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Groupe Bruxelles Lambert S.A.

GBLB.BR
39
Asset Management · Financial Services
Price
€73.85
-0.95 (-1.27%)
Market Cap
€8.82B
Exchange
Euronext Brussels
Winston Score
39
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Sep 19, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
Growth
Mixed
Cash Flow
Weak
Stability
Good
Valuation
Data not available
Dividends
Exceptional
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Share count falling — buybacks

−19.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 156.5M (2021) → 126.5M (2025)

§Winston Score History

The full picture

Groupe Bruxelles Lambert (GBL) is a large Belgian holding company that invests in other businesses, similar to how a fund manager picks stocks but with a longer-term focus. It holds major stakes in well-known European companies across sectors like consumer goods, energy, health, and sports, including names like Adidas, Pernod Ricard, and SGS. GBL is controlled by the Frère and Power Corporation families and is one of the oldest investment holding companies in Europe.

GBL makes money through dividends received from its portfolio companies and gains when it sells stakes at a profit. It is headquartered in Brussels and listed on Euronext Brussels, with a market cap around $8.8 billion. Its long investment horizon and concentrated portfolio of high-quality European businesses give it a distinct approach compared to traditional asset managers. A key risk is the persistent discount at which holding companies like GBL typically trade relative to the value of their underlying assets, which can weigh on shareholder returns.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+114.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+210.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (7%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

44.3%ownership

Insiders own a meaningful stake in the company

Cash Runway

~9 years

€10.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

€10.4B cash & investments at current burn rate

Revenue accelerating

Groupe Bruxelles Lambert S.A. grew revenue 115% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
53.2%
Healthy — 53.2% gross margin
Profit after running costs
Operating Margin
7.7%
Modest — 7.7% operating margin
Return on the money invested
ROCE
5.5%
Weak — 5.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+43.3%
Fast-growing sales (+43.3% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
-1.8%
Burning cash (-1.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.71
Moderate — manageable debt (0.71)
Covers its interest
Interest Cover
2.47x
Tight — interest eats into profit (2.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
6.94%
Healthy income — 6.94% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+29.0%
Dividend growing fast (29.0% YoY)

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