07:03 AM EST, 11/09/2026 (MT Newswires) -- Berenberg reiterated its buy rating on Groupe Bruxelles Lambert's (GBLB.BR), noting expectations that the Belgian investment holding company's growing private book will drive net asset value compounding. "GBL reported NAV per share of EUR99.21, down by 1.5% qoq. Listed assets were the drag (EUR1.65/share), mainly adidas (ADS.F) and Pernod Ricard (RI.PA), while private assets contributed positively (+EUR0.46/share from direct private assets excluding BUKO and +EUR0.15/share from GBL Capital)... The discount has narrowed back to c20%, in line with our assumption; from here, we expect NAV compounding, driven by the growing private book, to carry the share price," according to a Monday research note. Analysts said private assets now correspond to 42% of the group's portfolio, compared with 38% as of the end of June. Meanwhile, the research firm noted the continuation of the company's agenda since the start of 2026 to exit non-core assets and redeploy proceeds into controlled private assets and return cash to shareholders. Analysts expect total returns of 1 billion euros in 2026, noting cash returns were at 888 million euros by the end of September through dividend and buybacks. The stock's price target of 93 euros was also unchanged.

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