Groep Brussel Lambert NV GBLBY

FinancialsInvestment Holding CompaniesBelgium

Last close 9.20 USD on Nov 2, 2026, +9.9% year to date

Quant rating

Quant rating C Rank 207 of 304 in Financials

Growth D 222 of 304
Valuation C 138 of 304
Quality C 212 of 304
Revisions D 228 of 304
Momentum C 123 of 304

Wall Street consensus Buy (1.89)Average target 99.98 USD +987.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 11.3B
Enterprise value: 18.4B
52-week range: 7.38 – 44.51
3-year range: 6.70 – 44.51
Dividend yield: 6.55%
Beta (5 years): 0.73
Shares outstanding: 130M
Next earnings: Mar 10, 2027

About the company

Groep Brussel Lambert NV is a Belgium-based investment holding company. The Company has a diversified portfolio composed of global companies, such as Imerys, Adidas, Pernod Ricard, LafargeHolcim, Umicore and Ontex, among others. It operates under three business segments, such as Holding, which comprises the parent company and subsidiaries. Its main activity is to manage investments as well as the non-consolidated operating companies and associates. Its Imerys, which consists of the Imerys group engaged in energy solutions & specialities, filtration & performance additives, ceramic materials, high resistance minerals and sienna capital.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	7,434	6,921	7,492	5,855	7,819	–
Revenue growth	7.4%	−7.6%	28.0%	−25.1%	−3.7%	−1.7%
EPS (basic, normalized)	3.29	1.04	12.92	−4.31	2.01	–
EPS growth	216.6%	−91.9%	–	–	–	–
Gross margin	63.2%	62.7%	62.9%	58.4%	74.2%	64.3%
Net margin	−5.1%	2.0%	5.4%	−5.3%	3.1%	0.0%
ROE	−2.5%	0.9%	2.5%	−1.7%	1.1%	0.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	7,434	+7.4%	2.5x	1,356	−8.6%	13.6x	3.29	+216.6%	2.8x
2026	7,202	−3.1%	2.6x	941	−30.7%	19.6x	3.01	−8.5%	3.1x
2027	7,467	+3.7%	2.5x	996	+5.9%	18.5x	3.32	+10.2%	2.8x
2028	7,778	+4.2%	2.4x	1,071	+7.5%	17.2x	3.81	+15.0%	2.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	7,202	−0.7%	−0.7%	+0.7%	3.01	+0.3%	+1.0%	+31.6%
2027	7,467	−1.3%	−1.3%	0.0%	3.32	−1.6%	−0.5%	−5.7%
2028	7,778	+0.2%	+0.2%	+0.9%	3.81	−5.2%	−4.3%	−5.5%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Investment Holding Companies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
GBLBY Groep Brussel Lambert NV	11.3B	–	−5.1%	0.87x	3.1x	2.8x	19.6x	18.5x
MAJJ Michael Anthony Holdings Inc	25.3B	–	−3.5%	–	–	–	–	–
KHOLY Koc Holding AS	9.9B	5.12x	0.8%	0.63x	46.7x	33.6x	6.4x	5.1x
FIHu Fairfax India Holdings Corp	2.4B	–	67.4%	0.87x	–	–	–	–
THNUY Thanachart Capital PCL	2.4B	–	34.5%	0.97x	38.0x	37.8x	–	–
ADEA Adeia Inc.	2.3B	0.90x	25.1%	4.78x	14.5x	12.9x	10.8x	9.4x
Mean		3.01x	19.9%	1.62x	25.6x	21.8x	12.3x	11.0x
Median		3.01x	12.9%	0.87x	26.3x	23.2x	10.8x	9.4x

Technical analysis

1M+12.1%
3M+4.0%
1Y+11.4%
3Y+48.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Groep Brussel Lambert NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	7,434	6,921	7,492	5,855	7,819	8,118
Cost of revenue	2,737	2,581	2,781	2,434	2,019	2,236
Gross profit	4,697	4,340	4,712	3,421	5,800	5,883
Selling, general & administrative expenses	2,914	2,541	2,567	2,174	3,574	3,300
Research & development	50.5	42.4	48.6	44.9	43.2	57.4
Depreciation/amortization	712	565	573	474	618	657
Interest expense (income), operating	131	280	−65.7	−31.8	352	301
Unusual expense (income)	684	23.7	264	122	−41.4	174
Other operating expenses	891	811	825	675	772	771
Operating income	−684	77.0	500	−36.5	482	622
Net interest income (expense)	91.3	83.2	52.0	−1.3	5.8	1.1
Gain (loss) on sale of assets	0.1	0.1	–	–	–	0.1
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	−593	160	552	−37.8	488	623
Provision for taxes	28.8	95.0	124	112	70.7	98.7
Minority interest	245	71.5	−22.0	−163	−177	−46.8
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−377	137	406	−313	240	478
Extraordinary items	−358	0	1,496	−313	76.7	–
Net income	−735	137	1,902	−626	317	478
EBIT, normalized	130	380	698	53.7	793	1,097
EBITDA, normalized	858	958	1,336	763	1,439	1,756
Basic EPS, normalized	3.29	1.04	12.92	−4.31	2.01	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Groep Brussel Lambert NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	4,772	3,730	2,879	2,842	3,894	2,135
Receivables	1,043	894	911	1,521	1,490	1,372
Total inventory	1,208	1,145	1,294	1,296	1,255	860
Prepaid expenses	620	66.4	63.7	91.1	57.7	48.5
Other current assets	735	165	333	1,660	267	800
Total current assets	8,378	6,000	5,482	7,409	6,963	5,215
Property, plant & equipment	3,956	3,419	3,285	3,519	3,126	3,073
Goodwill	5,514	4,883	4,812	6,698	5,291	4,855
Intangibles	2,532	2,314	2,288	3,035	1,830	1,222
Long-term investments	8,384	11,473	14,762	14,749	21,463	22,368
Note receivable	–	–	–	–	–	–
Other long-term assets	359	350	888	334	315	343
Total assets	29,122	28,440	31,518	35,745	38,990	37,076
Liabilities
Accounts payable	668	652	631	918	984	737
Payable/accrued	–	–	–	–	–	–
Accrued expenses	311	310	294	550	598	507
Short-term debt	51.8	57.5	25.9	468	170	313
Current portion of long-term debt	955	1,320	1,269	1,302	1,009	168
Other current liabilities	1,166	740	809	1,556	785	1,168
Total current liabilities	3,153	3,080	3,028	4,794	3,547	2,894
Long-term debt	8,061	6,974	7,921	9,327	7,521	6,869
Minority interest	2,111	2,071	2,183	2,247	2,111	1,823
Other liabilities	2,203	1,692	1,797	3,624	3,152	2,316
Total liabilities	15,527	13,817	14,929	19,992	16,332	13,901
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	767	676	721	699	742	798
Additional paid-in capital	4,482	3,951	4,211	4,084	4,338	4,660
Retained earnings (accumulated deficit)	8,162	8,809	9,167	7,840	9,446	10,070
Treasury stock	−1,071	−991	−1,440	−1,068	−722	−750
Other equity	1,255	2,178	3,929	4,198	8,854	8,396
Total equity	13,595	14,622	16,589	15,753	22,658	23,175
Total liabilities & shareholders' equity	29,122	28,440	31,518	35,745	38,990	37,076

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Groep Brussel Lambert NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−979	65.4	1,924	−463	494	524
Depreciation, depletion & amortization	727	577	765	724	645	658
Deferred taxes	–	–	–	–	–	–
Non-cash items	1,153	0.1	−1,532	1,134	26.4	−134
Changes in working capital	−24.0	733	82.0	−518	17.8	454
Cash from operations	877	1,376	1,238	877	1,184	1,502
Investing activities
Capital expenditures	−796	−603	−725	−680	−516	−440
Other investing cash flows	1,439	749	−386	407	−1,238	644
Cash from investing	642	147	−1,110	−273	−1,754	204
Financing activities
Financing cash flow items	320	−26.0	−158	−57.8	−57.4	−8.8
Cash dividends paid	−727	−368	−419	−429	−432	−597
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−921	−851	−328	527	1,103	−972
Cash from financing	−1,329	−1,245	−905	39.9	613	−1,577
Foreign exchange effects	−13.6	−9.5	−12.5	−5.5	3.6	−44.2
Net change in cash	177	268	−789	638	46.4	84.8
Free cash flow	80.9	773	514	197	668	1,062

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.