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Wednesday, June 12, 2024

All Belgian Shares Half 2 – Nr. 21-40


And on we go together with our random stroll by way of 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 “attractive inventory” in a really particular approach. Get pleasure from !!!

21. Immo Moury SCA

Immo Moury is a 15 mn EUR market cap actual property firm (REIT) that in response to TIKR trades at a P/E of 6 and P/E-book 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 kind of excessive. Total, a “move”.

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

Based on the Professional Market overview web page, this firm appears to have traded final within the yr 2015. “Cross”.

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. Nowadays that’s little exercise. 75% appears to be owned by an organization known as Value8. These Value8 guys appear to be some form of concentrated Nano/Micro Cap traders in response to TIKR:

 However, I’ll “Cross”.

24. Nyrstar

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

25. Van De Velde

Every time I noticed a pitch of this firm, the duvet of the pitch had an image like this, so I’m pressured to point out it right here as nicely:

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

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

Regardless of the dividend, Van de Velde has not lots to point out. Little development and income are decrease than 6-7 years in the past. However, 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 additionally two websites for no matter purpose in Ghana.

The inventory seems 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, “move”.

27. CKV (Professional Market)

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

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 may not be sustainable. Once more extremely leveraged and the inventory has been declining since 2015. “Cross”.

29. Melexis

Melexis is a 3,3 bn EUR market cap firm that focuses on Semiconductors and Sensors for the Vehicle business. The corporate has been for some a proxy for the progress of Electrical Automobiles, 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 development targets and as of 12/2023 they appear to be debt free.

Total, this seems 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, docs or hospitals the place then individualized purposes are blended out of those compounds for the sufferers.

The inventory seems not too costly they usually have been rising for ~7% CAGR for some years and greater than 10% YTD 2023. Among the many shareholders is Energetic 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 detrimental facet, Goodwill is larger 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 (Professional Market)

This Professional Market inventory has traded final in July 2023. Based on the web site, this appears to be some form of Orchestra. I didn’t discover any monetary data, however not less than I discovered a fairly first rate Coldplay Medley from them on Youtube. Get pleasure from !!! And “move”.

32. Nextensa

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

Because it’s Belgian friends, it has seen higher days and is kind of low cost, however carries quite a lot of debt:

Undecided if I might need to personal this in the mean time, “move”.

33. Azelis

Azelis is a 4,3 bn market cap firm that “engages within the distribution of specialty chemical substances and meals elements 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.

Up to now, 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 achieved a few acquisitions across the phrase and levered up previously 2 years. GAAP earnings don’t look so good, however free money stream seems very robust.

EQT nonetheless owns 47% and almost certainly 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 seems low cost, has quite a lot 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 “move”.

35. Arma (Professional Market)

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

36. Credimo

This Professional Market inventory was final traded in 2015. “Cross”.

37. GBL (Group Bruxelle Lambert)

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

Initially taken over by self-made billionaire Albert Frere and teh Canadian Desmarais Household, the assemble was slightly 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 belongings, the remaining are Non-public investments:

The perfect days of the corporate appear to be behind it, the share worth hasn’t achieved 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 (not less than they’re clear):

Valuation is round 0,64x NAV, however I gues the Non-public investments are possibly optimistically worth, similar 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 meanwhile, II’ll put them on “watch”.

38. Immo Beau-Lieu NV

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

39. Metalen Galler (Professional Market)

This Professional Market firm has traded final in 2015. “Cross”.

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 concept, supermarkets needs to be doing Okay, however what do I do know ? “Cross”.

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