European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

Groupe Bruxelles Lambert – FY2025 Results Update

GBL: From Stress Discount to Structural Repair

Selected European HoldCos and DLC: April 2026 Report

Selected European HoldCos and DLC: March 2026 Report

Event-Driven

Groupe Bruxelles Lambert Sa / Event-Driven

<ul>
<li>GBL’s discount tightened to 20.2%, versus &gt;40% at the beginning of 2025, as investors increasingly re-rate the structure toward a higher-quality capital allocation and private assets platform.</li>
<li>Updated SOTP incorporates both Rayner and BUKO investments. Private assets now represent ~38% of NAV, while GBL Capital accounts for a further 7.9%, preserving deployment flexibility.</li>
<li>With net cash now equivalent to ~2.4% of NAV, balance-sheet risk has largely disappeared. The investment case is shifting from deep-value convergence toward longer-duration NAV compounding and execution.</li>
</ul>


GBL’s discount tightened to 20.2%, versus &gt;40% at the beginning of 2025, as investors increasingly re-rate the structure toward a higher-quality capital allocation and private assets platform.
Updated SOTP incorporates both Rayner and BUKO investments. Private assets now represent ~38% of NAV, while GBL Capital accounts for a further 7.9%, preserving deployment flexibility.
With net cash now equivalent to ~2.4% of NAV, balance-sheet risk has largely disappeared. The investment case is shifting from deep-value convergence toward longer-duration NAV compounding and execution.


GBL Q1: Execution Continues, Discount Stabilises Near Multi-Year Lows