Groupe Bruxelles Lambert
Thesis
Our view is that it continues to trade at a double discount, in the sense that if you do a sum of the parts comparison with the public price, that's a discount. Additionally, a number of the businesses it owns have been trading below intrinsic values.
Did it work?
inconclusive
confidence: low
The thesis is a long based on a 'double discount' — a sum-of-the-parts discount to public price and holdings trading below intrinsic value. No price performance is available and no time horizon or subsequent events (e.g., discount narrowing, catalysts, re-rating) can be verified. Without either return data or confirmation that the valuation gap closed or widened, there is no basis to judge the thesis as played out or failed.