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Again from the Easter break with 20 freshly chosen random Belgian shares. This time, 4 made it onto the preliminary watch checklist.
81. MAATSCHAPPIJ VAN DE BRUGSE ZEEHAVEN (Professional Market)
At first I bought excited, as this appears to be the Port of Brugge and the port appears to have grown through the years in accordance with Wikipedia. And I do like ports.. However this inventory traded final in 2015. Plainly at the next degree, the port has already merged with Antwerpes.
Sadly I didn’t discover any monetary info. “Move”.
82. Mazaro NV
This 4 mn EUR market cap firm appears to be (or have been) an car provider. They IPOed in 2022, however appear to have not reported any figures in 2023. This appears to be like unusual, “move”.
83. CFE
CFE is a 190 mn EUR market cap firm engineering and building firm, majority owned by Belgian HoldCo Ackermans & Van Haaren (62%). French building firm Vinci owns a further 12%.
I got here throughout CFE earlier as CFE was a partial proprietor of DEME (which I personal) however they spinned of the stake within the IPO to their shareholders
The margins have decreased through the years, however the inventory may be very very low cost.
Apparently, they have been comparatively optimistic for 2024 of their outlook within the outcomes presentation. I’ll “watch” them as a part of the AvH household.
84. CP76 & CP79 Petrofina (Professional Market)
There may be additionally a CP 79 PEtrofina on the Professional market. Each traded final in 2020. They appear to be some type of the rest from former Belgian Oil firm Petrofina, however I didn’t discover out extra. “Move”.
85. Hyloris Pharmaceutical
Hyloris is a 310 mn EUR market cap pharmaceutical firm that has little or no gross sales (3 mn) however vital losses. They appear to be public since 2020 and the inventory worth now could be roughly on the IPO degree.
I can not choose in any respect how promising their pipeline is, due to this fact I’ll “move”.
86. WDP (Warehouses de Pauw)
With a market cap of 5,6 bn, WDP is a bigger participant within the logistics actual property house. As this sector nonetheless performs fairly properly. The De Pauw household continues to be the most important shareholder with a stake of 21%. WDP can also be considerably dearer than for example workplace centered actual property corporations, regardless of a pull again within the share worth:
Nonetheless, additionally this sector just isn’t of curiosity for me, so I’ll fortunately “move”.
87. Ucare Providers
This 0,25 mn EUR Pico-Cap appears to be a house care service that doesn’t launch monetary numbers any extra. “Move”.
88. MICS Companions (Professional Market)
The Euronext Professional Market web page doesn’t document any commerce for this one. “Move”.
89. SCR-SIBELCO (Professional MArket)
SCR-SIBELCO is an Professional Market inventory that trades fairly often. In response to TIKR, the have a market cap of two,9 bn EUR which is quite a bit for an OTC inventory:
The corporate is a minerals extraction/mining firm, producing all kinds of supplies used amongst others by PV, Insulation and many others.
that chart from their 2023 report, one can see that the enterprise is kind of risky however 2023 has been an honest yr:
Additionally they appeared to have purchased again a major quantity of shares in 2024. It might be actually fascinating to know why such a big firm just isn’t listed on the primary change. However anyway, Mining can also be not one thing that I do know loads of, due to this fact I’ll “move”.
90. Roularta Media Group
It is a 125 mn EUR market cap Media firm that (sadly) focuses on print magazines and appears to have seen higher days:
The 2023 outcomes give a fairly miserable image:
The corporate sits on some 60 mn of web money, however that appears to deplete fairly shortly, additionally through giant dividend funds. Seems to be an excessive amount of like a melting ice dice, due to this fact I’ll “move”.
91. Euronext NV
Euronext, with a market cap of 9,3 bn EUR is one other firm that reader of my weblog would possibly know. I purchased a small place in 2021 however excited it in early 2022 with a small revenue as I couldn’t construct up sufficient conviction for a bigger place.
The inventory has been week for a while however has recovered these days to the extent the place I bought it in January 2022:
The enterprise of working an change is often an excellent one, with the caveat that Europe general has been someway affected by many take overs, delistings and few IPOs within the current years.
Euronext enjoys very good margins, 2023 was all in all OK, helped by an excellent This fall. For an change operator, the inventory just isn’t too costly, though I don’t like all of the changes they’re making in presenting their numbers.
However, that is clearly one inventory to “watch”, particularly if investor curiosity comes again to Europe.
92. BioCartis
BioCartis is a 27 mn EUR market cap Biotech firm that has seen higher days. the corporate is loss making and has vital debt. “Move”.
93. Ageas
Ageas, a 7,5 bn market cap inventory, is the insurance coverage arm of former Belgian Monetary Conglomerate Fortis, which went down throughout the GFC.
Wanting on the share worth, we are able to see that nothing massive occurred over the previous 1 years, nevertheless, they pay a really juicy dividend:
The corporate has been shopping for again shares (share depend -10% over 6 years). Very just lately, they made a transfer to amass Direct Line within the UK however walked away as Administration of Direct Line opposed the transaction.
Ageas is energetic in each, Life and Non-Life enterprise. One very particular side is that round 50% of the operational revenue comes from their Chinese language Life Insurance coverage enterprise.
I believe this additionally explains the low valuation, as traders clearly low cost the earnings from China greater. The most important shareholder apparently is the Chinese language Fosun Group with ~7%. Ageas itself was all the time rumored to be a take-over goal itself.
I’ll put them on “watch” though I additionally suppose that the excessive share of Chinese language income might be a problem.
94. Jensen Group
Jensen Group, a 360 mn EUR market cap firm is a specialist for “Heavy responsibility laundry” machines, so clearly not your typical family washer.
Apart from Covid, jensen appears to be like like a pleasant “gradual grower”:
The inventory just isn’t too costly and in accordance with TIKR, the household nonetheless owns north of 40%. Apparently, because the identify signifies, the Jensen household is Danish.
2023 was a very good yr for them. Additionally they “swapped” a 20% capital improve with Belongings from Miura, a listed Japanese firm, in an effort to enter the Japanese market.
I had regarded on the firm earlier than however I’ve to confess that now I discover them actually fascinating. They’ll go on “watch” with some precedence.
95. Belysse Group
Belysse (previously Balta Group) is a 27 mn EUR market cap firm that manufactures textile ground overlaying.
Because the inventory chart reveals, they clearly had higher occasions.
Gross sales have halved in Covid and by no means actually recovered, the corporate made losses yearly since then. %4% of the corporate are owned by Lone Star fund, a well-known ”Vulture”. “Move”.
96. Peltzer (Professional Market)
This Professional MArket inventory appears to have by no means traded. “Move”.
97. Kinepolis
Kinepolis is a 1,2 bn market cap operator and proprietor of film theaters. Wanting on the share worth, they held up fairly properly since Covid regardless of the robust headwinds:
They’re energetic in Europe and the US and run the IMAX film theaters. The reporting is kind of good, however I’m not 100% certain how a lot future the film enterprise actually has, particularly because the inventory just isn’t actually low cost both. Possibly they may attempt their luck as meme inventory, as their US peer AMC. “Move”.
98. Surongo (Professional Market)
This inventory traded final in 2018. Googling the identify solely reveals a Bollywood film with the identical title. “Move”.
99. ABO Group
The Belgian ABO Group has nothing to do with the German ABO Wind (which I personal). It’s as a substitute a 60 mn market cap Engineering Group that’s energetic in “geotechnics, soil remediation, power, and water and waste administration options in Belgium, the Netherlands, France, and internationally.”.
To a sure extent it’s a small competitor of DEME which gives related companies. They managed to double gross sales since 2016, however margins are skinny and the valuation fairly excessive with a P/E of 22x. Free float is small as 86% are held by one individual. “Move”.
100. Greenyard
Greenyard is a 254 mn EUR market cap distributor of fruit and greens that additionally has seen higher days:
The corporate carries vital debt. Margins are skinny and return on capital is low. The investor presentation is filled with changes. Optimistic: The CEO owns 44% of the corporate.Total, it doesn’t look very interesting and the excessive debt is a matter as of late, “move”.
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