Skip to main content

The value of the adjusted net assets per share is published on this website every Friday after closing and the detailed version of its composition is disclosed quarterly, when the results are published.

  • 120.88
    Adjusted net assets in EUR per share23-02-2018
  • 19,505
    Total adjusted net assets €M23-02-2018
  • 22.80%
EUR per share


Historic data  (total ANA) since 1998

ANA per share and stock price of GBL since 2004


Detailed adjusted net assets   

30 September 2017

  % In capital Share price (1) EUR million
Strategic Investments     16,074
Imerys 53.6 76.45 3,276
adidas 7.5 191.40 3,003
LafargeHolcim 9.4 49.40 2,827
SGS 16.6 2,323 2,569
Pernod Ricard 7.5 117.05 2,328
Umicore 17.0 69.99 1,333
Total 0.6 45.45 736
Incubator Investments     1,215
Ontex 19.98 28.82 474
Burberry 4.0 17.60 352
GEA 3.1 38.49 233
Parques Reunidos 15.2 12.80 157
Others     -
Sienna Capital     858
Portfolio     18,147
Treasury shares     501
Exchangeable / convertible bonds     (450)
Bank debt and retail bond     (907)
Cash/quasi-cash/trading     1,278
Adjusted net assets (total)     18,569
Adjusted net assets (EUR per share) (2)     115.08
Share price (EUR per share)     89.00
Discount     22.7%

(1) Closing share prices in EUR, except for SGS in CHF and Burberry in GBP
(2) Based on 161,358,287 shares



The change in GBL’s adjusted net assets is, along with the change in its stock price and result, an important criterion for assessing the performance of the group.

The adjusted net assets are a conventional reference obtained by adding gross cash and treasury shares to the fair value of the investment portfolio and deducting gross debt.

The following valuation principles are applied for the portfolio:

  • Investments in listed companies and treasury shares are valued at the closing price. However, the value of shares underlying any commitments made by the group is capped at the conversion/exercise price.
  • Investments in unlisted companies are valued at their book value, less any impairment losses.
  • Regarding the portfolio of Sienna Capital, the valuation corresponds to the sum of its investments, marked to market, as determined by fund managers, to which is added Sienna Capital’s net cash or, where applicable, to which is deducted Sienna Capital’s net debt.

Net cash or, where applicable, net debt (excluding treasury shares), consists of gross cash and gross debt.

Gross debt includes all the financial liabilities of the Holding segment (convertible and exchangeable bonds, bonds and bank debt), valued at their nominal repayment value.

Gross cash includes the cash and cash equivalents as well as the quasi-liquidities (trading assets, etc.) of the Holding segment. This is valued at the book or market value (for trading assets).

The number of GBL shares used to calculate the adjusted net assets per share is the number of company shares outstanding on the valuation date. Some minor events may not have been taken into account in the value reported. The combined effect of these factors may not exceed 2% of the adjusted net assets.

GBL’s detailed adjusted net assets are reported together with the results’ publication on a quarterly basis.

The value of the adjusted net assets per share is published every Friday after stock exchange closing on GBL’s website.