GBL: NAV to fall in 2022 as equities decline
(CercleFinance.com) - On Friday GBL said it expects its net asset value to fall in 2022 as a result of the downturn in equity markets, although says that it expects a stable dividend despite a "difficult" macroeconomic environment.
Over the past year, the Belgian holding company's NAV of listed assets fell by E4.5bn, from E16.9bn to E12.4bn, mainly due to the sale of Pernod Ricard and Mowi shares.
The holding company also cites the decline in the share prices of its listed assets (mainly adidas, SGS and Pernod Ricard), as well as the depreciation of certain digital investments of GBL Capital.
Even so, Groupe Bruxelles Lambert expects to maintain a stable dividend of E2.75 per share, corresponding to a dividend yield of 3.7% relative to GBL's share price at end-2022.
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