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And on we go along with our random stroll by the Belgian Inventory market after half 1 in January. This time the random generator chosen 20 fairly various shares, from which 5 made it onto the preliminary watch ist. One in every of them is a “horny inventory” in a really particular means. Take pleasure in !!!
21. Immo Moury SCA
Immo Moury is a 15 mn EUR market cap actual property firm (REIT) that in keeping with 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 sort of excessive. Total, a “move”.
22. ACVLHO (Achat La Building La Vente Et La Location D’Habitations Ouvrieres) Knowledgeable Market
Based on the Knowledgeable Market overview web page, this firm appears to have traded final within the yr 2015. “Go”.
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. Today that’s little exercise. 75% appears to be owned by an organization referred to as Value8. These Value8 guys appear to be some sort of concentrated Nano/Micro Cap traders in keeping with TIKR:
Nonetheless, I’ll “Go”.
24. Nyrstar
Nyrstar is a 11 mn EUR market cap shell firm that in keeping 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 additionally make losses. “Go”.
25. Van De Velde
Each time I noticed a pitch of this firm, the duvet of the pitch had an image like this, so I’m pressured to indicate it right here as properly:
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 appears a lot much less thrilling:
Regardless of the dividend, Van de Velde has not rather a lot to indicate. Little progress and earnings are decrease than 6-7 years in the past. Then again, the inventory may be very low cost and margins are nonetheless fairly excessive. With a 7% dividend yield, one would possibly 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 motive 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, “move”.
27. CKV (Knowledgeable Market)
This Knowledgeable 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 won’t be sustainable. Once more extremely leveraged and the inventory has been declining since 2015. “Go”.
29. Melexis
Melexis is a 3,3 bn EUR market cap firm that makes a speciality of Semiconductors and Sensors for the Vehicle 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 functions are blended 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 Energetic Possession Capital and Kabouter, a fund that I see typically in fascinating locations.
My understanding s that the enterprise is usually 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 an alternative give attention to “REBITDA”, no matter which means.
Nonetheless, one inventory to “watch”.
31. L’Emulation (Knowledgeable Market)
This Knowledgeable Market inventory has traded final in July 2023. Based on the web site, this appears to be some sort of Orchestra. I didn’t discover any monetary info, however no less than I discovered a reasonably respectable Coldplay Medley from them on Youtube. Take pleasure in !!! 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 sort of low cost, however carries numerous debt:
Undecided if I’d wish 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 substances in Belgium and internationally”. I had by no means heard earlier than of this firm, that may have to try this it was IPOed by PE store EQT solely in 2021.
To date, it was not an amazing deal for IPO traders who paid 26 EUR a share.
Though I like distribution companies, Azelis doesn’t look very engaging from a ROE/Margin perspective. They appear to have accomplished a few acquisitions across the phrase and levered up prior to now 2 years. GAAP earnings don’t look so good, however free money circulation appears very sturdy.
EQT nonetheless owns 47% and more than likely would wish to promote sooner fairly than later. The exchanged the CEO in August 2023. I nonetheless would love to try 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 greater Belgian REITs. As all of the others, it appears low cost, has numerous debt and has seen higher days:
They appear to personal properties throughout Europe, over completely different sectors. As I’ve not the information to evaluate actual property corporations, I’ll “move”.
35. Arma (Knowledgeable Market)
This Knowledgeable Market inventory has no recorded buying and selling date, So I’ll “move”.
36. Credimo
This Knowledgeable Market inventory was final traded in 2015. “Go”.
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 hear European Holding corporations.
Initially taken over by self-made billionaire Albert Frere and teh Canadian Desmarais Household, the assemble was a little bit bit sophisticated 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 remaining are Personal investments:
The very best days of the corporate appear to be behind it, the share worth hasn’t accomplished 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 Personal investments are possibly optimistically worth, reminiscent of Canyon, a German bicycle firm they purchased in 2020. Enjoyable reality: Pargesa was really a part of the V&O portfolio in 2011.
Nonetheless, in the interim, 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. “Go”.
39. Metalen Galler (Knowledgeable Market)
This Knowledgeable Market firm has traded final in 2015. “Go”.
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 ought to be doing Okay, however what do I do know ? “Go”.
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