After a brief vacatation break, I’m again with the following “All Belgian shares” put up. Apart from the same old Actual Property and non-traded Professional market stuff, this time three shares made it onto the watch listing. For one in every of them I even began a 1% place as a way to inspire myself for a deep dive slightly ahead of later. Take pleasure in !!
141. EVS Broadcast Gear SA
EVS is a 411 mn EUR market cap inventory that I analyzed nearly 10 years in the past as a possible “prime quality compounder”. This was my abstract again then:
Wanting on the chart, that is additionally one of many shares the place the “shiny new HQ curse” totally hit:
The inventory misplaced greater than -50% at its low however recovered previously months considerably.
Curiously, EPS per share recovered nearly to the outdated ranges:
OE and EBIT margin stabilized at a stage of round 20%.Gross sales rebounded properly after Covid. Ennismore owns EVS since a few years, it has grow to be one in every of their largest place.
General, on the present reasonable valuation, EVS is clearly a inventory to take a look at. To be able to improve the motivation for a deep dive, I purchased a 1% place at present worth. “Watch”.
142. Weyveld Nossegem (Professional Market)
That is one other Actual Property certificates from an organization referred to as Immolease Belief. It traded final in December 2022. “Cross”.
143. Colruyt
Colruyt, a 5,9 bn EUR market cap firm is clearly one of many higher identified Belgian firms. In line with TIKR it “engages within the retail, wholesale, meals service, and different actions in Belgium, France, Luxembourg, and internationally. It operates via three segments: Retail, Wholesale and Foodservice, and Different Actions.”
Long run worth creation is slightly mediocre and the inventory will not be low cost:
The corporate has been struggling particularly in 2023, nonetheless the purchased again shares for a few years. 2024 appears to be like higher, in addition they appear to have excited some non-core participations.
The Colruyt household owns round 70% of the share. In Belgium they appear to have 33% market share in meals retail. General, nothing that jumpers at me. “Cross”.
144. Biotalys
Biotalys is a 2021 IPO with a market cap of 95 mn that “discovers and develops novel organic merchandise for the safety of meals and crops. It primarily develops biofungicides, bioinsecticides, and biobactericides”.
To this point, that has not been too profitable, because the inventory misplaced greater than -50% since IPO. “Cross”.
145. Crescent
Crescent is a 27 mn EUR market cap penny inventory doing a little type of know-how. “Cross”.
146. Schreder Group (Professional Market)
Schreder is an Professional Market inventory that traded final in September 2022 and at the very least, with a worth of greater than 5000 EUR per share, it’s not a penny inventory. In line with TIKR it “designs and manufactures outside luminaires for city or rural communities. It supplies outside lighting merchandise for roadway, city, flood, industrial, tunnel lighting, and particular purposes worldwide”.
Nevertheless, I didn’t discover any monetary info on their web site, so it’s a “cross”.
147. Charbonnages de Gosson Kessales (Professional Market)
From the title, this feels like one other former coal mine. There’s an in depth Wikipedia web page about it. The inventory was traded final in 2015. “Cross”.
148. Generale Belge Argentine (Professional Market)
This one traded final in 2018. It feels like a Belgian Financial institution lively in Argentina, but it surely’s a “cross”.
149. Lotus Bakeries
Lotus Bakeries, an 8,1 bn EUR market cap cookie and biscuit producer is clearly one of many greatest funding errors I made in my service. Why ? As a result of I researched it greater than 10 years in the past and handed as a result of I believed it was firm however too costly at 20x P/E.
10 years later, this may have been a ten bagger and nothings appears to have the ability to cease them:
Within the final 10 years, earnings quadruplet, but in addition the P/E elevated from 20x to 55x which is “wealthy”:
Though they aren’t loopy worthwhile, the handle to develop at excessive charges. Eben in 2020, they grew by 6%:
There most well-known product is the “Biscoff”, the only packaged cookie one typically will get with an Espresso.However they’ve a big line-up of very tasty different biscuits.
They’ve a really good annual report which for some motive can’t be downloaded. 50% of the shares are household owned.
A P/E of 55 is sadly far north of my ache stage, so I suppose I’ll watch one other 10 years and see the inventory go to 100000 EUR per share. Nonetheless I’ll “watch” this firm which is clearly among the best Midcaps in Europe..
150. Candela Make investments
This 3 mn EUR market cap firm doesn’t appear to have an actual enterprise. “Cross”.
151. Tessenderlo Group NV
Tessenderlo, a 2,1 bn EUR market cap firm is likely one of the most attention-grabbing Belgian firms. I truly began to write-up the corporate a while in the past however didn’t proceed. The corporate is majority owned and run by Luc Tack, a Belgian businessman who mixed a fairly unusual assortment of chemical firms, fertilizers, textile machines and Fuel fired powerplants underneath one roof.
Initially he ran two firms, the opposite being Picanol, however he merged Picanol into Tessenderlo in 2023. After a report 2022, 2023 was fairly unhealthy throughout the corporate which had depressed the share worth:
Tessenderlo’s accounts had been all the time laborious to learn they usually don’t clean something, slightly the alternative.
One very distinctive function is that Tessenderlo owns by way of the merged/Acquired Picanol round ¼ of its gained shares which for some causes aren’t “formally” counted as personal shares.
One other attention-grabbing side is that they really began to pay a dividend and {that a} new CTO and COO have been introduced, as Luc Tack’s long run companion appears to have retired.
The Group has no debt and are constantly shopping for again shares. In addition they handle to pay very low taxes. The massive danger right here is that Luc Tack will take them personal sooner or later with little or no premium.
General nonetheless clearly a inventory to “watch”.
152. Compagnie Financière de Neufcour S.A
One other, 4 mn EUR Nano Cap that doesn’t appear to have an actual enterprise. “Cross”.
153. Mechelen (Professional Market)
Mechelen is one other Actual property certificates, final traded in 2022. “Cross”.
154. Scheerders van Kerchove’s Verenigde fabrieken nv
In line with TIKR, this 15 mn EUR market cap firm “manufactures and distributes constructing supplies. It affords façade panels, slates, dealing with bricks, and corrugated sheets. “
The corporate is at the moment loss making and has seen higher days:
Out of the final 8 years, 4 years had been loss making, the corporate can be indebted. “Cross”.
155. Entreprises et Chemins de Fer en Chine S.A. (ECFC) – Professional MArket
ECFC is definitely the principle proprietor of Cie Bois Suavage and owns 50,1%. The inventory traded final in 2020. “Cross”.
156. Euronav
Euronav is a 3 bn EUR market cap Crude Oil tanker firm that’s majority owned by the Savery’s household which additionally controls Exmar.
It grew to become someway well-known as a result of the Saverys household and Tanker Tycoon John Fredrikson fought for the management of Euronav for two years earlier than Fredrikson gave up they usually settled for a deal.
As Oil tankers and transport normally are very troublesome companies, I’ll “cross”.
157. Care Property Make investments
This 540 mn EUR market cap property Group “purchases, builds and renovates high-quality healthcare actual property (residential care centres, teams of assisted residing residences, residential complexes for individuals with a incapacity, and many others.), totally tailor-made to the wants of the top person after which makes it out there to strong healthcare operators on the idea of a long-term contract.”
Among the many Belgian Actual Property shares, this one stands out with having fairly first rate inventory efficiency:
Nonetheless, I’ll “cross”.
158. Ekopak
Ekopak is a 277 mn EUR market cap firm that “designs, builds, funds, and operates industrial water processing options in Belgium, France, and internationally. It operates in two segments, Water-as-a-Service (WaaS) and Non-WaaS.”
As a 2021 IPO, the inventory has run sideways since then:
The corporate is loss making. It’s rising fairly quick bt nonetheless must develop into the present valuation. Gross margins are low with ~20%. “Cross”.
159. IMBAKIN Holding (Professional MArket)
IMBAKIN Holding has truly traded in 2024, however as a Penny inventory, my curiosity may be very restricted. “Cross”.
160. VGP
VGP is a 2,9 bn actual property firm that “develops, owns, and manages logistics and semi-industrial actual property, and ancillary workplaces. “
The inventory has seen higher days, however long run the worth creation remains to be fairly good:
Nonetheless, as all actual property shares, a “cross”
