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Good day Belgium, right here I’m !!!
As in my earlier collection, a random quantity generator will decide by which order I’ll take a look at the roughly 210+ shares.
One preliminary comment on the “Knowledgeable Market” Phase: This can be a very illiquid section of shares which are traded solely as soon as every week (Tuesdays) in an Public sale. Some shares haven’t traded for years. Generally little or no or no info is out there for these corporations. On this collection, I’ll solely take a better take a look at these Knowledgeable market shares which were buying and selling at the very least as soon as in 2023. The others I’ll solely point out briefly. Because the Knowledgeable market is nearly 50% of the universe, there will likely be a number of very quick opinions.
Let’s go !!!
- TPF Contracting (Knowledgeable Market)
TPF Contracting SA offers design, administration and supervision, and asset administration companies for private and non-private shoppers in Europe, the Americas, Asia, and Africa. It provides its companies for transport and mobility, buildings and cities, and atmosphere and water sectors.
The final commerce of this Knowledgeable Market listed inventory was in 2018, so let’s “move”..
- UCB SA
UCB is a 16 bn EUR market cap biopharmaceutical firm that “develops merchandise and options for individuals with neurology and immunology illnesses.”
A primary take a look at the TIKR overview web page exhibits that the corporate will not be too costly at a P/E of ~20, however the share value has been doing nothing for 10 years or extra.
The biggest shareholder with 36% is the founding Jansen household by way of a listed automobile known as Financiere de Tubize.
Wanting shortly on the financials, UCB at present earns round 30-40% of its peak earnings from 2018 or 2012. Return on Capital is at present round 4%, down from a peak of 12-14%.
At first sight, I don’t see any fascinating angle right here for me, due to this fact I’ll “move”.
- Charbonnages de Maurage SA en liquidation (Knowledgeable Market)
Sadly I couldn’t discover out a lot about this firm. Additionally, It appears to be in liquidation and the final commerce has been in 2018. “Go”.
- NMC SA (Knowledgeable Market)
NMC is a “a number one and growth-oriented worldwide firm specialised in artificial foams.” in keeping with its web site. Nevertheless, he final commerce has been in 2015. “Go”.
- Tinc NV
TINC is a 420 mn EUR market cap “funding agency specializing in investments in private and non-private infrastructure, actual property, and vitality sector. TINC Comm. VA is predicated in Antwerpen, Belgium”.
Wanting into the investor relation web page we will say that Tinc stands for “The Infrastructure funding firm”.
The observe document appears to be like OK since 2019:
That’s possibly the rationale why the share solely trades with a reduction of -10% to its NAV. The corporate invests into Public, Digital and Power Infrastructure and into “selective” Actual Property in Belgium, France, UK and Eire. The corporate itself doesn’t use leverage which is fascinating and places them into the decrease danger “Core Infrastructure” categorie. Total, I prefer to “watch” this one.
- Fluxy’s Belgium
Fluxy’s Belgium is a 1,6 bn market cap Pure Fuel midstream participant that operates fuel pipelines and LNG terminals.
Excessive rates of interest and uncertainty on the way forward for pure fuel has clearly left its mark on the shareprice.
With an EV/EBIDTA of 11x, the inventory remains to be not low cost. The Belgium Authorities holds a “Golden Share” with which they finally name the photographs, which is an extra purpose to “move”.
- Retail Estates NV
Retail Estates is a 900 mn public REIT that’s “a distinct segment participant specialised in making out-of-town retail properties situated on the periphery of residential areas or alongside primary entry roads to city centres accessible to make use of”.
Wanting on the TIKR overview web page, the inventory appears to be like low cost:
A P/E of 10 and a dividend yield of virtually 8% look juicy. The shares at present commerce at 80% of NAV, however there may be leverage. Total, as I’m not an actual property man, I’ll “move”.
- Immobiliere Distri-Land NV
This 13 mn EUR market cap firm “engages within the issuance of actual property certificates. The corporate is predicated in Molenbeek-Saint-Jean, Belgium. Immobiliere Distri-Land NV operates as a subsidiary of KBC Financial institution NV. “
I don’t know what which means. “Go”.
- Financiere de Tubize
By coincidence, the random generator selected UCB’s Holdco (Nr. 2) throughout the identical publish. In line with the final Report, Tubize owns 36,04% and has been shopping for extra. They’ve monetary debt of round 50 mn EUR however nothing else moreover a couple of technical accounts.
Prices are fairly low with 1 mn p.a. and the dividend earnings is tax exempt. With a market cap of three,4 bn, Tubize trades considerably under its “intrinsic” worth which in principle must be 5,4 bn. So if somebody likes UCB, Tubize could be the instrument of selection. However, as I don’t perceive UCB, I’ll “move” on Tubize.
- Ontex Group
Ontex is a 610 mn EUR market cap that clearly has seen higher days. Ontex produces “private hygiene merchandise and options for child, female, and grownup care in Belgium, the UK, america, Italy, France, and internationally.”
Ontex has been loss making in 2021 and 2022. 2023 appears to be like higher however debt remains to be excessive at 3,6x EV/EBITDA.
Though turn-arounds are all the time tough, I might put Ontex on “watch” particularly as they’ve been fully restructuring their portfolio. Nevertheless, holding in thoughts {that a} turn-around with that quantity of leverage is all the time dangerous.
- Wereldhave NV
Wereldhave is a 577 mn EUR market cap operator of purchasing malls. The inventory chart doesn’t look fairly, Valuation primarily based on P/E and dividend yield appears to be like low cost.
Revenues hae been declining for some years. After 3 years of losses (2019-2021),they’ve turn into worthwhile once more, however the debt load is excessive. “Go”.
- Cibix (Knowledgeable Market)
There is no such thing as a indication that this inventory ever traded. I additionally didn’t discover something on the net. “Go”.
- Cie Het Zoute (Knowledgeable Market)
This inventory really traded in 2023 and is fascinating as a result of the share value is 5300 EUR per share. The corporate per Tikr is a “actual property growth firm, constructs residences in Belgium, France, and the Netherlands. The corporate additionally engages in leisure actions comprising golf and tennis, by means of its sections, Royal Zoute Golf Membership and the Royal Zoute Tennis Membership. “
The corporate does really subject some monetary info on its webpage. I calculated The market cap from some numbers myself and got here up with round 160 mn EUR. Dividend yield is 1% and Value-to-book is round 1,6.
So until there may be some Greenfee included as shareholder, this doesn’t look too fascinating, though the initiatives they personal appear to be on the upper finish and principally on the coast. “Go”.
- Group Josi (Knowledgeable market)
This appears to be an Insurance coverage firm based in 1909 which may very well be fascinating, however because the inventory traded final in 2015, I’ll “move”.
- Volksvermogen
This Knowledgeable Market inventory had traded in 2023 and in keeping with Tikr “is a principal funding agency. The agency usually put money into the social financial system sector and in modern initiatives providing sustainable views.”
They do have some monetary info on their web site, together with the main investments. The annual report 2022 is even in Dutch and English.
Most of their investments are performed by way of completely different (enterprise) funds throughout their 3 primary goal sectors.
If I made no mistake, the corporate has 30 thousand shares instances 880 EUR would give it a market cap of 26 mn EUR. Ebook fairness was round 55 mn EUR as of 12/2022. So theoretically this appears to be like like a major low cost, however one ought to conscious that many enterprise funds proper now may not be well worth the “Official” valuation.
It doesn’t seem like one thing that I have to personal, so “move”.
- Dwelling Make investments Belgium
Dwelling Make investments is a 293 mn EUR market cap firm that in keeping with Tikr “operates as an actual property funding firm in Belgium. It primarily invests in residential properties. As of December 31, 2008, the corporate’s actual property portfolio consisted of 992 rental items with a complete rentable area of roughly 111,091 sq. meters.
The corporate has vital debt and during the last 15-18 month misplaced a 3rd of the market cap. In 2023, the corporate runs at a loss attributable to asset write downs. Not my space of experience, “move”.
- Keyware Applied sciences
Keyware is a 20 mn ER market cap “unbiased fintech firm, offers digital cost options in Belgium”.
The corporate hasn’t been rising a lot during the last 7-8 years and in 2023 earnings halved. Doesn’t seem like very fascinating, “move”.
- Dierk Antwerpen (Knowledgeable Market)
“Koninklijke Maatschappij voor Dierkunde van Antwerpen vzw operates Antwerp zoo in Belgium. It additionally operates Elisabeth Heart Antwerp, a live performance corridor and conference middle. The corporate was based in 1843 and is predicated in Antwerp, Belgium.”
The inventory traded final in December 2022, however I didn’t discover any monetary data on the net web site. Zoo’s are usually additionally not a really worthwhile enterprise. “Go”.
- Biosenic SA
Biosenic is an 8 mn market cap Biotech penny inventory that has little revenues, extra losses and vital debt. “Go”.
20. Sequana Medical
Sequana Medical is a 115 mn EUR market cap, loss making medtech firm that has seen higher days. Revenues are low and even shrinking, losses are rising which is compensated by ongoing inventory issuance. “Go”.
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