It’s Belgian Energy Week on the weblog this week with a second publish within the “All Belgian Shares” collection. From these 20, randomly chosen shares, 7 made it onto the preliminary watch record, together with some actually fascinating corporations. Let’s go !!
121. Galapagos
Galapagos has nothing to do with the Islands within the Pacific however is a Biotech firm that has spiked throughout Covid and misplaced -90% since then. They do have gross sales and even some earnings and based on TIKR, they’ve a detrimental EV of -1,8 bn.
Gilead owns 25% of the corporate. For some unusual purpose, the detrimental EV attracts me like a fly to the sunshine bulb, so I’ll put them on “watch”.
122. IBA – Ion Beam Software
This 400 mn EUR market cap firm based on Tikr “develops, manufactures, and helps medical gadgets and software program options for most cancers therapies in Belgium, the USA, and internationally”.
The corporate truly has gross sales and is waking out small income right here after which and has web money.
Based on their final investor presentation, the corporate has fairly aggressive mid time period targets. If they’d hit that, the inventory could be fairly low cost:
This sounds fairly fascinating, particularly because the have web money and don’t appear to burn a lot money. “Watch”.
123. Econocom Group SE
This 393 mn EUR market cap IT distributor is sort of fascinating, as it is rather low cost and appears to purchase again a major quantity of shares every year on prime of a present 7% dividend yield.
However, they’ve important web debt and the share value has accomplished little for a few years. Margins are razor skinny, too.
Not my favourite form of scenario, however I nonetheless will put it on the preliminary “watch” record.
124. Brederode
Brederode is a 3,4 bn EUR market cap funding firm that’s formally headquartered in Luxembourg however to my information is initially from Belgium.
Wanting on the chart, long run worth creation seems to be fairly good with round 15% CAGR over the previous 10 years:
⅔ of their investments are in Personal Fairness, ⅓ in public securities. They’ve a fairly detailed record of their non-public fairness fund investments on their web site which is sort of uncommon.
Their listed portfolio is one thing like a “giant cap high quality” portfolio. The NAV at yr finish was at round 128 EUR, so Brederode traded at a comparatively slender low cost of -20%.
Personally, I’d not make investments right here however I believe it’s an fascinating instance of a properly managed funding firm that manages to commerce at a comparatively slender low cost.
If somebody is in search of PE publicity, this may be a better option than the at present touted “PE for regular traders” choices. “Go”.
125. BOUFFIOULX-ST-NICOLAS (Le Patrimoine Immobilier)
This Knowledgeable market inventory has traded final in 2023. Based on Euronext “Bouffioulx-St-Nico is an actual property certificates issued by the corporate Le Patrimoine Immobilier. The exercise of the corporate Le Patrimoine Immobilier consists in issuing certificates that offers the suitable to a quota of the distributions and decided property offers revenue.” As I’m not concerned with Actual Property, I’ll “move”.
126. AGENCE MARITIME MINNE
This Knowledgeable Market inventory appears to have by no means traded. “Go”.
127. Banimmo
Banimmo is a 38 mn EUR market cap actual property firm that has been flatlining for a few years. It appears to be a subsidiary f a Life Insurance coverage firm. “Go”.
128. Floridienne
Floridienne is a 686 mn EUR market cap Holding firm that produces an incredible broad number of merchandise, from Chemical substances to Gourmand Meals and likewise recycles Batteries. Equally wonderful has been the efficiency over the previous 10 years:
The inventory first climbed slowly, however then took of like a rocket in 2021, doing general 8X over the previous 10 years.
If I perceive accurately, their largest division, Biobest, gives organic resolution for Farmers to combat bugs and illnesses. And so they simply did a really giant acquisition in Brazil at yr finish 2023. The P&L does not likely inform the story why the share value went up a lot within the final yr. Possibly some readers know extra ? Blissful to listen to. Anyway, that is clearly one to “watch”.
129. Roton
This Knowledgeable Market inventory truly traded in 2024. Based on Euronext, this appears to be an bancrupt coal mine. “Go”.
130. Previous England
This Knowledgeable MArket inventory traded final in 2015. “Go”.
131. KBC
With a 28 bn market cap, KBC is clearly one of many bigger European banks. Wanting on the chart we are able to see that the share value has been oscillating up and accomplished with no development for a while:
As many different banks, the inventory is sort of low cost at a P/E of 9. The ROE is sort of good, on common like 12-14% p.a. which explains the 1,3x P/B valuation.
That is clearly an honest financial institution however not what I’m in search of, “move”.
132. Moury Assemble SA
This 218 mn EUR market cap building firm, owned 60% by the Moury household, has a fairly uncommon chart for a building firm:
The inventory roughly tripled over the previous 3 years:
Wanting on the particulars, Moury may truly enhance earnings by 6x during the last 6 years. To be sincere, I didn’t discover out why Moury has accomplished so properly over the previous 3-4 years, perhaps once more, a few of my readers may enlighten me why they’ve accomplished so properly.
One fascinating side is that Moury all the time regarded extraordinarily low cost based mostly on EV multiples, almost certainly attributable to prepayments from purchasers.
In any case, this can be a “watch”.
133. Exmar
Exmar is a 434 mn EUR market cap transport firm and an “Previous pal of the weblog”. I invested into Exmar as a particular scenario in 2022 when it turned clear that they’d divest theri LNG belongings at a really excessive value.
The paid out a fats additional dividend of greater than 5 EUR per share in 2023. Earnings for 2023 have been very strong and the inventory seems to be low cost. Evidently the generational handover throughout the Savery household simply occurred in January. Within the annual report 2023 they point out Inexperienced Ammonia as a significant driver for the long run. General, regardless of the volatility of transport, this inventory is a “watch”.
134. BARCO
BARCO is a 1,2 bn EUR market cap that “develops visualization options for the leisure, enterprise, and healthcare markets in Belgium and internationally.”
The inventory of BARCO has been fairly risky as we are able to see within the chart:
Barco runs 3 segments, Healthcare, Enterprise and Leisure. 2023 numbers had been fairly strong. Barco has additionally give a fairly optimistic 2024 outlook with additional margin will increase:
Curiously, the corporate has a major web money place. Q1 was comparatively weak, nevertheless administration confirmed the 2024 outlook.
General, this seems to be like a probably fascinating scenario, so I’ll put them on “watch”.
135. SOFINA
SOFINA, with a market cap of seven,5 bn EUR is among the largest Belgian Funding corporations.
Wanting on the inventory chart, we are able to see that SOFINA participated within the Covid Bul-run however then misplaced nearly -50%:
It is a respectable web page from their IR presentation displaying each, the overall portfolio set-up in addition to the NAV low cost:
Digging one degree deeper, the portfolio seems to be fairly “Techy” with Bytedance (TikTok) because the second largest direct holding.
For somebody concerned with a diversified Tech/VC Portfolio, this may very well be fascinating, for me it’s not the suitable factor, due to this fact “move”.
136. Charbonnages du Bois-du-Luc
This Knowledgeable Market inventory has been traded final in 2015. From the title it appears to be a (Former) coal mine. “Go”
137. BOUWONDERNEMING VOORUITZICHT
This Knowledgeable Market Inventory has additionally traded final in 2015. “Go”.
138. Growners
Growners is an Knowledgeable Market inventory that based on Euronext “focuses on skilled actual property buying and selling providers”. Final commerce was in 2021. “Go”.
139. AGFA Gevaert
AGFA is a 200 mn EUR market cap firm that was a part of the V&O Portfolio only some months in 2020.
Again then, it regarded like an fascinating “Among the elements” turnaround story with an activist current.
However clearly that hasn’t labored out as we are able to see within the chart:
Though they removed the offset enterprise to german Aurelius a while in the past, all of the remaining divisions had been struggling, particularly the most important one, Radiology which appears to have important China publicity.
However, I’d wish to make a deep dive into AGFA sooner or later, due to this fact I’ll put them on “watch”.
140. TISSAGES BRUGGEMAN
And one more Knowledgeable Market inventory which traded final in 2015. “Go”.
