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PRGAF - Groupe Bruxelles Lambert SA: The Discount Remains
Pargesa Holding S.A. Bearer Shares
Late last year, shortly after the death of the company's founder, I presented Belgian holding company Groupe Bruxelles Lambert SA (OTCPK:GBLBF;OTCPK:GBLBY) in an article here on Seeking Alpha. At that time, I estimated the stock to be 15 - 20 percent undervalued. I even considered an investment in the company myself (although I ultimately decided against it in order to make a different investment - money unfortunately is a limited resource in my case as well, after all). Since then the stock is up about 13.3 percent. In this article, I