All Belgian Shares half 5 – Nr. 81-100


Again from the Easter break with 20 freshly chosen random Belgian shares. This time, 4 made it onto the preliminary watch listing.

81. MAATSCHAPPIJ VAN DE BRUGSE ZEEHAVEN (Skilled Market)

At first I received excited, as this appears to be the Port of Brugge and the port appears to have grown over time in accordance with Wikipedia. And I do like ports.. However this inventory traded final in 2015. Plainly at a better degree, the port has already merged with Antwerpes.

Sadly I didn’t discover any monetary data. “Move”.

82. Mazaro NV

This 4 mn EUR market cap firm appears to be (or have been) an car provider. They IPOed in 2022, however appear to have not reported any figures in 2023. This appears unusual, “cross”.

83. CFE

CFE is a 190 mn EUR market cap firm engineering and building firm, majority owned by Belgian HoldCo Ackermans & Van Haaren (62%). French building firm Vinci owns an extra 12%.

I got here throughout CFE earlier as CFE was a partial proprietor of DEME (which I personal) however they spinned of the stake within the IPO to their shareholders

The margins have decreased over time, however the inventory may be very very low cost. 

Apparently, they had been comparatively optimistic for 2024 of their outlook within the outcomes presentation. I’ll “watch” them as a part of the AvH household.

84. CP76 & CP79 Petrofina (Skilled Market)

There’s additionally a CP 79 PEtrofina on the Skilled market. Each traded final in 2020. They appear to be some type of the rest from former Belgian Oil firm Petrofina, however I didn’t discover out extra. “Move”.

85. Hyloris Pharmaceutical

Hyloris is a 310 mn EUR market cap pharmaceutical firm that has little or no gross sales (3 mn) however important losses. They appear to be public since 2020 and the inventory value now’s roughly on the IPO degree.

I can’t choose in any respect how promising their pipeline is, due to this fact I’ll “cross”.

86. WDP (Warehouses de Pauw)

With a market cap of 5,6 bn, WDP is a bigger participant within the logistics actual property house. As this sector nonetheless performs fairly properly. The De Pauw household continues to be the biggest shareholder with a stake of 21%. WDP can also be considerably costlier than as an example workplace centered actual property firms, regardless of a pull again within the share value:

Nonetheless, additionally this sector just isn’t of curiosity for me, so I’ll fortunately “cross”.

87. Ucare Companies

This 0,25 mn EUR Pico-Cap appears to be a house care service that doesn’t launch monetary numbers any extra. “Move”.

88. MICS Companions (Skilled Market)

The Euronext Skilled Market web page doesn’t document any commerce for this one. “Move”.

89. SCR-SIBELCO (Skilled MArket)

SCR-SIBELCO is an Skilled Market inventory that trades fairly recurrently. In accordance with TIKR, the have a market cap of two,9 bn EUR which is loads for an OTC inventory:

The corporate is a minerals extraction/mining firm, producing all kinds of supplies used amongst others by PV, Insulation and so on.

Taking a look at that chart from their 2023 report, one can see that the enterprise is sort of risky however 2023 has been an honest yr:

Additionally they appeared to have purchased again a big quantity of shares in 2024. It might be actually fascinating to know why such a big firm just isn’t listed on the principle alternate. However anyway, Mining can also be not one thing that I do know numerous, due to this fact I’ll “cross”.

90. Roularta Media Group

It is a 125 mn EUR market cap Media firm that (sadly) focuses on print magazines and appears to have seen higher days:

The 2023 outcomes give a fairly miserable image:

The corporate sits on some 60 mn of web money, however that appears to deplete fairly rapidly, additionally by way of giant dividend funds. Appears to be like an excessive amount of like a melting ice dice, due to this fact I’ll “cross”.

91. Euronext NV

Euronext, with a market cap of 9,3 bn EUR is one other firm that reader of my weblog may know. I purchased a small place in 2021 however excited it in early 2022 with a small revenue as I couldn’t construct up sufficient conviction for a bigger place.

The inventory has been week for a while however has recovered currently to the extent the place I offered it in January 2022:

The enterprise of operating an alternate is generally an excellent one, with the caveat that Europe total has been one way or the other affected by many take overs, delistings and few IPOs within the current years.

Euronext enjoys very good margins, 2023 was all in all OK, helped by a very good This fall. For an alternate operator, the inventory just isn’t too costly, though I don’t like all of the changes they’re making in presenting their numbers.

However, that is clearly one inventory to “watch”, particularly if investor curiosity comes again to Europe.

92. BioCartis

BioCartis is a 27 mn EUR market cap Biotech firm that has seen higher days. the corporate is loss making and has important debt. “Move”.

93. Ageas

Ageas, a 7,5 bn market cap inventory, is the insurance coverage arm of former Belgian Monetary Conglomerate Fortis, which went down through the GFC.

Wanting on the share value, we are able to see that nothing massive occurred over the previous 1 years, nevertheless, they pay a really juicy dividend:

The corporate has been shopping for again shares (share depend -10% over 6 years). Very just lately, they made a transfer to amass Direct Line within the UK however walked away as Administration of Direct Line opposed the transaction.

Ageas is energetic in each, Life and Non-Life enterprise. One very particular side is that round 50% of the operational revenue comes from their Chinese language Life Insurance coverage enterprise. 

I believe this additionally explains the low valuation, as traders clearly low cost the earnings from China increased. The biggest shareholder curiously is the Chinese language Fosun Group with ~7%. Ageas itself was at all times rumored to be a take-over goal itself.

I’ll put them on “watch” though I additionally assume that the excessive share of Chinese language earnings may very well be a problem.

94. Jensen Group

Jensen Group, a 360 mn EUR market cap firm is a specialist for “Heavy responsibility laundry” machines, so clearly not your typical family washer.

Excluding Covid, jensen appears like a pleasant “sluggish grower”:

The inventory just isn’t too costly and in accordance with TIKR, the household nonetheless owns north of 40%. Apparently, because the title signifies, the Jensen household is Danish.

2023 was a extremely good yr for them. Additionally they “swapped” a 20% capital improve with Belongings from Miura, a listed Japanese firm, to be able to enter the Japanese market.

I had appeared on the firm earlier than however I’ve to confess that now I discover them actually fascinating. They’ll go on “watch” with some precedence.

95. Belysse Group

Belysse (previously Balta Group) is a 27 mn EUR market cap firm that manufactures textile ground protecting. 

Because the inventory chart exhibits, they clearly had higher occasions.

Gross sales have halved in Covid and by no means actually recovered, the corporate made losses yearly since then. %4% of the corporate are owned by Lone Star fund, a well-known ”Vulture”. “Move”.

96. Peltzer (Skilled Market)

This Skilled MArket inventory appears to have by no means traded. “Move”.

97. Kinepolis

Kinepolis is a 1,2 bn market cap operator and proprietor of film theaters. Wanting on the share value, they held up fairly properly since Covid regardless of the sturdy headwinds:

They’re energetic in Europe and the US and run the IMAX film theaters. The reporting is sort of good, however I’m not 100% positive how a lot future the film enterprise actually has, particularly because the inventory just isn’t actually low cost both. Perhaps they might strive their luck as meme inventory, as their US peer AMC. “Move”.

98. Surongo (Skilled Market)

This inventory traded final in 2018. Googling the title solely reveals a Bollywood film with the identical title. “Move”.

99. ABO Group

The Belgian ABO Group has nothing to do with the German ABO Wind (which I personal). It’s as a substitute a 60 mn market cap Engineering Group that’s energetic in “geotechnics, soil remediation, power, and water and waste administration options in Belgium, the Netherlands, France, and internationally.”.

To a sure extent it’s a small competitor of DEME which provides related companies. They managed to double gross sales since 2016, however margins are skinny and the valuation fairly excessive with a P/E of 22x. Free float is small as 86% are held by one individual. “Move”.

100. Greenyard

Greenyard is a 254 mn EUR market cap distributor of fruit and greens that additionally has seen higher days:

The corporate carries important debt. Margins are skinny and return on capital is low. The investor presentation is filled with changes. Constructive: The CEO owns 44% of the corporate.
General, it doesn’t look very interesting and the excessive debt is a matter lately, “cross”.

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