olivLaw · European equity research
GROUPE BRUXELLES LAMBERT - GROEP BRUSSEL LAMBERT GBLB.BR
Belgium · Euronext Brussels · ISIN BE0003797140 · Vertical: Listed companies from Belgium
GBL is an investment company based in Brussels that holds and manages a portfolio of stakes in companies and private assets. Its board centres its work on investment and divestment decisions, and governance transparency remains a point of attention. The sources cover only fiscal 2024 and give a partial picture of the current situation.
At the close of 05 Nov 2026, GROUPE BRUXELLES LAMBERT - GROEP BRUSSEL LAMBERT (GBLB.BR) stock was 79.10 EUR (+0.38% on the day), with market capitalisation 10.6 bn EUR, P/E 82.4 on diluted EPS of 0.96 EUR over the last 12 months, beta 0.66, 52-week range 68.20–85.35 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 77.5
- overbought (≥ 70)
- Bollinger (20, 2)
- 68.23 – 80.98
- in the upper half of the band · %B 0.85 · band width 17.1%
- SMA 50 / 200
- 73.62 / 78.04
- mixed trend
- MACD (12, 26, 9)
- 1.72 / 1.18
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +14.3% | +0.4% | +13.9 pp | — |
| 3 months | +1.2% | −3.3% | +4.4 pp | — |
| 6 months | −3.4% | +4.0% | −7.4 pp | — |
| Year to date | +4.1% | +8.1% | −4.0 pp | — |
| 1 year | +2.8% | +10.7% | −7.9 pp | +8.1% |
| 3 years | +9.5% | +50.1% | −40.6 pp | −6.5% |
| 5 years | −23.7% | +43.6% | −67.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 6.0, median 37.4, max 68.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 6.1 bn | 6.2 bn |
| Revenue YoY | unavailable | +1.0% |
| Net income | 1.7 bn | 132.3 m |
| Net income YoY | unavailable | −92.3% |
| Diluted EPS | 11.87 | 0.96 |
| Diluted EPS YoY | unavailable | −91.9% |
| net % | 28.1% | 2.1% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 1.5 bn EUR
- Financial debt
- 8.1 bn EUR
- Net debt
- 6.6 bn EUR
- Equity
- 16.1 bn EUR
- Total assets
- 27.5 bn EUR
- Debt / equity
- 0.50x
- Current ratio
- 1.95x
- ROE
- 0.8%
- ROA
- 0.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
Balance sheet · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 1.2 bn | 1.5 bn | esef· 15 Apr 2025verified |
| Inventories | 1.2 bn | 1.1 bn | esef· 15 Apr 2025verified |
| Current assets | 5.0 bn | 5.8 bn | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 3.0 bn | 3.3 bn | esef· 15 Apr 2025verified |
| Goodwill | 4.4 bn | 4.7 bn | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 2.1 bn | 2.2 bn | esef· 15 Apr 2025verified |
| Total assets | 28.6 bn | 27.5 bn | esef· 15 Apr 2025verified |
| Short-term debt | 1.2 bn | 1.3 bn | esef· 15 Apr 2025verified |
| Long-term debt | 7.2 bn | 6.7 bn | esef· 15 Apr 2025verified |
| Current liabilities | 2.7 bn | 3.0 bn | esef· 15 Apr 2025verified |
| Equity | 17.0 bn | 16.1 bn | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 140.3 m | 133.6 m | esef· 15 Apr 2025derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 10.6 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
21% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 10.27 – 22.38 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E10.27 – 22.38 (Mid 14.03)25 companies used · median multiple 14.6x · quartiles 10.7x – 23.3xACKB.BR, AGS.BR, AZE.BR, BANI.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR, MOUR.BR
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.1% | 41 (vs peers) | 30% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.9x | 96 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | 82.4x | 4 (vs peers) | 50% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial96/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial41/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial4/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
GROUPE BRUXELLES LAMBERT - GROEP BRUSSEL LAMBERT (GBLB.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 6.2 bn EUR in 2024; YoY growth 1.0%; net margin 2.1%; ROE 0.8%.
The estimated value range is 10.27–22.38 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 14.03 EUR, the price of 79.10 EUR leaves a potential of -82.3% (value / price − 1) and a margin of safety of -463.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.9x
What contradicts it
- P/E (TTM): 82.4x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for GBLB.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 46.51 Total return -41% · Per year -41% | 82.38 Total return 4% · Per year 4% | 124.28 Total return 57% · Per year 57% |
| 3 years | 42.01 Total return -47% · Per year -19% | 84.02 Total return 6% · Per year 2% | 139.61 Total return 77% · Per year 21% |
| 5 years | 37.95 Total return -52% · Per year -14% | 85.69 Total return 8% · Per year 2% | 156.84 Total return 98% · Per year 15% |
- Exit P/E± 21.00
- Net margin± 14.70
- Annual revenue growth± 12.49
- Annual dilution± 1.24
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
GBL is an investment company based in Brussels that holds and manages a portfolio of stakes in companies and private assets. Its board centres its work on investment and divestment decisions, and governance transparency remains a point of attention. The sources cover only fiscal 2024 and give a partial picture of the current situation.
SWOT
Strengths
- An actively managed portfolio of holdings, with investment and divestment decisions overseen by the board 1.
- A governance structure with specialised committees and periodic evaluations of the board and management 1.
- Regular monitoring of treasury, debt and forecasts, which supports financial discipline 1.
Weaknesses
- Dependence on the value of holdings makes results sensitive to market developments, a point not clarified in the available source.
- The accounting complexity of private assets can make valuation and comparability of results harder 1.
- The source analysed does not contain enough quantitative financial data to assess recent performance.
Opportunities
Threats
Risks
- Exposure to the value of holdingshigh
The value of assets depends on the markets where the holdings are listed or valued, which can lead to fluctuations in results.
- Valuation of private assetsmedium
Valuation and accounting methods for investments in private assets are complex and involve judgement, a matter the audit committee monitors 1.
- Shareholder concentrationmedium
The presence of a controlling shareholder and its representatives on committees could influence decisions, as the source notes 1.
- Compliance with sustainability reportinglow
Applying the sustainability reporting law and its assurance requires additional resources and carries non-compliance risk 1.
- Dependence on management and remunerationlow
The proposed changes to the CEO's remuneration and severance pay could affect stability of leadership if poorly received 1.
Investment thesis
What would need to be true (bull case)
- An actively managed portfolio with divestments approved by the board could unlock value for shareholders if markets are favourable.
- Expansion into private assets could bring diversification and returns that do not depend only on listed markets.
- Solid governance, with committees and periodic evaluations, could support long term investor confidence 1.
What would break the thesis
- If markets fall, the value of holdings could decline and could limit the ability to sell assets on good terms.
- The complexity of valuing private assets could hide risks that investors find hard to perceive.
- The influence of the controlling shareholder over decisions could limit the company's strategic autonomy.
What to watch
- Half-year results and the trend in the value of holdings2025
- The General Meeting decision on the revised CEO remuneration policy2 May 2025
- The pace of divestments and the debt positionnext 10-K
- Sustainability reporting under the CSRD and the results of independent assurance2025
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the annual report for fiscal 2024, GBL is concerned with the development of its holdings and the financial management of the group 1. The board's work focuses especially on strategy and on examining investment and divestment projects 1. The governance structure includes specialised committees, and the CEO's remuneration is set with the support of a governance and sustainable development committee 1.
Segments
Portfolio of holdings
The company's main activity is managing the holdings in its portfolio, a subject that appears on the agenda of nearly all board meetings 1. Decisions to sell shares, such as the adidas shares approved in 2024, show that the portfolio is actively managed 1.
Financial management and cash flows
The board reviews quarterly results, year-end forecasts, the treasury and debt position, and the share price trend 1. The audit committee also monitors short and medium term forecasts and cash flow analysis 1.
Private asset investments and asset management
The audit committee followed the accounting impact of investments in private assets and the activities of GBL Capital and Sienna Investment Managers 1. These activities could change the risk and return profile of the group if their weight grows.
Market context
The available source describes GBL as an investment company whose value depends on the holdings it owns and its ability to realise them 1. The materials analysed contain no data on market size or market share, so no quantitative estimates can be made.
The environment in which the company operates is shaped by private markets and divestment activity, topics discussed by the board and the audit committee in 2024 1. Developments in these markets could affect the timing and value of asset sales.
Trends
- Monetising assets through divestmentsmixed
Share sales, such as the adidas sales approved in 2024, can release liquidity for new investments or for debt 1. The effect depends on market prices at the time of sale.
- Investments in private assetsheadwind
A growing weight of private assets brings diversification but also accounting complexity, a subject the audit committee follows closely 1. This could put pressure on valuations and transparency.
- Focus on governance and sustainabilitymixed
The governance and sustainable development committee oversees ESG objectives and the application of the CSRD 1. This focus can strengthen investor confidence but carries compliance costs.
- Adjusting the CEO's remunerationtailwind
The proposal to remove the cash variable component and extend the share option plan aims for better alignment with shareholders 1. The effect on motivation and costs depends on approval by the General Meeting.
Competitive position
The source materials do not identify direct competitors of GBL. A comparison with other investment companies is possible only on the basis of portfolio structure, and the source names a group of companies used as a benchmark for remuneration.
The companies used as a reference in the remuneration analysis include European and Swedish investment companies, some of which could compete for the same transactions and assets 1. Differences in size and strategy, however, limit direct comparability.
- 3i Group
British investment company, used as a remuneration benchmark according to the annual report 1.
- Investor AB
Swedish investment company, named in the remuneration reference group 1.
- Wendel
French investment company, included in the comparison group in the annual report 1.
- Sofina
Belgian investment company, present in the remuneration reference group 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / GROUPE BRUXELLES LAMBERT - GROEP BRUSSEL LAMBERT · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.