms strong valuation momentum

Alan Vandenberghe ...
  • Alexander Makar
  • Bart Cuypers
  • Cedric Duinslaeger
  • Guy Sips
  • Jan Opdecam
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Sandra Cauwenberghs
  • Wim Hoste

Morning Note: ARGX BB, BAMNB NA, BEKB BB, BOKA NA, CYAD BB, EVS BB, GBLB BB, ONTEX BB, QRF BB

Argenx: 1Q19 – further de-risking pipeline with 2 additions BAM Group: Relatively soft 1Q19 margin, FY19 still unchanged Bekaert: Feedback AGM & company contact Boskalis: 1Q19 trading update with unchanged outlook Celyad: 1Q19 – updates on allo CRC and auto AML mid 2019 EVS: Confirmed its guidance for FY19 GBL: Solid 1Q19 results, NAV +14.1% Ontex: Waiting for the dust to settle Qrf: 1Q19 results: strengthening balance sheet first

ING
Research Department

Benelux Morning Notes

Agfa-Gevaert: AOC continues buying shares. BE Semiconductor Industries: Margin strength defies ongoing industry weakness. Cofinimmo: Solid prospects, but setting low expectations. Corbion: Sweeter than it looks. DWS: 1Q19 results – NNM recovered, stable margins, rigorous execution on cost savings. Econocom: Poor start to the year, leasing down 11%. Fugro: 1Q19: Testing shareholder nerves again. GBL: Launches bid on Parques Reunidos. GrandVision: Solid growth trends, higher online costs. KPN: Weaker sales and KPIs, EBITDA in line. Recticel: New Kingspan approach for Recticel...

ING
Research Department

Benelux Morning Notes

AkzoNobel: Big miss in a small quarter. GBL: Sale of remaining shareholding in Total. GrandVision: 1Q19 preview - able to meet expectations. Heineken: If anyone can, Heineken can. Orange Belgium: Small EBITDA miss on higher MVNO impact, B2B mobile client loss. Randstad: strong quality beat on 1Q19; upside to consensus. Van Lanschot Kempen: AUM levels helped by markets but modest net outflow recorded. WDP: Keeps new projects at attractive yields.

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...

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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