Groupe Bruxelles Lambert Initiated at Buy as Berenberg Notes Five-year Transformation Payoff

07:17 AM EDT, 10/21/2026 (MT Newswires) -- Berenberg initiated coverage of Groupe Bruxelles Lambert (GBLB.BR) with a buy rating and a price target of 93 euros, saying the company's five-year transformation has moved its investment case from re-rating to compounding. "Groupe Bruxelles Lambert (GBL) is a family-backed holding company that has transformed over five years from a diversified holding into a focused direct-investment model, selling its third-party businesses to simplify the structure and improve transparency. That clean-up has completed the re-rating, narrowing the discount from a peak of 42% in 2024 to around 20% in June 2026, and with a clearer portfolio, we expect it to hold there," according to a Wednesday note. With GBL shifting toward a faster-compounding private book, Berenberg also forecasts the Belgian company's net asset value to grow 9% annually before dividends through 2030, which is "comfortably ahead" of the company's 5% NAV payout. "We expect the next leg of growth to come from recent acquisitions," analysts added. "We value GBL on a SOTP basis, with a NAV of cEUR15.1bn and a 20% discount that a simpler portfolio should sustain," Berenberg noted.