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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). The strategy presented in 2014 (see our Latest dated 25/08/2014) was aimed at creating value in three core segments: Strategic investments (minority interests in large listed companies), Incubator investments (minority or majority stakes in small and medium companies with strong growth prospects) and Financial investments (through private equity and funds, mostly owned by the subsidiary Sienna Capital). It was also announced that the allocation of the investments had to reach the targets of respectively 75%-80%, 10-15% and 10% of the global value of GBL’s portfolio. At the end of 2015, the allocation disclosed the following break-down: 83% for the Strategic participations, 12% for the Incubator investments and 5% for the financial ones. Taking into account the continuation of the investments/divestments during the first months of 2016, we consider that GBL is well on the way to succeeding in the completion of its strategic plan.
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.
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
Small Cap Breakfast
28 Mar 17
Path Investments—Publication of prospectus from the Energy Investment Company. Raising £1.4m. Admission due on or around 30 March | Franchise Brands—Schedule 1 detailing £28m reverse takeover of Metro Rod. Admission expected 11 April | Alpha FX Group— Schedule 1 from the foreign exchange provider focused on managing exchange rate risk for UK corporates that trade internationally. Fundraise TBC. Admission expected 7 April. | K3 | Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. | Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Tufton | Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.