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Research Tree provides access to ongoing research coverage, media content and regulatory news on GROUPE BRUXELLES LAMBERT SA. We currently have 2 research reports from 1 professional analysts.
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GROUPE BRUXELLES LAMBERT SA
GROUPE BRUXELLES LAMBERT SA
Portfolio rotation successfully completed
15 Jul 16
During 2015 and the first months of 2016, the rotation of GBL’s portfolio was accelerated, with the aim to have greater geographic and sector diversification, in line with the strategy initiated since 2012 under the direction of the new managing directors, Ian Gallienne and Gérard Lamarche (see our Latest 19/03/2012 and the following ones).
Active portfolio rotation
05 Aug 15
The H1 15 net result increased to €720m for the Group share (compared with €502m at 30/06/2014), including a loss of €13m for the consolidated operating companies and associates due to negative non-recurring items in the net result of Lafarge. GBL’s net result benefited from the dividends received on investments (€192m) and from a high amount (€480m) of income from disposals, impairments and reversal of non-current assets: 1) a net capital gain made on the sale of 0.1% of Total’s capital (€42m); 2) the net income recorded on the conversion of bonds exchangeable into Suez Environnement shares (€21m); 3) the mark-to-market of the forward sales of Total (€38m), which will occur in Q4 15; 4) the mark-to-market of the derivatives components embedded in exchangeable convertible bonds (€66m); and 5) the partial reversal of the previously recorded impairment with regards to Lafarge (€403m), according to IFRS 5 about non-current assets held for sale and discontinued operations, and in anticipation of the merger of Lafarge and Holcim. Cash earnings amounted to €339m (compared with €319m yoy), thanks to the increase in unit dividends from Imerys, Lafarge and SGS. The level of the 2015 expected cash earnings could allow GBL to pay an increased dividend to its shareholders. The parent company’s net debt increased from €233m at 31/12/2014 to €777m at the end of June 2015, as a consequence of the investments made (€689m) and the dividend payment (€450m). For the calculation of GBL’s NAV, we increase the net debt with the amount of the company’s commitments in respect of the Financial Pillar, which reached €402m at 30/06/2015. GBL has also confirmed credit lines (€1,750m, currently undrawn for €1,550m) which were extended until 2020.
N+1 Singer - Uncovered Gems - Speed Dating Lunch - A Famous Five for the future?
12 Apr 17
On Friday we hosted our third “speed dating” lunch with the management of five very interesting and contrasting companies not under our formal coverage: Be Heard, Byotrol, Gfinity, Oxehealth and Plant Impact. Each company gave a concise and punchy overview of its business and investment case to a group of fund managers, before rapid fire Q&A. Below we summarise our thoughts on each company with more details inside the note, plus some relevant slides. We believe that all five companies are well-managed and well worth a closer look - we intend to repeat this efficient and popular format for engaging with management teams.
Small Cap Breakfast
24 Apr 17
Global Ports Holding—Intention to float on Standard List of the Main Market. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected on AIM 3 May. RTO of Escape Hunt raising £14m at 135p. Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1 update. Admission expected 25 April on AIM raising £122m. ADES International Holding— Intends to join the Standard List of the Main Market in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May on specialist funds segment of Main Market to enable investors to complete further due diligence.
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
24 Apr 17
Lok’nStore* (LOK): Growth supported by a strong balance sheet (CORP) | Mortice* (MORT): UK acquisition (CORP) | Avacta* (AVCT): Another milestone – 1st non-therapeutics licence (CORP) | Petra Diamonds (PDF): Trading update and Q3 results (BUY) | Nasstar* (NASA): Growth and margin focus (CORP)
N+1 Singer - Morning Song 25-04-2017
25 Apr 17
Carpetright (CPR LN) Tougher conditions leaves forecasts towards lower end of range | Centaur Media (CAU LN) Bigger steps | Elementis (ELM LN) Positive update confirms strengthening of demand | Rathbone Brothers (RAT LN) Facing the challenge to deliver growth | Vp (VP/ LN) Another niche Hire Station deal prompts 3% EPS upgrades