Financials Groupe Bruxelles Lambert SA

Equities

Market Closed - Euronext Bruxelles Other stock markets 16:35:40 26/04/2024 BST			5-day change	1st Jan Change
70 ^EUR	+1.45%		+0.43%	-1.71%

03-15	GBL : NAV falls behind, yet GBL delivers on its ambitions and rewards shareholders
03-14	Groupe Bruxelles Lambert SA Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	14,665	12,640	14,689	10,631	9,465	9,084	-	-
Enterprise Value (EV) ¹	20,132	14,203	15,680	10,631	9,465	9,084	9,084	9,084
P/E ratio	21 x	32.6 x	53.6 x	-18.7 x	6 x	26.1 x	22.1 x	24 x
Yield	3.35%	3.03%	2.8%	3.69%	3.86%	4.08%	3.99%	4.17%
Capitalization / Revenue	2.91 x	2.14 x	2.11 x	-	1.54 x	1.55 x	1.83 x	-
EV / Revenue	2.91 x	2.14 x	2.11 x	-	1.54 x	1.55 x	1.83 x	-
EV / EBITDA	12.5 x	16.6 x	16.6 x	-	7.59 x	6.76 x	7.95 x	-
EV / FCF	22,176,764 x	-	-	-	-	-	-	-
FCF Yield	0%	-	-	-	-	-	-	-
Price to Book	0.74 x	0.65 x	0.68 x	0.64 x	-	1.2 x	0.6 x	0.61 x
Nbr of stocks (in thousands)	156,082	153,178	149,645	142,550	132,900	129,769	-	-
Reference price ²	93.96	82.52	98.16	74.58	71.22	70.00	70.00	70.00
Announcement Date	11/03/20	11/03/21	10/03/22	09/03/23	14/03/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,038	5,916	6,961	-	6,137	5,845	4,968	-
EBITDA ¹	1,176	763.1	884.8	-	1,248	1,344	1,143	-
EBIT ¹	743	224.9	318.2	409.9	728.1	803.5	551	-
Operating Margin	14.75%	3.8%	4.57%	-	11.86%	13.75%	11.09%	-
Earnings before Tax (EBT) ¹	834	510.1	367.8	-	499.7	442.8	461.4	-
Net income ¹	705	391	279	-584.7	1,723	360	431	391
Net margin	13.99%	6.61%	4.01%	-	28.08%	6.16%	8.68%	-
EPS ²	4.480	2.530	1.830	-3.990	11.87	2.680	3.166	2.920
Free Cash Flow	661.3	-	-	-	-	-	-	-
FCF margin	13.13%	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	56.25%	-	-	-	-	-	-	-
FCF Conversion (Net income)	93.8%	-	-	-	-	-	-	-
Dividend per Share ²	3.150	2.500	2.750	2.750	2.750	2.852	2.792	2.920
Announcement Date	11/03/20	11/03/21	10/03/22	09/03/23	14/03/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	5,467	1,563	991	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.65 x	2.048 x	1.119 x	-	-	-	-	-
Free Cash Flow	661	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	3.95%	2.02%	1.43%	2.4%	-	2.79%	2.88%	-
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	127.0	127.0	144.0	116.0	-	58.30	116.0	115.0
Cash Flow per Share	6.760	7.970	6.650	-	-	-	-	-
Capex	403	360	-	-	-	-	-	-
Capex / Sales	7.99%	6.09%	-	-	-	-	-	-
Announcement Date	11/03/20	11/03/21	10/03/22	09/03/23	14/03/24	-	-	-

¹EUR in Million²EUR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B+

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

70 EUR

Average target price

90.17 EUR

Spread / Average Target

+28.81%

	1st Jan change	Capi.
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