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Transparency notification by Groupe Bruxelles Lambert S.A. In accordance with article 14, § 1 of the law of 2 May 2007 on the disclosure of major holdings, Umicore was recently notified by Groupe Bruxelles Lambert S.A.
Groupe Bruxelles owns high-quality listed and private businesses, currently priced at a 35% discount to NAV, with significant turnaround potential. FY 2024 results showed decent performance across top listed assets and strong growth in private assets, contributing to GBL's earnings. GBL's EUR share price is up 11% YTD, with a 7% dividend yield, making it an attractive long-term hold even after the run-up.
GBL trades at a 44% discount to NAV; deeper analysis of its six public holdings, which comprise 61% of NAV, reveals whether this is justified. SGS, the largest holding, is a market leader in a growing industry with solid financials and is fairly valued at 26x P/E. Pernod Ricard and Adidas, both facing post-COVID challenges, are fairly valued; Adidas has shown a 25% YTD return and multiple outlook upgrades.