After a brief vacatation break, I’m again with the following “All Belgian shares” publish. In addition to the standard Actual Property and non-traded Knowledgeable market stuff, this time three shares made it onto the watch listing. For one in all them I even began a 1% place with the intention to inspire myself for a deep dive relatively ahead of later. Take pleasure in !!
141. EVS Broadcast Gear SA
EVS is a 411 mn EUR market cap inventory that I analyzed virtually 10 years in the past as a possible “prime quality compounder”. This was my abstract again then:
Trying 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 up to now months considerably.
Curiously, EPS per share recovered virtually to the previous ranges:
OE and EBIT margin stabilized at a degree of round 20%.Gross sales rebounded properly after Covid. Ennismore owns EVS since a few years, it has change into one in all their largest place.
General, on the present reasonable valuation, EVS is clearly a inventory to take a look at. With a purpose to improve the motivation for a deep dive, I purchased a 1% place at present value. “Watch”.
142. Weyveld Nossegem (Knowledgeable 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 corporations. Based on 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 relatively 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 seems 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”.
Thus far, 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 sort of know-how. “Cross”.
146. Schreder Group (Knowledgeable Market)
Schreder is an Knowledgeable Market inventory that traded final in September 2022 and a minimum of, with a value of greater than 5000 EUR per share, it’s not a penny inventory. Based on TIKR it “designs and manufactures outside luminaires for city or rural communities. It gives outside lighting merchandise for roadway, city, flood, industrial, tunnel lighting, and particular functions worldwide”.
Nevertheless, I didn’t discover any monetary data on their web site, so it’s a “go”.
147. Charbonnages de Gosson Kessales (Knowledgeable Market)
From the title, this appears like one other former coal mine. There’s a detailed Wikipedia web page about it. The inventory was traded final in 2015. “Cross”.
148. Generale Belge Argentine (Knowledgeable Market)
This one traded final in 2018. It appears like a Belgian Financial institution energetic in Argentina, nevertheless it’s a “go”.
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 assumed it was a superb 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 additionally the P/E elevated from 20x to 55x which is “wealthy”:
Though they don’t seem to be 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 purpose can’t be downloaded. 50% of the shares are household owned.
A P/E of 55 is sadly far north of my ache degree, so I assume I’ll watch one other 10 years and see the inventory go to 100000 EUR per share. However I’ll “watch” this firm which is clearly top-of-the-line 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 fascinating Belgian corporations. I really 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 corporations, fertilizers, textile machines and Gasoline fired powerplants underneath one roof.
Initially he ran two corporations, the opposite being Picanol, however he merged Picanol into Tessenderlo in 2023. After a file 2022, 2023 was fairly unhealthy throughout the corporate which had depressed the share value:
Tessenderlo’s accounts have been all the time laborious to learn they usually don’t clean something, relatively the other.
One very distinctive function is that Tessenderlo owns through the merged/Acquired Picanol round ¼ of its received shares which for some causes aren’t “formally” counted as personal shares.
One other fascinating facet 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 repeatedly shopping for again shares. In addition they handle to pay very low taxes. The large 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 (Knowledgeable Market)
Mechelen is one other Actual property certificates, final traded in 2022. “Cross”.
154. Scheerders van Kerchove’s Verenigde fabrieken nv
Based on TIKR, this 15 mn EUR market cap firm “manufactures and distributes constructing supplies. It gives façade panels, slates, going through 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 have been loss making, the corporate can be indebted. “Cross”.
155. Entreprises et Chemins de Fer en Chine S.A. (ECFC) – Knowledgeable 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 by some means 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 “go”.
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 dwelling flats, residential complexes for folks with a incapacity, and so on.), totally tailor-made to the wants of the top consumer after which makes it out there to strong healthcare operators on the premise of a long-term contract.”
Among the many Belgian Actual Property shares, this one stands out with having fairly first rate inventory efficiency:
However, I’ll “go”.
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 (Knowledgeable MArket)
IMBAKIN Holding has really 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 places of work. “
The inventory has seen higher days, however long run the worth creation remains to be fairly good:
However, as all actual property shares, a “go”
