olivLaw · European equity research
Gimv NV GIMB.BR
Belgium · Euronext Brussels · ISIN BE0003699130 · Vertical: Listed companies from Belgium
Gimv is a European private equity investor that backs mid-sized companies across four platforms: Consumer, Healthcare, Smart Industries and Sustainable Cities. In fiscal 2025 the Sustainable Cities platform reported revenue of 1,048.1 million EUR, with investments reaching 65.9 million EUR. The company said it will concentrate its resources on the four platforms and no longer makes new investments in Life Sciences.
At the close of 06 Nov 2026, Gimv NV (GIMB.BR) stock was 49.35 EUR (+0.00% on the day), with market capitalisation 1.4 bn EUR, P/E 6.6 on diluted EPS of 7.47 EUR over the last 12 months, beta 0.50, 52-week range 42.85–50.00 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)
- 65.2
- strong (55–70)
- Bollinger (20, 2)
- 46.41 – 50.46
- in the upper half of the band · %B 0.73 · band width 8.4%
- SMA 50 / 200
- 46.81 / 46.06
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.83 / 0.81
- 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 | +7.6% | −0.6% | +8.3 pp | — |
| 3 months | +10.5% | −4.2% | +14.7 pp | — |
| 6 months | +2.4% | +4.3% | −1.9 pp | — |
| Year to date | +10.5% | +7.5% | +3.0 pp | — |
| 1 year | +7.6% | +9.9% | −2.3 pp | +6.4% |
| 3 years | +34.1% | +49.8% | −15.7 pp | −6.8% |
| 5 years | −12.1% | +42.8% | −54.9 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 5.3, median 5.4, max 5.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | 217.1 m | 219.0 m |
| Net income YoY | unavailable | +0.9% |
| Diluted EPS | 7.85 | 7.47 |
| Diluted EPS YoY | unavailable | −4.8% |
| net % | unavailable | unavailable |
| Free cash flow | unavailable | 119.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Mar 2025
- Cash
- 538.1 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.9 bn EUR
- Total assets
- 2.4 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 12.93x
- ROE
- 12.9%
- ROA
- 10.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating income | 221.5 m | 218.3 m | esef· 07 Apr 2026verified |
| Interest expense | 11.4 m | 10.6 m | esef· 07 Apr 2026verified |
| Pre-tax income | 217.2 m | 219.5 m | esef· 24 Sept 2025verified |
| Income tax | 63.0 k | 475.0 k | esef· 24 Sept 2025verified |
| Net income | 217.1 m | 219.0 m | esef· 24 Sept 2025verified |
| Diluted EPS | 7.85 | 7.47 | esef· 24 Sept 2025verified |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 307.0 m | 538.1 m | esef· 07 Apr 2026verified |
| Receivables | 2.6 m | 55.5 m | esef· 07 Apr 2026verified |
| Current assets | 349.9 m | 724.8 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 8.2 m | 16.8 m | esef· 07 Apr 2026verified |
| Total assets | 1.9 bn | 2.4 bn | esef· 07 Apr 2026verified |
| Accounts payable | 16.3 m | 7.5 m | esef· 07 Apr 2026verified |
| Current liabilities | 34.3 m | 56.1 m | esef· 07 Apr 2026verified |
| Total liabilities | 427.9 m | 458.3 m | esef· 07 Apr 2026verified |
| Equity | 1.5 bn | 1.9 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 27.7 m | 29.3 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -45.0 m | 120.5 m | esef· 07 Apr 2026verified |
| Capex | — | 746.0 k | esef· 07 Apr 2026verified |
| Free cash flow | — | 119.7 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | 254.0 m | 7.6 m | esef· 07 Apr 2026verified |
| Financing cash flow | -59.0 m | 191.6 m | esef· 24 Sept 2025verified |
| Share repurchases | 2.2 m | 6.0 m | esef· 24 Sept 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 1.4 bn EUR
Key indicators
Coverage and freshness
Score by group
42% · 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: 81.12 – 174.69 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E81.12 – 174.69 (Mid 108.06)25 companies used · median multiple 14.5x · quartiles 10.9x – 23.4xACKB.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: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 54.7% | 35 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 20.5x | 100 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 3.4x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 6.6x | 89 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.3% | 100 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | 0.4% | 6 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial35/100 · 1/3 factors with a value
- Returns· partial6/100 · 1/2 factors with a value
- Valuation94/100 · 2/3 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
Gimv (GIMB.BR). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 10.8%.
The estimated value range is 81.12–174.69 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 108.06 EUR, the price of 49.35 EUR leaves a potential of 119.0% (value / price − 1) and a margin of safety of 54.3% (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 (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 20.5x
- Current ratio: 3.4x
- P/E (TTM): 6.6x
- FCF yield: 8.3%
- The price is below the estimated value range
What contradicts it
- Shareholder yield (distributions): 0.4%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 12.0 bn | 23.4 | 9.6% | 13.6% | −2.0% | +29% / +35% |
| 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 | 82.3 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.5 bn | 22.7 | — | 5.3% | −1.5% | +19% / +14% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.1 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.5 | 9.4% | 2.9% | +3.1% | +10% / −7% |
| DEME.BRDeme Group | 4.1 bn | 12.0 | 15.5% | 8.3% | +1.3% | +18% / +69% |
| AZE.BRAzelis Group | 2.9 bn | 15.9 | 6.6% | 4.3% | +1.5% | +27% / −43% |
| MELE.BRMelexis | 2.2 bn | 12.6 | 30.7% | 18.4% | −3.3% | +1% / −37% |
| BEKB.BRNV Bekaert SA | 2.0 bn | 30.2 | 3.1% | 1.8% | −6.4% | +8% / −6% |
| FAGR.BRFagron | 1.8 bn | 22.0 | 16.7% | 9.2% | +14.3% | +14% / +39% |
| KIN.BRKinepolis Group | 1.3 bn | 33.1 | 19.3% | 7.0% | −4.5% | +58% / +9% |
| JEN.BRJensen Group | 710.7 m | 17.3 | 15.1% | 9.1% | +13.3% | +28% / +112% |
| BAR.BRBarco | 556.0 m | 9.0 | 7.9% | 6.7% | −9.9% | −49% / −59% |
| IBAB.BRIon Beam Applications | 479.6 m | 38.9 | 10.7% | 2.1% | +24.5% | +45% / +50% |
| DECB.BRDeceuninck | 337.1 m | 24.3 | 4.3% | 1.7% | −4.5% | +7% / +7% |
| CAMB.BRCampine | 270.8 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +160% |
| CFEB.BRAannemingsmaatschappij Cfe | 269.3 m | 11.2 | 9.9% | 2.0% | −5.3% | +24% / +49% |
| MOUR.BRMoury Construct | 265.2 m | 10.9 | 21.3% | 13.1% | −4.0% | +13% / +79% |
| EVS.BREvs Broadcast Equipment | 243.5 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| ECONB.BREconocom Group | 205.3 m | 39.5 | 1.2% | 0.2% | +4.3% | −4% / −37% |
| BPOST.BRBpost | 176.2 m | 2.7 | 6.3% | 1.5% | −2.6% | −53% / −81% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 166.0 m | 157.4 | 3.5% | 4.5% | −5.9% | −8% / −20% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for GIMB.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
Scenarios are not available. input data missing
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
Gimv is a European private equity investor that backs mid-sized companies across four platforms: Consumer, Healthcare, Smart Industries and Sustainable Cities. In fiscal 2025 the Sustainable Cities platform reported revenue of 1,048.1 million EUR, with investments reaching 65.9 million EUR 1. The company said it will concentrate its resources on the four platforms and no longer makes new investments in Life Sciences 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Concentration in a few holdingsmedium
A small number of large companies could strongly influence the fund's overall results 1.
- Integration riskmedium
Repeated acquisitions in the buy-and-build strategy could create operational integration problems 1.
- Asset valuationmedium
The value of unrealised assets depends on valuation assumptions that may change over time 1.
- Execution risk in Life Scienceshigh
Companies in the Life Sciences portfolio remain exposed to clinical-stage uncertainties, even though they no longer receive new investment 1.
- Macroeconomic contextmedium
Economic volatility could affect demand and access to financing for portfolio companies 1.
Investment thesis
What would need to be true (bull case)
- The Sustainable Cities platform shows solid growth in revenue and EBITDA, suggesting good execution of the buy-and-build strategy 1.
- The Anchor pillar provides long-term capital, which could allow growth at companies in transition without the constraints of classic fund cycles 1.
- Successful sales, such as the exits from ImCheck and Itineris, show the ability to realise value from the portfolio 1.
What would break the thesis
- If asset valuations fall, the net asset value could be affected even with good operating results 1.
- The exit from Life Sciences could reduce near-term value realisation potential for some investments 1.
- If integration of acquisitions is delayed, expected synergies could be smaller than current estimates 1.
What to watch
- Development of EBITDA in the Sustainable Cities platform2026
- Pace of new investments through the Anchor pillar2026
- Valuation of the remaining Life Sciences portfolionext annual report
- Results of recent acquisitions integration, such as Hemink and Tibbloc2026
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
Gimv invests capital in European companies with growth potential and supports management in buy-and-build strategies, international expansion and shareholder transitions 1. Activity is organised in four private equity platforms, each with its own sector portfolio 1. Gimv combines classic investments with Anchor, its long-term investment pillar, which can take majority or active minority stakes in companies going through transformation 1.
Segments
Sustainable Cities
The Sustainable Cities platform generated revenue of 1,048.1 million EUR and EBITDA of 125.5 million EUR in fiscal 2025, with EBITDA growing 25.3% 1. The platform includes companies such as Fronnt, E.GRUPPE, Tibbloc and Hemink, active in electrical engineering, technical services, temporary energy rental and property renovation 1.
Healthcare and Consumer
The Healthcare and Consumer platforms include companies such as Spineart, ILC, BioConnection, Sofatutor and Bugaboo - Joolz, and are part of the four platforms on which Gimv concentrates its resources 1. The Life Sciences platform no longer receives new investments, but the existing portfolio remains under active management 1.
Market context
Gimv operates in the European private equity market, investing in mid-sized companies with limited access to growth capital 1. The market for energy renovation and urban infrastructure, where the Sustainable Cities platform is active, is supported by the need to modernise buildings and networks in Europe 1.
Trends
- Modernisation of European infrastructuretailwind
Demand for energy renovation and modernisation of energy and water networks could support growth at companies in the Sustainable Cities platform 1.
- Energy transitionmixed
The shift to lower-emission energy sources creates demand for temporary energy solutions, but could also pressure equipment investments 1.
- Consolidation through acquisitionsmixed
A buy-and-build strategy could accelerate growth, but it involves integration and execution risks 1.
- Macroeconomic volatilityheadwind
A volatile macroeconomic context could affect margins and the pace of investments in the portfolio 1.
Competitive position
Gimv competes with other European private equity funds for deals and for target companies in its focus sectors 1. Competition also comes from long-term investors offering evergreen capital similar to the Anchor pillar 1.
- European private equity investors
Funds competing for the same mid-market deals in Europe, with no specific issuer identified in the sources.
- Evergreen investors
Long-term capital investors competing with the Anchor model for companies in generational transitions.
- ICT and technical service providers
Service companies that could compete with portfolio holdings, not precisely identified in the sources.
- Temporary energy rental providers
Operators of rented energy equipment that compete with Tibbloc in European markets.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202524 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Gimv NV · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.