It’s Belgian Energy Week on the weblog this week with a second put up within the “All Belgian Shares” sequence. From these 20, randomly chosen shares, 7 made it onto the preliminary watch checklist, 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 in keeping with TIKR, they’ve a unfavourable EV of -1,8 bn.
Gilead owns 25% of the corporate. For some unusual cause, the unfavourable 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 in keeping with Tikr “develops, manufactures, and helps medical units and software program options for most cancers therapies in Belgium, the USA, and internationally”.
The corporate really has gross sales and is waking out small income right here after which and has internet money.
In response to their final investor presentation, the corporate has fairly aggressive mid time period targets. If they’d hit that, the inventory can be fairly low-cost:
This sounds fairly fascinating, particularly because the have internet money and don’t appear to burn a lot money. “Watch”.
123. Econocom Group SE
This 393 mn EUR market cap IT distributor is kind of fascinating, as it is rather low-cost and appears to purchase again a major quantity of shares every year on high of a present 7% dividend yield.
Alternatively, they’ve important internet debt and the share value has completed little for a few years. Margins are razor skinny, too.
Not my favourite type of state of affairs, however I nonetheless will put it on the preliminary “watch” checklist.
124. Brederode
Brederode is a 3,4 bn EUR market cap funding firm that’s formally headquartered in Luxembourg however to my data is initially from Belgium.
Wanting on the chart, long run worth creation appears 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 checklist of their non-public fairness fund investments on their web site which is kind 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 slim low cost of -20%.
Personally, I might not make investments right here however I feel it’s an fascinating instance of a effectively managed funding firm that manages to commerce at a comparatively slim low cost.
If somebody is in search of PE publicity, this is perhaps a more sensible choice than the presently touted “PE for regular buyers” choices. “Go”.
125. BOUFFIOULX-ST-NICOLAS (Le Patrimoine Immobilier)
This Skilled market inventory has traded final in 2023. In response to 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 provides the suitable to a quota of the distributions and decided property offers revenue.” As I’m not interested by Actual Property, I’ll “move”.
126. AGENCE MARITIME MINNE
This Skilled 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 vast number of merchandise, from Chemical compounds to Connoisseur Meals and likewise recycles Batteries. Equally superb 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 appropriately, their largest division, Biobest, provides organic resolution for Farmers to combat bugs and illnesses. They usually 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 ? Glad to listen to. Anyway, that is clearly one to “watch”.
129. Roton
This Skilled Market inventory really traded in 2024. In response to Euronext, this appears to be an bancrupt coal mine. “Go”.
130. Outdated England
This Skilled 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 completed with out a development for a while:
As many different banks, the inventory is kind of low-cost at a P/E of 9. The ROE is kind of good, on common like 12-14% p.a. which explains the 1,3x P/B valuation.
That is clearly a good financial institution however not what I’m in search of, “move”.
132. Moury Assemble SA
This 218 mn EUR market cap development firm, owned 60% by the Moury household, has a fairly uncommon chart for a development firm:
The inventory roughly tripled over the previous 3 years:
Wanting on the particulars, Moury may really improve earnings by 6x over the past 6 years. To be trustworthy, I didn’t discover out why Moury has completed so effectively over the previous 3-4 years, possibly once more, a few of my readers may enlighten me why they’ve completed so effectively.
One fascinating facet is that Moury all the time seemed extraordinarily low-cost primarily based on EV multiples, almost definitely as a consequence of 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 “Outdated pal of the weblog”. I invested into Exmar as a particular state of affairs in 2022 when it grew to become clear that they’d divest theri LNG property at a really excessive value.
The paid out a fats further dividend of greater than 5 EUR per share in 2023. Earnings for 2023 have been very strong and the inventory appears low-cost. It appears that evidently the generational handover throughout the Savery household simply occurred in January. Within the annual report 2023 they point out Inexperienced Ammonia as a serious driver for the longer term. 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 unstable 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 internet money place. Q1 was comparatively weak, nevertheless administration confirmed the 2024 outlook.
General, this appears like a probably fascinating state of affairs, so I’ll put them on “watch”.
135. SOFINA
SOFINA, with a market cap of seven,5 bn EUR is without doubt one of 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%:
This can be a respectable web page from their IR presentation exhibiting each, the final portfolio set-up in addition to the NAV low cost:
Digging one degree deeper, the portfolio appears fairly “Techy” with Bytedance (TikTok) because the second largest direct holding.
For somebody interested by a diversified Tech/VC Portfolio, this could possibly be fascinating, for me it isn’t the suitable factor, due to this fact “move”.
136. Charbonnages du Bois-du-Luc
This Skilled Market inventory has been traded final in 2015. From the title it appears to be a (Former) coal mine. “Go”
137. BOUWONDERNEMING VOORUITZICHT
This Skilled Market Inventory has additionally traded final in 2015. “Go”.
138. Growners
Growners is an Skilled Market inventory that in keeping with Euronext “makes a speciality of 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 just a few months in 2020.
Again then, it seemed like an fascinating “A number of 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 biggest one, Radiology which appears to have important China publicity.
Nonetheless, I might wish to make a deep dive into AGFA in some unspecified time in the future, due to this fact I’ll put them on “watch”.
140. TISSAGES BRUGGEMAN
And yet one more Skilled Market inventory which traded final in 2015. “Go”.
