After a brief vacatation break, I’m again with the subsequent “All Belgian shares” publish. Moreover the standard Actual Property and non-traded Skilled market stuff, this time three shares made it onto the watch listing. For one in every of them I even began a 1% place in an effort to inspire myself for a deep dive relatively before later. Get pleasure from !!
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Curiously, EPS per share recovered nearly to the outdated ranges: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 degree of round 20%.Gross sales rebounded properly after Covid. Ennismore owns EVS since a few years, it has change into one in every of their largest place.
General, on the present average valuation, EVS is clearly a inventory to have a look at. So as to improve the motivation for a deep dive, I purchased a 1% place at present value. “Watch”.
142. Weyveld Nossegem (Skilled Market)
That is one other Actual Property certificates from an organization referred to as Immolease Belief. It traded final in December 2022. “Go”.
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 by three segments: Retail, Wholesale and Foodservice, and Different Actions.”
Long run worth creation is relatively mediocre and the inventory just isn’t low-cost:
The corporate has been struggling particularly in 2023, nevertheless the purchased again shares for a few years. 2024 appears higher, additionally 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. “Go”.
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”.
Up to now, that has not been too profitable, because the inventory misplaced greater than -50% since IPO. “Go”.
145. Crescent
Crescent is a 27 mn EUR market cap penny inventory performing some type of know-how. “Go”.
146. Schreder Group (Skilled Market)
Schreder is an Skilled Market inventory that traded final in September 2022 and no less than, 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 (Skilled Market)
From the title, this seems like one other former coal mine. There may be an in depth Wikipedia web page about it. The inventory was traded final in 2015. “Go”.
148. Generale Belge Argentine (Skilled Market)
This one traded final in 2018. It seems like a Belgian Financial institution lively in Argentina, but it surely’s a “go”.
149. Lotus Bakeries
Lotus Bakeries, an 8,1 bn EUR market cap cookie and biscuit producer is clearly one of many largest funding errors I made in my provider. 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 an excellent firm however too costly at 20x P/E.
10 years later, this is able to 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 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 cause 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 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 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. “Go”.
151. Tessenderlo Group NV
Tessenderlo, a 2,1 bn EUR market cap firm is without doubt one of the most fascinating Belgian corporations. 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 corporations, fertilizers, textile machines and Fuel fired powerplants below one roof.
Initially he ran two corporations, 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 value:
Tessenderlo’s accounts had been at all times onerous to learn and so they don’t clean something, relatively the alternative.
One very distinctive function is that Tessenderlo owns by way of the merged/Acquired Picanol round ¼ of its received shares which for some causes aren’t “formally” counted as personal shares.
One other fascinating 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 repeatedly shopping for again shares. In addition they handle to pay very low taxes. The massive threat right here is that Luc Tack will take them non-public sooner or later with little or no premium.
General nevertheless 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. “Go”.
153. Mechelen (Skilled Market)
Mechelen is one other Actual property certificates, final traded in 2022. “Go”.
154. Scheerders van Kerchove’s Verenigde fabrieken nv
Based on TIKR, this 15 mn EUR market cap firm “manufactures and distributes constructing supplies. It presents 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 had been loss making, the corporate can also be indebted. “Go”.
155. Entreprises et Chemins de Fer en Chine S.A. (ECFC) – Skilled MArket
ECFC is definitely the principle proprietor of Cie Bois Suavage and owns 50,1%. The inventory traded final in 2020. “Go”.
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 turned in some way 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 and so they settled for a deal.
As Oil tankers and transport basically 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 residences, residential complexes for individuals with a incapacity, and many others.), totally tailor-made to the wants of the tip person after which makes it out there to stable healthcare operators on the idea of a long-term contract.”
Among the many Belgian Actual Property shares, this one stands out with having fairly respectable inventory efficiency:
Nonetheless, 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%. “Go”.
159. IMBAKIN Holding (Skilled MArket)
IMBAKIN Holding has truly traded in 2024, however as a Penny inventory, my curiosity could be very restricted. “Go”.
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 continues to be fairly good:
Nonetheless, as all actual property shares, a “go”
