The net asset value per share is published weekly on the website based on the stock market closing of each week and the detailed version of its composition is communicated quarterly when the results are published.
Net asset value in EUR per share
01/24/2020
Total net asset value
01/24/2020
Discount
01/24/2020
Detailed net asset value as of September 30, 2019
| % In capital | Share price (in EUR) | EUR million | |
|---|---|---|---|
| Listed Investments | |||
| adidas | 6.80 | 285.65 | 3,895 |
| Pernod Ricard | 7.49 | 163.40 | 3,250 |
| SGS | 16.75 | 2,280.81 | 2,890 |
| LafargeHolcim | 9.29 | 45.14 | 2,584 |
| Imerys | 53.99 | 36.88 | 1,583 |
| Umicore | 17.99 | 34.63 | 1,535 |
| Total | 0.61 | 47.89 | 776 |
| GEA | 8.51 | 24.77 | 380 |
| Ontex | 19.98 | 16.51 | 272 |
| Parques Reunidos | 23.34 | 13.76 | 235 |
| Other | 208 | ||
| Sienna Capital | 1,696 | ||
| Portfolio | 19,304 | ||
| Treasury shares | 457 | ||
| Gross debt | (2,602) | ||
| Cash/quasi-cash/trading | 2,064 | ||
| Net asset value (global) | 19,224 | ||
| Net asset value (in EUR per share) | 119.14 | ||
| Share price (in EUR per share) | 88.10 | ||
| Discount (in %) | 26.0 % |
Principles
The change in GBL’s net asset value is, along with the change in its stock price, cash earnings and result, an important criterion for assessing the performance of the group.
The net asset value is 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 external 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 (trading assets, etc.) of the Holding segment. It is valued at the book or market value (for certain cash equivalents).
The cash and debt indicators are presented for the Holding segment to reflect GBL’s own financial structure and the financial resources available to implement its strategy.
The number of GBL shares used to calculate the net asset value 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 net asset value.
GBL’s detailed net asset value is reported together with the results’ publication on a quarterly basis.
The net asset value per share is published, on a general basis, every week on this website.