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Howdy Belgium, right here I’m !!! As in my earlier collection, a random quantity generator will decide during which order I’ll take a look at the roughly 210+ shares.
One preliminary comment on the “Professional Market” Section: This can be a very illiquid phase of shares which are traded solely as soon as per week (Tuesdays) in an Public sale. Some shares haven’t traded for years. Generally little or no or no data is obtainable for these firms. On this collection, I’ll solely take a better take a look at these Professional 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 Professional market is sort of 50% of the universe, there shall be plenty of very brief critiques.
Let’s go !!!
TPF Contracting (Professional Market)
TPF Contracting SA gives design, administration and supervision, and asset administration companies for private and non-private purchasers in Europe, the Americas, Asia, and Africa. It presents its companies for transport and mobility, buildings and cities, and surroundings and water sectors.
The final commerce of this Professional 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 folks with neurology and immunology ailments.”
A primary take a look at the TIKR overview web page exhibits that the corporate shouldn’t 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 rapidly 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 attention-grabbing angle right here for me, subsequently I’ll “move”.
Charbonnages de Maurage SA en liquidation (Professional 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. “Move”.
NMC SA (Professional Market)
NMC is a “a number one and growth-oriented worldwide firm specialised in artificial foams.” in line with its web site. Nonetheless, he final commerce has been in 2015. “Move”.
Tinc NV
TINC is a 420 mn EUR market cap “funding agency specializing in investments in private and non-private infrastructure, actual belongings, 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 OK since 2019:
That’s perhaps the explanation why the share solely trades with a reduction of -10% to its NAV. The corporate invests into Public, Digital and Vitality Infrastructure and into “selective” Actual Property in Belgium, France, UK and Eire. The corporate itself doesn’t use leverage which is attention-grabbing and places them into the decrease threat “Core Infrastructure” categorie. Total, I wish to “watch” this one.
Fluxy’s Belgium
Fluxy’s Belgium is a 1,6 bn market cap Pure Gasoline midstream participant that operates gasoline pipelines and LNG terminals.
Excessive rates of interest and uncertainty on the way forward for pure gasoline has clearly left its mark on the shareprice.
With an EV/EBIDTA of 11x, the inventory continues to be not low-cost. The Belgium Authorities holds a “Golden Share” with which they in the end 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 positioned on the periphery of residential areas or alongside essential entry roads to city centres out there to make use of”.
Wanting on the TIKR overview web page, the inventory appears 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’s 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 do not know what which means. “Move”.
Financiere de Tubize
By coincidence, the random generator selected UCB’s Holdco (Nr. 2) throughout the similar 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 in addition to a number of technical accounts.
Prices are fairly low with 1 mn p.a. and the dividend revenue is tax exempt. With a market cap of three,4 bn, Tubize trades considerably under its “intrinsic” worth which in concept must be 5,4 bn. So if somebody likes UCB, Tubize can be the instrument of alternative. Nonetheless, 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, the USA, Italy, France, and internationally.”
Ontex has been loss making in 2021 and 2022. 2023 appears higher however debt continues to be excessive at 3,6x EV/EBITDA.
Though turn-arounds are at all times tough, I might put Ontex on “watch” particularly as they’ve been fully restructuring their portfolio. Nonetheless, maintaining in thoughts {that a} turn-around with that quantity of leverage is at all times dangerous.
Wereldhave NV
Wereldhave is a 577 mn EUR market cap operator of purchasing malls. The inventory chart doesn’t look fairly, Valuation based mostly on P/E and dividend yield appears low-cost.
Revenues hae been declining for some years. After 3 years of losses (2019-2021),they’ve develop into worthwhile once more, however the debt load is excessive. “Move”.
Cibix (Professional Market)
There is no such thing as a indication that this inventory ever traded. I additionally didn’t discover something on the internet. “Move”.
Cie Het Zoute (Professional Market)
This inventory really traded in 2023 and is attention-grabbing as a result of the share value is 5300 EUR per share. The corporate per Tikr is a “actual property improvement 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 problem some monetary data 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 Worth-to-book is round 1,6.
So until there’s some Greenfee included as shareholder, this doesn’t look too attention-grabbing, though the tasks they personal appear to be on the upper finish and largely on the coast. “Move”.
Group Josi (Professional market)
This appears to be an Insurance coverage firm based in 1909 which may very well be attention-grabbing, however because the inventory traded final in 2015, I’ll “move”.
Volksvermogen
This Professional Market inventory had traded in 2023 and in line with Tikr “is a principal funding agency. The agency sometimes spend money on the social financial system sector and in revolutionary tasks providing sustainable views.”
They do have some monetary data on their web site, together with the most important investments. The annual report 2022 is even in Dutch and English.
Most of their investments are finished by way of completely different (enterprise) funds throughout their 3 essential 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. E-book fairness was round 55 mn EUR as of 12/2022. So theoretically this appears like a big low cost, however one ought to conscious that many enterprise funds proper now may not be well worth the “Official” valuation.
It doesn’t appear to be one thing that I have to personal, so “move”.
Residence Make investments Belgium
Residence Make investments is a 293 mn EUR market cap firm that in line 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 models with a complete rentable area of roughly 111,091 sq. meters.
The corporate has important debt and during the last 15-18 month misplaced a 3rd of the market cap. In 2023, the corporate runs at a loss as a consequence of asset write downs. Not my space of experience, “move”.
Keyware Applied sciences
Keyware is a 20 mn ER market cap “unbiased fintech firm, gives digital fee options in Belgium”.
The corporate hasn’t been rising a lot during the last 7-8 years and in 2023 earnings halved. Doesn’t appear to be very attention-grabbing, “move”.
Dierk Antwerpen (Professional 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 internet web site. Zoo’s are usually additionally not a really worthwhile enterprise. “Move”.
Biosenic SA
Biosenic is an 8 mn market cap Biotech penny inventory that has little revenues, extra losses and important debt. “Move”.
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. “Move”.
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