Groupe Bruxelles Lambert S.A. (GBLB.BR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-95.4%

€3.62

vs €78.05 price

Levered DCF

€26.67

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.27

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-15.37×	66.72×	134.38×	-21.43×	34.32×	32.62×	20.97×	18.2×
P/B	0.83×	0.62×	0.68×	0.74×	0.75×	0.67×	0.75×	0.75×
P/S	1.44×	1.44×	1.57×	1.8×	2.3×	2.02×	2.68×	2.15×
EV / EBITDA	46.62×	14.13×	12.01×	26.97×	19.39×	15.09×	14.93×	23.18×
Gross margin	46.4%	45.4%	48.2%	51.3%	47.1%	47.4%	51.1%	51.4%
Operating margin	4.5%	6.4%	13.1%	5.0%	11.0%	17.2%	18.4%	17.4%
Net margin	-9.3%	2.2%	26.3%	-9.6%	4.3%	6.2%	12.8%	11.8%
Current ratio	3.58×	1.95×	1.81×	1.55×	1.96×	1.8×	1.73×	2.35×
Debt / equity	0.64×	0.59×	0.57×	0.8×	0.43×	0.35×	0.36×	0.23×
Interest coverage	0.96×	0.99×	3.03×	2.21×	4.83×	7.28×	9.2×	9.67×
Dividend yield	6.4%	4.0%	3.7%	3.7%	2.5%	3.8%	3.3%	4.0%
Payout ratio	-99.0%	268.3%	22.1%	-68.5%	136.4%	125.0%	68.7%	72.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-5.4%	0.9%	11.5%	-4.0%	1.4%	2.1%	3.6%	4.1%
Return on invested capital	1.2%	0.6%	2.5%	1.0%	1.9%	3.2%	3.2%	2.4%
Return on assets	-2.5%	0.5%	6.0%	-1.8%	0.8%	1.3%	2.3%	2.8%
Free cash flow yield	0.7%	8.5%	5.4%	1.6%	3.9%	6.8%	4.5%	4.4%
Earnings yield	-6.5%	1.5%	16.7%	-5.3%	1.9%	3.1%	4.8%	5.5%
Enterprise value	€16.4B	€15.7B	€17.7B	€21B	€22.2B	€18.1B	€20.6B	€14.6B
Net debt / EBITDA	19.34×	6.18×	5.03×	12.9×	6.35×	4.45×	4.21×	4.12×
Cash conversion cycle (days)	-21	90	98	110	83	64	88	90