European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Groupe Bruxelles Lambert Sa / Event-Driven

<ul>
<li>GBL earned €1.1 billion in capital gains from listed assets and saw over €278 million growth from private assets and GBL Capital, highlighting strong portfolio performance and value creation.</li>
<li>GBL trades at a 41.2% discount to NAV, above its 30% historical average, due to interest rate hikes. GBL continues shareholder returns via buybacks and dividends, backed by cash earnings.</li>
<li>In November 2021, GBL announced its moving towards a 40% allocation to private/alternative assets. GBL has now achieved that target with 40.8% of GAV coming from private investments.</li>
</ul>


GBL earned €1.1 billion in capital gains from listed assets and saw over €278 million growth from private assets and GBL Capital, highlighting strong portfolio performance and value creation.
GBL trades at a 41.2% discount to NAV, above its 30% historical average, due to interest rate hikes. GBL continues shareholder returns via buybacks and dividends, backed by cash earnings.
In November 2021, GBL announced its moving towards a 40% allocation to private/alternative assets. GBL has now achieved that target with 40.8% of GAV coming from private investments.


Groupe Bruxelles Lambert Achieves Target of 40% in Private Assets

<ul>
<li>Discounts to NAV of covered holdcos mainly widened during October. Discounts to NAV: C.F.Alba, 48.7% (vs. 46.6% as of 30 September); GBL, 40.9% (vs. 40.7%);</li>
<li>Heineken Holding, 14% (14.9%); Industrivärden C, 2.4% (0.9%); Investor B, 2.8% (vs. 2.6%); Porsche Automobile Holding, 31.7% (vs. 35%). Rio DLC spread tightened to 22.5% (vs. 26%).</li>
<li>What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


Discounts to NAV of covered holdcos mainly widened during October. Discounts to NAV: C.F.Alba, 48.7% (vs. 46.6% as of 30 September); GBL, 40.9% (vs. 40.7%);
Heineken Holding, 14% (14.9%); Industrivärden C, 2.4% (0.9%); Investor B, 2.8% (vs. 2.6%); Porsche Automobile Holding, 31.7% (vs. 35%). Rio DLC spread tightened to 22.5% (vs. 26%).
What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: October'24 Report

<ul>
<li>Discounts to NAV of covered holdcos mainly widened during September. Discounts to NAV: C.F.Alba, 46.6% (vs. 46.2% as of August 30); GBL, 40.7% (vs. 41.1%);</li>
<li>Heineken Holding, 14.9% (vs. 16.5%); Industrivärden C, 0.9% (vs. 1.7%); Investor B, 2.6% (vs. 1.9%); Porsche Automobile Holding, 35% (vs. 35.7%). Rio DLC spread widened to 26% (vs. 19.8%).</li>
<li>What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


Discounts to NAV of covered holdcos mainly widened during September. Discounts to NAV: C.F.Alba, 46.6% (vs. 46.2% as of August 30); GBL, 40.7% (vs. 41.1%);
Heineken Holding, 14.9% (vs. 16.5%); Industrivärden C, 0.9% (vs. 1.7%); Investor B, 2.6% (vs. 1.9%); Porsche Automobile Holding, 35% (vs. 35.7%). Rio DLC spread widened to 26% (vs. 19.8%).
What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: September'24 Report

<ul>
<li>Discounts to NAV of covered holdcos did not follow a clear trend during August. Discounts to NAV: C.F.Alba, 46.2% (vs. 45.3% as of August 9); GBL, 41.1% (vs. 42.2%); </li>
<li>Heineken Holding, 16.5% (vs. 16%); Industrivärden C, 1.7% (vs. 2.2%); Investor B, 1.9% (vs.7.5%); Porsche Automobile Holding, 35.7% (vs. 34.6%). Rio DLC spread tightened to 19.8% (vs. 22.1%).</li>
<li>What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


Discounts to NAV of covered holdcos did not follow a clear trend during August. Discounts to NAV: C.F.Alba, 46.2% (vs. 45.3% as of August 9); GBL, 41.1% (vs. 42.2%); 
Heineken Holding, 16.5% (vs. 16%); Industrivärden C, 1.7% (vs. 2.2%); Investor B, 1.9% (vs.7.5%); Porsche Automobile Holding, 35.7% (vs. 34.6%). Rio DLC spread tightened to 19.8% (vs. 22.1%).
What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: August'24 Report

<ul>
<li>Discounts to NAV of covered holdcos generally tightened during July and first week of August. Discounts to NAV: C.F.Alba, 45.3% (vs. 44.5% as of end of June); </li>
<li>GBL, 42.2% (vs. 43.6%); Heineken Holding, 16% (vs. 18.4%); Industrivärden C, 2.2% (vs. 2.4%); Investor B, 7.5% (vs. 9.9%); Porsche Automobile Holding, 34.6% (vs. 35.8%), Porsche SE reports 13 August. </li>
<li>Rio DLC spread tightened to 22.1% (vs. 20.7%). What seems interesting: Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


Discounts to NAV of covered holdcos generally tightened during July and first week of August. Discounts to NAV: C.F.Alba, 45.3% (vs. 44.5% as of end of June); 
GBL, 42.2% (vs. 43.6%); Heineken Holding, 16% (vs. 18.4%); Industrivärden C, 2.2% (vs. 2.4%); Investor B, 7.5% (vs. 9.9%); Porsche Automobile Holding, 34.6% (vs. 35.8%), Porsche SE reports 13 August. 
Rio DLC spread tightened to 22.1% (vs. 20.7%). What seems interesting: Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: July-Aug. 9 '24 Report

Belgium

Groupe Bruxelles Lambert S.A. is a holding company with interests in energy, media, and utility companies.  The Company, through its subsidiaries, produces petroleum, manufactures chemicals, operates gasoline filling stations, owns and operates television and radio stations, supplies water, generates and transports electricity, transports natural gas, and offers waste management services.

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Groupe Bruxelles Lambert Sa (GBLB BB)

Groupe Bruxelles Lambert Achieves Target of 40% in Private Assets

In November 2021, GBL announced its moving towards a 40% allocation to private/alternative assets. GBL has now achieved that target with 40.8% of...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: October'24 Report

Discounts to NAV of covered holdcos mainly widened during October. What seems interesting (unchanged views): Porsche SE vs. listed assets and the...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: September'24 Report

Discounts to NAV of covered holdcos mainly widened during September. What seems interesting (unchanged views): Porsche SE vs. listed assets and the...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: August'24 Report

Discounts to NAV of covered holdcos did not follow a clear trend during August. What seems interesting (unchanged views): Porsche SE vs. listed...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: July-Aug. 9 '24 Report

Discounts to NAV of covered holdcos generally tightened during July and first week of August. What seems interesting: Porsche SE vs. listed assets...

Jesus Rodriguez Aguilar

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