HOLDING & INVESTMENT COMPANIES OVERVIEW May 22nd 2013 Jan-Willem Billiet +32 2 429 45 04 [email protected] Tom Simonts +32 2 429 37 22 [email protected] Table of contents Financial calendars ................................................................................................................................................. 3 Valuation matrix & Recommendation overview .............................................................................................. 4 Dividend data ............................................................................................................................................................ 5 Valuation graphs ...................................................................................................................................................... 6 Average holding discount ..................................................................................................................................... 7 Sector performance ................................................................................................................................................ 8 Track record .............................................................................................................................................................. 9 Favourite list .............................................................................................................................................................. 10 Cascade structures and traditional holdings • The Albert Frère structure ............................................................................................................................ 11 - GBL .......................................................................................................................................................... 12 - Pargesa ................................................................................................................................................... 17 • The UCB structure ......................................................................................................................................... 22 - Tubize ...................................................................................................................................................... 23 • The Solvay structure ..................................................................................................................................... 27 - Solvac ....................................................................................................................................................... 28 • The KBC structure ......................................................................................................................................... 32 - KBC Ancora ............................................................................................................................................ 33 • The Boël structure ......................................................................................................................................... 37 - Henex ...................................................................................................................................................... 38 - Sofina ...................................................................................................................................................... 43 • Brederode ....................................................................................................................................................... 48 • Heineken holding ........................................................................................................................................... 53 Private Equity & Privak companies • Gimv ................................................................................................................................................................ 58 • Quest for Growth ........................................................................................................................................... 63 Diversified holding companies • Ackermans & van Haaren ............................................................................................................................. 69 • BIP Investment Partners ............................................................................................................................... 75 • Bois Sauvage ................................................................................................................................................. 80 • HAL Trust.......................................................................................................................................................... 85 • Luxempart ....................................................................................................................................................... 90 • Punch International ........................................................................................................................................ 95 • RHJ International ........................................................................................................................................... 100 p. 2 Financial calendars Financial calendar Recent news flow Company Event Date Company Title 8-May-13 Brederode General Assembly 17 May HAL Trust Soft optical retail figures 8-May-13 GBL Trading update 1Q 16 May Sofina Playing the online retail card again 8-May-13 Pargesa Holding General Assembly 15 May Gimv When flirting ends betw een the sheets 8-May-13 Pargesa Holding Results 1Q 15 May Ackermans A comforting trading update 10-May-13 BIP General Assembly 14 May Henex Buyback doesn't prelude delisting (yet?) 10-May-13 Bois Sauvage Trading update 1Q 14 May GBL Ready to shoot an elephant 10-May-13 Solvac Trading update 1Q 14 May Bois Sauvage The chocolate take-over 15-May-13 Ackermans Trading update 1Q 14 May Punch International 1Q13 update brings no new s on Xeikon bid 16-May-13 Hal Trust General Assembly 10 May Pargesa 1Q13 brings no changes to portfolio; DPS confirmed 16-May-13 Hal Trust Trading update 1Q 09 May GBL 1Q13 cash earnings in line; no change to portfolio 17-May-13 Luxempart Trading update 1Q 06 May Brederode 1Q13 update brings no additional info 17-May-13 Moury Construct Trading update 1Q 06 May Quest for Grow th End of April NAV -0.2% 17-May-13 Punch International Trading update 1Q 02 May Ackermans Paddling through 17-May-13 Sapec Trading update 1Q 26 Apr Quest for Grow th Houston, w e (might) have a dividend 23-May-13 Gimv Results FY 24 Apr Heineken Holding 1Q13 update: dow ngrade to Hold & TP lowered 23-May-13 Gimv Analyst Meeting 19 Apr Sofina Feedback analyst meeting 23-May-13 Punch International General Assembly 03 Apr Henex FY12 current result +4.8%; DPS +6.1% 27-May-13 Ackermans General Assembly 03 Apr Sofina FY12 net result +9%; DPS +5.4%; Rating low ered 5-Jun-13 Gimv Roadshow 02 Apr Luxempart DPS +10%; Possible additional Pescanova impact 10-Jun-13 Gimv Roadshow 28 Mar HAL Trust Solid set of Optical Retail figures 20-Jun-13 Gimv Roadshow 26 Mar Tubize FY12 results in line;poison-pill cancelled; upped TP 26-Jun-13 Gimv General Assembly 26 Mar Gimv Selling Halder stake to Halder partners 16-Jul-13 BIP Results 1H 19 Mar Gimv Eyeballing Lampiris 18-Jul-13 Gimv Results 1Q 15 Mar Pargesa BNP launched €250m bond convertible into Pargesa 25-Jul-13 Quest for Grow th Results 1H 12 Mar HAL Trust Additional $27m payment to SBM Offshore 30-Jul-13 Pargesa Holding Results 1H 11 Mar Brederode FY12 DPS +3.4%; Vibrant activity in PE 21-Aug-13 Heineken Holding Results 1H 11 Mar Gimv Exit Astex and low ered Ablynx stake 23-Aug-13 Punch International Results 1H 07 Mar Quest for Grow th End-of-February NAV rises 2% 28-Aug-13 Ackermans Results 1H 06 Mar BIP Whopping 20% increase in DPS; TP lowered to €61 28-Aug-13 Hal Trust Results 1H 29-Aug-13 Sapec Results 1H 06 Mar Pargesa FY12 economic earnings +4.7%; Flat DPS 29-Aug-13 Sofina Results 1H 06 Mar GBL Underlying cash earnings in line; DPS +1.9% 30-Aug-13 Brederode Results 1H 05 Mar Bois Sauvage FY12 DPS increases 2.9% 30-Aug-13 Luxempart Results 1H 04 Mar Solvac Flat FY12 Solvac dividend 30-Aug-13 Vranken-Pommery Results 1H 28 Feb Tubize TP upped from €45 to €49 31-Aug-13 Solvac Results 1H 28 Feb Gimv €50m commitment to new healthcare fund 19-Oct-13 BIP Results 3Q 28 Feb Ackermans Current FY12 earnings -6%; DPS +2% 23-Oct-13 Heineken Holding Results 3Q 27 Feb Punch International Solid Xeikon results; no new s on bid 24-Oct-13 Quest for Grow th Results 3Q 27 Feb Ackermans FY12 preview 25-Oct-13 Brederode Trading update 1Q 26 Feb Gimv VPG bankruptcy filing flanks €200m healthcare fund 7-Nov-13 Pargesa Holding Results 3Q 22 Feb Gimv Thin discount but a fat yield 9-Nov-13 Punch International Results 3Q 21 Feb Gimv 3Q12/13 NAV rises 1% to €40.93 12-Nov-13 Solvac Trading update 3Q 13 Feb Heineken Holding FY12 net result +106%; confirms DPS policy 14-Nov-13 Hal Trust Trading update 3Q 11 Feb Solvac TP upped from €120 to €135 15-Nov-13 Ackermans Trading update 3Q 11 Feb Gimv Multiplicom raises €5.5m in capital round 15-Nov-13 Sapec Trading update 3Q 01 Feb Luxempart Bertelsmann considers reducing RTL stake 21-Nov-13 Gimv Results 1H 01 Feb BIP Bertelsmann considers reducing RTL stake 21-Nov-13 Gimv Analyst Meeting 29 Jan Punch International Dumarey ups stake from 11.5% to 15.1% 21-Nov-13 Luxempart Trading update