Groupe Bruxelles Lambert drops after H1 NAV decline

Groep Brussel Lambert NV

01/08/2022 09:24

** Shares in Groupe Bruxelles Lambert (GBL)  GBLB.BR  fall
3.8% after the Belgian investment holding company on Friday
posted a drop in half-year net asset value  urn:newsml:reuters.com:*:nFWN2ZA5S4
    ** GBL's H1 NAV totalled 17.83 billion euros ($18.26
billion), or 116.5 euros per share, down 20.8% from last year
and below ING analysts' estimate of 121.4 euros per share
    ** "The decline in NAV was due in part to the fall of listed
markets and tech valuation affecting certain names in Sienna's
digital portfolio," ING says
    ** "The drop in GBL's NAV doesn't surprise us as we did
expect the portfolio to succumb to the overall pullback in
global equity indices," notes KBC
    ** KBC says the market has not sufficiently appreciated
GBL's efforts in making the group an attractive long-term
investment, but remains confident GBL will be able to create
shareholder value
    ** The firm reported a net loss of 329 million euros for the
six month to June, against profit of 335 million euros a year
earlier
    ** The stock, down 15% YTD, is on track for its worst day
since early March if losses hold

($1 = 0.9764 euros)

 (Reporting by Federica Mileo in Gdansk)
 ((Federica.mileo@thomsonreuters.com))