'Undervalued' GBL rises after H1 net result swings to profit

Groep Brussel Lambert NV

01/08/2023 08:18

** Shares in Groep Brussel Lambert  GBLB.BR  rise 2.7% after
the Belgian investment holding said its net result turned to a
profit in the half-year 
    ** H1 consolidated net result was a profit of 450 mln euros 
($494.60 million), against a loss of 329 mln a year earlier, 
    ** GBL also forecasts paying a dividend per share of 2.75
euros for FY 2023
        ** Its net asset value at end-H1 was 17.5 billion euros 
  
which KBC Securities says implies a "massive discount" of 39.5%
    ** However, the brokerage says this discount is "overdone",
as GBL continues to diversify assets while its visibility has
also improved significantly in recent years 
    ** "We share management's view that the company is
undervalued," says KBC
    ** The shares head for their best day in about 6 months 
    
        
  


($1 = 0.9098 euros)

 (Reporting by Olivier Sorgho)
 ((Olivier.Sorgho@thomsonreuters.com))