That is the final batch of randomly chosen Belgian shares. As within the different “All Shares” sequence, there wil be a abstract put up the place I’ll trim down the preliminary watch listing to a extra manageable brief listing. This time, 5 corporations made it onto the preliminary watch listing. To date I haven’t selected a brand new nation but.
181. Reibel
This appears to be an nearly zero price shell of a bankrupt firm. “Cross”.
182. Oxurion
This 1 mn EUR market cap Biotech firm doesn’t look very convincing. “Cross”.
183. Tetrys
This 4 mn market cap firm sadly has nothing to do with the well-known Tetris recreation however is a few form of actual property improvement firm. “Cross”.
184. Recticel
Recticel is a 715 mn EUR firm that previously did a lot of issues however beneath strain from activists targeted itself on its insulation enterprise. As such, it was already a part of my portfolio a while in the past as a part of the “insulation basket”.
2023 was a transition yr with “Noisy” earnings, however the Q1 replace was surprisingly sturdy:
Recticel additionally used their money buffer to amass one other Belgian firm that produces insulation panels. A transfer that I’d have additionally anticipated kind my portfolio firm Sto, however they didn’t do something but.
The long run share worth clearly exhibits the uninspiring previous:
Nonetheless, as a targeted insulation participant, I’ve Recticel on “watch” anyway.
185. Pantech (Professional Market)
This Professional Market inventory was final traded in Sep. 2021. “Cross”.
186. BEM Make investments (Professional Market)
This inventory was final traded 7 years in the past. “Cross”.
187. Aedifica
This 2,8 bn EUR market cap firm is as soon as once more an actual property firm that has seen higher instances. Nevertheless, almost definitely as a result of its specialization on aged care, it doesn’t appear to be in deep misery:
In any case, nothing for me, “move”.
188. PB Finance (Professional MArket)
This Professional Market Penny Inventory traded final in 2015. “Cross”.
189. Quest for Progress NV
This 81 mn market cap funding firm doesn’t appear to have discovered what they had been in search of. At the very least this means the Share worth:
Curiously, in accordance with TIKR they’ve unfavourable EV which is likely to be not right. If I perceive it accurately it’s this closed finish fund.
The listed a part of the portfolio may be very fascinating, amongst others they personal EVS and ABO Power. The VC half appears much less strong although.
In response to this chart, the present valuation in the intervening time offers zero worth to the unlisted half:
As I discover the inventory choice fascinating, I’ll put them on “watch”.
190. Softimat
This 4 mn EUR market cap inventory appears like one other failed Actual Property developer. “Cross”.
191. Ackermans Van Haaren (AvH)
AvH is likely one of the extra profitable Belgian conglomerates. With 5,5 bn EUR market cap, AvH has an honest long run worth creation observe document:
I had coated AvH each in 2014 and as soon as once more at first of this yr.
As some readers would possibly recall, I truly invested into DEME, a subsidiary of AVH as a result of I assumed that this was the perfect asset and it paid off properly. I’m not so certain about among the different companies. Nonetheless an organization to “watch” although.
192. Utexbel (Professional MArket)
Professional Market inventory that traded final 9 years in the past. “Cross”.
193. CHEMINS DE FER BELGES (Sté nationale des) – BELGISCHE SPOORWEGEN (Nationale Mij der) – Professional MArket
This appears to be an artifact of the Belgian Nationwide Railway. “Cross”.
194. Spadel
This 790 mn EUR market cap firm appears to be within the enterprise of promoting mineral water. The corporate appears to be 93% owned by its CEO and really thinly traded: They declare to be market leaders in Belgium and curiously in Bulgaria. What a Combo.
The corporate has internet money and appears to be doing fairly OK, however 2022 noticed a major drop in earnings. Total, this doesn’t too fascinating to me, subsequently I’ll “move”.
195. Solvay
Solvay is a 3,5 bn EUR market cap Chemical substances firm that has been simply present process a significant re-org Spin-Off train which explains the massive drop in Share worth:
David Einhorn had pitched SOlvay in April as a prime decide, he has some expertise with European Chemical corporations.
The valuation continues to be very very low-cost. Here’s a Video of Einhorn explaining the thought at a excessive degree:
https://www.msn.com/en-ae/cash/savingandinvesting/greenlight-s-david-einhorn-the-future-of-value-of-investing-is-dead/vi-BB1l1MkN?ocid=weather-verthp-feeds
The Spin Off Syensqo has retained about ¾ of the overall fairness worth. After the Einhorn pitch, Solvay gained round 20%, however nonetheless appears fascinating. “Watch”.
196. Solvac
With Solvac, for as soon as I overruled the almighty random quantity generator and deal with this 2,3 bn firm proper after Solvay as a result of it’s truly the Holding firm, that owns ~30% of each, Solvay and Spin-Off Syensqo.
They’ve this good graph on their site which makes it simple to calculate the worth:
I rapidly calculated the worth on the time of writing and it appears like this:
Solvac passes on the dividend obtained to shareholders. As a result of low cost to NAV, the dividend yield is ~5,5%.
Solvac has a pleasant chart exhibiting the final 40 years of dividend historical past:
Nevertheless we are able to additionally see that the share worth did little for the previous 20 years:
As a pure dividend play, Solvac is just not fascinating for a German investor as a result of te excessive withholding tax in Belgium. Nonetheless, I’d put Solvac as a part of the “solvay” household on “watch”.
