Detailed net asset value as of September 30, 2024
% In capital |
Share price (in EUR) |
EUR million |
|
|---|---|---|---|
| Listed assets | 10,557 | ||
| SGS | 19.13 | 99.95 | 3,624 |
| Pernod Ricard | 6.80 | 135.60 | 2,337 |
| adidas | 5.09 | 237.90 | 2,178 |
| Imerys | 54.72 | 29.78 | 1,384 |
| Umicore | 15.92 | 11.66 | 457 |
| Concentrix | 13.51 | 45.78 | 409 |
| Ontex | 19.98 | 8.94 | 147 |
| TotalEnergies | 0.01 | 58.50 | 16 |
| GEA | 0.00 | 43.96 | 5 |
| Private assets | 3,263 | ||
| Affidea | 99.04 | 1,386 | |
| Sanoptis | 83.17 | 883 | |
| Canyon | 48.78 | 402 | |
| Voodoo | 15.01 | 297 | |
| Parques Reunidos | 23.00 | 296 | |
| GBL Capital | 99.99 | 2,845 | |
| Sienna Investment Managers | 100.00 | 125 | |
| Portfolio | 16,791 | ||
| Treasury shares | 795 | ||
| Gross debt | (3,070) | ||
| Gross cash | 1,810 | ||
| Concentrix note | 4 | ||
| Net asset value (global) | 16,330 | ||
| Net asset value (in EUR per share) | 117.99 | ||
| Share price (in EUR per share) | 69.95 | ||
| Discount (in %) | 40.7% |
Principles
The change in GBL’s net asset value is, together with the change in its stock price, cash earnings and result, an important criterion for assessing the performance of the group.
The net asset value is a conventional reference obtained by adding gross cash, the present value of the Concentrix note (calculated at the market rate, taking into account Concentrix's credit quality) and treasury shares to the fair value of the investment portfolio and deducting gross debt.
The following valuation principles are applied for the portfolio:
- investments in listed companies and treasury shares are valued at the closing price. However, the value of shares underlying any commitments made by the group is capped at the conversion/exercise price;
- investments in unlisted companies are valued on a quarterly basis at their fair value in line with the recommendations of the International Private Equity and Venture Capital Valuation Guidelines ("IPEV Valuation Guidelines"). Recent investments are valued at their acquisition cost, provided that these valuations are considered as the best estimates of fair value;
- regarding GBL Capital’s portfolio, its value corresponds to (i) the sum of its various investments, at fair value, notably on the basis of information provided by the fund managers, to which is added (ii) the external net cash or net debt of GBL Capital;
- lastly, the assets of Sienna Investment Managers are valued at the acquisition cost of the management companies less, where applicable, impairments.
GBL’s net asset value is reported together with the results’ publication on a quarterly basis.
Some minor events may not have been taken into account in the value reported. The combined effect of these factors may not exceed 2% of the net asset value.
The number of GBL shares used to calculate the net asset value per share is the number of company shares outstanding on the valuation date.