Tuesday, July 16, 2024
HomeValue InvestingAll Belgian Shares Half 2 – Nr. 21-40

All Belgian Shares Half 2 – Nr. 21-40

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And on we go together with our random stroll via the Belgian Inventory market after half 1 in January. This time the random generator chosen 20 fairly numerous shares, from which 5 made it onto the preliminary watch ist. Certainly one of them is a “horny inventory” in a really particular means. Get pleasure from !!!

21. Immo Moury SCA

Immo Moury is a 15 mn EUR market cap actual property firm (REIT) that in accordance with TIKR trades at a P/E of 6 and P/Guide to 0,57 and has clearly seen higher days:

They appear to personal a mixture of business, industrial and residential actual property. Greater than 50% of the corporate are held by two people with the identical surname. Debt is at 50% of NAV which is sort of excessive. Total, a “cross”.

22. ACVLHO (Achat La Building La Vente Et La Location  D’Habitations Ouvrieres) Knowledgeable Market

In accordance with the Knowledgeable Market overview web page, this firm appears to have traded final within the yr 2015. “Move”.

23. Cumulex

This 0,7 mn Nano cap appears to have had an fascinating historical past as a sugar plantation enterprise within the Democratic Republic of Congo. Lately that’s little exercise. 75% appears to be owned by an organization referred to as Value8. These Value8 guys appear to be some form of concentrated Nano/Micro Cap traders in accordance with TIKR:

 However, I’ll “Move”.

24. Nyrstar

Nyrstar is a 11 mn EUR market cap shell firm that in accordance with TIKR has a unfavourable EV. They appear to be the results of a earlier metal smelter that has been restructrured. The have some exercise but in addition make losses. “Move”.

25. Van De Velde

At any time when I noticed a pitch of this firm, the duvet of the pitch had an image like this, so I’m compelled to point out it right here as properly:

Van de Velde is a 423 mn EUR market cap firm that “designs, develops, manufactures, and markets modern luxurious lingerie and swimwear for girls worldwide”.

Though the merchandise clearly look thrilling, the inventory appears a lot much less thrilling:

Regardless of the dividend, Van de Velde has not rather a lot to point out. Little progress and earnings are decrease than 6-7 years in the past. Then again, the inventory could be very low-cost and margins are nonetheless fairly excessive. With a 7% dividend yield, one may receives a commission for ready. 57% are owned by a HoldCo. “Watch”.

26. Warehouses Estates Belgium

This 116 mn EUR market cap inventory is a REIT that owns largely business actual property in Belgium with a give attention to commerce but in addition two websites for no matter cause in Ghana.

The inventory appears low-cost with a 9% dividend yield, however they make use of vital leverage. The share has been buying and selling down since 2016. 

Not my space of curiosity, “cross”.

27. CKV (Knowledgeable Market)

This Knowledgeable Market firm appears to be a financial institution, however has traded final in 2015. “cross”.

28. QRF

One other, 76 mn EUR market cap actual property firm. Because it appears to give attention to interior metropolis retail properties, the 8% yield won’t be sustainable. Once more extremely leveraged and the inventory has been declining since 2015. “Move”.

29. Melexis

Melexis is a 3,3 bn EUR market cap firm that focuses on Semiconductors and Sensors for the Car business. The corporate has been for some a proxy for the progress of Electrical Autos, however they’re additionally very related in conventional combustion automobiles. For the profitability of the corporate, the valuation doesn’t look extreme at 16x 2023 EPS. 

They’ve fairly aggressive progress targets and as of 12/2023 they appear to be debt free.

Total, this appears like a really fascinating inventory to dig into deeper. “Watch”.

30. Fagron

Fagron is a 1,3 bn EUR market cap pharmaceutical firm that in precept delivers sure compounds to pharmacies, medical doctors or hospitals the place then individualized purposes are combined out of those compounds for the sufferers.

The inventory appears not too costly and so they have been rising for ~7% CAGR for some years and greater than 10% YTD 2023. Among the many shareholders is Lively Possession Capital and Kabouter, a fund that I see generally in fascinating locations.

My understanding s that the enterprise is generally about distribution, a lot much less about R&D. On the unfavourable facet, Goodwill is greater than fairness, they do have debt and within the presentation keep away from to make use of GAAP numbers and as a substitute give attention to “REBITDA”, no matter meaning.

However, one inventory to “watch”.

31. L’Emulation (Knowledgeable Market)

This Knowledgeable Market inventory has traded final in July 2023. In accordance with the web site, this appears to be some form of Orchestra. I didn’t discover any monetary data, however no less than I discovered a reasonably first rate Coldplay Medley from them on Youtube. Get pleasure from !!! And “cross”.

32. Nextensa

Nextensa is a 450 mn EUR market cap actual property developer and proprietor which apparently is majority owned by Ackerman van Haaren (AvH). 

Because it’s Belgian friends, it has seen higher days and is sort of low-cost, however carries lots of debt:

Undecided if I’d need to personal this in the mean time, “cross”.

33. Azelis

Azelis is a 4,3 bn market cap firm that “engages within the distribution of specialty chemical compounds and meals components in Belgium and internationally”. I had by no means heard earlier than of this firm, which may have to do this it was IPOed by PE store EQT solely in 2021.

To date, it was not an incredible deal for IPO traders who paid 26 EUR a share.

Though I like distribution companies, Azelis doesn’t look very enticing from a ROE/Margin perspective. They appear to have finished a few acquisitions across the phrase and levered up up to now 2 years. GAAP earnings don’t look so good, however free money stream appears very sturdy.

EQT nonetheless owns 47% and almost definitely would need to promote sooner relatively than later. The exchanged the CEO in August 2023. I nonetheless would love to check out them though I’m not an enormous fan of PE IPOs. “Watch”.

34. Cofinimmo

With a market cap of two,3 bn EUR, Cofinimmo appears to be one of many larger Belgian REITs. As all of the others, it appears low-cost, has lots of debt and has seen higher days:

They appear to personal properties throughout Europe, over completely different sectors. As I’ve not the data to evaluate actual property corporations, I’ll “cross”.

35. Arma (Knowledgeable Market)

This Knowledgeable Market inventory has no recorded buying and selling date, So I’ll “cross”.

36. Credimo

This Knowledgeable Market inventory was final traded in 2015. “Move”.

37. GBL (Group Bruxelle Lambert)

GBL with a market cap of round 10,2 bn EUR is a really well-known identify for anybody who has checked out hear European Holding corporations. 

Initially taken over by self-made billionaire Albert Frere and teh Canadian Desmarais Household, the assemble was just a little bit difficult with a Swiss Holdco named Pargesa within the combine. Albert Frere diesd in 2018, since then his son is working the corporate. Pargesa was merged with GBL in 2020.

The portfolio of the corporate consists of ⅔ listed property, the remainder are Non-public investments:

The very best days of the corporate appear to be behind it, the share value hasn’t finished a lot over the previous 20 years or so:

Even on the net web site tehy admit that they’ve been trailing the Eurostoxx 50 for the final 10 years (no less than they’re clear):

Valuation is round 0,64x NAV, however I gues the Non-public investments are perhaps optimistically worth, corresponding to Canyon, a German bicycle firm they purchased in 2020. Enjoyable truth: Pargesa was really a part of the V&O portfolio in 2011.

However, in the intervening time, II’ll put them on “watch”.

38. Immo Beau-Lieu NV

Regardless of the good identify, this 0,5 mn EUR market cap actual property firm appears to be a Zombie. “Move”.

39. Metalen Galler (Knowledgeable Market)

This Knowledgeable Market firm has traded final in 2015. “Move”.

40. Ascenio

This 295 mn EUR market cap firm is “specialising in business property investments, and extra particularly, supermarkets and retail park”.

As all the opposite actual property corporations, it’s low-cost, has debt and has seen higher days. In principle, supermarkets must be doing Okay, however what do I do know ? “Move”.

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