One other month, one other 20 randomly chosen Belgian shares. This time, I discovered 3 shares value watching. The Professional Market thus far is kind of disappointing, however let’s see if there’s perhaps a gem or two amongst all the opposite stuff.
41. BPost
BPost with a market cap of 700 mn EUR appears to be the previous state monopoly mail and parcel firm in Belgium which continues to be majority owned by the Belgian Authorities. The inventory seems low cost, however wanting on the share value it appears to be extra like a melting ice dice. Working margins have been declining from 18% in 2013 to five% in 2023.
As I attempt to keep away from Authorities owned firms normally, I’ll “go” regardless of an 11% dividend yield.
42. Brouwerij Handelsmaatschappij NV
This one is a brewery with a market cap of 146 mn EUR. Trying on the Chat, issues don’t look so nice:
The primary purpose is that the corporate has been making losses for 3 out of the 4 final years. Though they appear to supply a variety of attention-grabbing drinks and Belgian Beer is known, this doesn’t appear to show into business success.
82% of the shares are maintain by a household. Nonetheless, doesn’t seem like a financially attention-grabbing funding, “go”.
43. What’s Cooking Group NV
What’s Cooking Group is the brand new identify of Ter Beke, a meals producer that produces different types of meat merchandise and prepared made meals.
The inventory is on a downwards pattern since 2017 with a small latest bump:
The inventory seems fairly low cost at 10x P(E and 4x EV/EBITDA. They’d some high line development within the final years however margins deteriorated. Working margins are razor skinny at round 1-2%. The corporate pays out all its earnings as dividends.
Money circulate seems considerably higher, on high of the dividend, they managed to considerably cut back debt over the previous years. Total, that appears to have been a hangover from an acquisition spree in 2017.
In some way it appears to be an attention-grabbing story that I wish to take a look at nearer, so “watch”.
44. Charbonnier Du Bonnier (Professional Market)
This Professional Market inventory appears to have been an precise coal mine. Based on Wikipedia, there appear to be now flats on the positioning. Though the inventory was traded in 2020, I didn’t discover any monetary data or perhaps a web site. “Go”.
45. Proximus
Proximus is the two,5 bn market cap former Belgacom. Asother conventional Belgian firms, they clearly have seen higher days because the chart exhibits:
The inventory could be very low cost, however the have some debt. Margins have been shrinking for a few years and have halved during the last 10 years.
The corporate pays out its earnings as dividends however no share purchase backs. Total, this seems extra like a melting ice dice, “go”.
46. DEXIA (Professional Market)
Dexia appears to be the rest of the Belgian Financial institution that wanted to be rescued by the Belgian and French Authorities. The corporate appears to be in run-off and is owned 99,6% by the Authorities. The inventory traded final in 2020 however I’ll “go” fortunately.
47. Immo Mechelen Metropolis Middle Naamloze vennootschap
Lastly the primary actual property firm on this batch. It has a market cap of 13 mn EUR and appears to supply these Belgian model actual property certificates. Not a enterprise a do perceive, “go”.
48. DMS Imaging Group
DMS Imaging is a 31 mn market cap penny inventory that “engages within the design, growth, and manufacturing of medical imaging methods for digital radiology and bone densitometry in Belgium”. The corporate appears to have some gross sales however has been loss making for a few years and the share value is flatlining. Not my sort of firm, “go”.
49. IEP Make investments
Based on Euronext, IEP is a 50 mn EUR market cap firm that has a 67.25% share within the listed actual property growth firm. “Go”.
50. Accentis
Stepping out of the random order, Accentis itself has a market cap of 38 mn EUR and appears to develop or personal actual property in Belgium and Germany.
Additionally nothing to see for me right here, “go”.
51. Van Genechten (Professional Market)
Van Genechten is an Professional Market inventory that appears to have by no means traded in latest historical past. it appears to be a printing/packaging firm. “Go”.
52. DEME Group
DEME is a 3,4 bn market cap Marine Engineering firm. Right here I make my life slightly bit simpler, so I simply hyperlink to my write-up from November eighth 2023. This was considered one of my higher timed investments.
53. Grottes de Han-Sur-Lesse et de Rochefort SA (Professional Market)
This Professional Market inventory truly traded a little till 2017 and appears to be a Wildlife park plus Museum in Belgium. It seems like a cool place to go to, however I didn’t discover any monetary data. “Go”.
54. Abattoir (Professional Market)
Abattoir is an Professional MArket inventory that traded final in 2017. “Go”.
55. Smartphoto Group
Smartphoto Group is a 99 mn EUR market cap firm that appears to supply persoolaized photobooks like German CEWE Colour but additionally a variety of different items.
As different related enterprise, they’ve benefitted from Covid, however appear to have been in a position to hold that stage of enterprise. The newest buying and selling assertion exhibits fairly OK 2023 numbers and so they appear to have a major internet money place.
Adjusting for the money, this firm seems fairly low cost for an honest high quality enterprise, “watch”.
56. OZ Group (Professional Market)
Though listed as OZ Group on the Professional Amrket, Euronext offers this description:
Ice Idea focuses on leasing and promoting refrigerated automobiles (panel truck, semi-trailers, tractors, and so on.). The corporate additionally affords automobile servicing, restore, and upkeep companies, in addition to tire administration and accent provide companies (fastening bars and straps, elevator platforms, partitions, and so on.). The group has a fleet of almost 120 refrigerated automobiles.
The share had been traded final in December 2021 at 7 cent/share. Undecided if that is nonetheless a going concern enterprise.
Clicking on the hyperlink on the Euronext description web page takes us to an organization known as “Petit Forrestier” which rents out refrigerated automobiles. This all sounds too complicated for me, “go”.
57. CS Brux (Professional Market)
This Professional Market inventory has traded final in 2015. I didn’t discover any details about this firm. “Go”.
58. Immobiliere Agricole et Forestiere (Professional Market)
One other Professional Market firm that has traded final in 2015. It appears to be a nursery for bushes however I haven’t discovered any extra detailed data. “Go”.
59. Vastned Belgium
Vastned Belgium is a 153 mn EUR market cap actual property firm that invests largely in retail properties. Vastned Belgium is a 66% owned subsidiary of Dutch Vastned Retail which can also be a listed firm.
As all Belgian Actual Property firms, the inventory seems low cost and has a excessive dividend. Vastned Belgium additionally appears much less leveraged than the guardian. Nonetheless, not my cup of tea, “go”.
60. Umicore
Umicore is a 4,9 bn market cap firm that’s lively within the catalyst enterprise as effectively in treasured recycling. Trying on the chart, we are able to see that the corporate has seen higher days.
The inventory spiked 2 instances, as soon as in 2018 and secondly in 2021 earlier than shedding ⅔ .
What’s attention-grabbing, that Umicore at all times loved a comparatively excessive valuation however primarily based on EV/EBIT now trades at a “multi-decade-low” as we are able to see on this TIKR chart:
The spike in 2021 was most definitely as a result of ESG fad and particularly the position Umicore is meant to play in battery recycling. When each EV maker flew excessive, somebody must recycle all of the batteries and Umicore could be a major candidate.
Apparently earnings additionally quadruplet in 2021 as we are able to see within the chart:
However solely to come back down considerably in 2022 and 2023.
The enterprise is clearly capital intensive in addition to power intensive. As well as, earnings additionally rely upon the value of uncooked supplies.
Of their end result presentation, the outlook for 2024 was fairly blended, however general I do discover the corporate very attention-grabbing. There appears to be a structural tailwind and it’s also an oblique play on commodity costs. Clearly a inventory to “watch”.
