KBC cuts GBL citing moderate near-term upside

Groep Brussel Lambert NV

25/02/2026 11:46

** KBC Securities downgrades Belgian investment holding GBL GBLB.BR to "accumulate" from "buy", noting catalysts are now "largely priced in" after a solid recovery

** It points out the discount to NAV has narrowed to 22%, its tightest level in eight years, which limits the near-term upside potential

** The brokerage sets a new PT of EUR 93, implying a moderate near-term upside

** KBC however highlights positive strategic execution, including the recent exit from its Umicore position and the EUR 500 million acquisition of eye implant pioneer Rayner

** Out of 8 analysts that cover GBL, six rate the stock "strong buy" or "buy"​ and two rate "hold" - LSEG data

(Reporting by Clement Martinot)

((Clement.Martinot@thomsonreuters.com;))