Tuesday, June 18, 2024
HomeValue InvestingAll Belgian Shares part 9 – Nr. 161-180

All Belgian Shares part 9 – Nr. 161-180

And on we go with another 20 randomly selected Belgian Stocks. This time 3 made it onto the preliminary watch list. One word on accessing the Expert MArket: So far it seems that none of the regular Brokers that I use offers access to the Expert MArket. From what I have seen, only a few Belgium based Brokers offer this. I would be interested if anyone has expereince trading the Expert market. Thank you !!!

161. Aliaxis (Expert Market)

This Expert Market stock trades quite regularly and, according to Euronext “is a global leader in advanced piping systems for building, infrastructure, industrial and agriculture applications.”

TIKR says the market cap is 2,7 bn EUR. They actually publish reports. 2023 was weaker than 2022, but the company is quite profitable and the valuation looks quite cheap based on these numbers with a single digit P/E:

In 2023, they fought a battle with competitor Georg Fischer from Switzerland to take over Finish Uponor, however Aliaxis pulled back.

Overall it looks like in an interesting company, the only question I would have is why they are not listed on the regular market. “Watch”.

162. Etex (Expert Market)

This Expert Market Stock also trades quite regularly and is “a global building material manufacturer and pioneer in lightweight construction.” according to Euronext.

Etex issues financial reports and 2023 seems to have been quite OK for a construction related business.

TIKR says thatthe market cap is 1,3 bn EUR and that the stock again looks cheap, however the have quite some debt compared to market cap (1bn). “Watch”.

163. Xior

Although Xior sounds like Dior, this 1,1 bn EUR market cap company is not in the Fashion industry but a real estate company specializing in student housing across Europe. MAybe it’s an interesting sub segment, but it is too far away from my expertise. “Pass”.  

164. Arkimedes Fonds (Expert Market)

According to Euronext, this stock was last traded in MAy 2024 and seems to have lost -90% over the past 4 years. The link on Euronext goes to a site where the last news item is from 2016. “Pass”.

165. Diegem-Kennedy

Diegem-Kennedy seems to be a 12 mn EUR market cap real estate certificate. “Pass”.

166. Eurocommercial

Eurocommercial is a 1,2 bn EUR market cap company that specializes and owns shopping centers. It pays a 7.7% dividend but again it is not my focus area. “Pass”.

167. Choice NV

This is a 3 mn EUR nano–cap that claims to be a “Social Media TV guide”. “Pass”.

168. Fimmobel

Fimmobel is a stock that traded last in June 2023. As it sounds like a real estate company and there is not much info available, I’ll “pass”.

169. Titan Cement

Titan Cement is a 2,3 bn EUR Cement company that originally has been a Greek company but moved its HQ to Brussels in 2018.

The company has performed quite well over the past 2-3 years, is quite profitable but also quite expensive at ~22x P/E:

Somehow I couldn’t open files on their website. “Pass”.

170. Intervest Offices and Warehouses

This 640 mn EUR market cap company does exactly what its name says. The company seem to be in the process of taken over by PE firm TPG. “Pass”.

171. VDK Bank (Expert Market)

This seems to be a local savings bank and trades quite regilarily, last time in MAy 2024. They also publish an Annual report in Dutch. Nevertheless, Savings Banks are not my focus, “pass”.

172. Fountain S.A.

Fountain is an 8 mn EUR market cap Nano Cap that “engages in the sale, rental, and provision of machines for cold and hot drinks made from freeze-dried or grain products in in France, Belgium, the Netherlands, and rest of European Countries.”.

5 out of the last 8 years were loss making. “Pass”.

173. Sint-Pieters-Leeuw (Expert MArket)

This seems to be another Real Estate certificate. It traded last in 2020. “Pass”.

174. Texaf

Texaf is an interesting 133 mn EUR market cap company that “develops, owns, and leases real estate properties in Kinshasa. It operates through Real Estate, Digital, and Quarries segments. The company’s portfolio comprises 332 homes, including 53 villas and 289 apartments with a residential area of 62,200 square meters; “

Texaf operates only in the  Democratic Republic of Congo, which to my knowledge is quite unique.

Long term value creation is quite good, although for the last 10 years the stock was flat:

There seems to be a majority owner involved. As I do not know enough about the Congo, I’ll “pass”.

175. Llama Group

Llama is a 10 mn EUR market cap company that “engages in the digital music business worldwide. The company offers Winamp, an audio player; Bridger, a copyright management solution for artists; and a range of digital and music radios comprising various themed stations.”

It has been loss making for 6 out of the last 8 years. “Pass”.

176. Flowsparks

Flowsparks is a 52 mn EUR market cap E-learning company. The stock has rarely traded since February 2023. No 2023 annual report is available. “Pass”.

177. Immo Beaulieu

Immo Beaulieu is a 1 mn EUR nano cap that despite the nice name seems to have run into trouble already in early 2020. “Pass”.

178. Foyer (Expert Market)

This is an Expert Market stock that traded last in 2022. Neither Euronext nor TIKR have any information. “Pass”.

179. Bekaert

Bekaert is a 2,1 bn market cap company whose core products are steel wires that are used in a couple of applications such as Auto tires or fences. Looking at the chart, long term value creation clearly has been weak:

However the stock is also quite cheap at 8x P/E.

Alex Sweet has written a nice write up some weeks ago which I already linked to. The company has changed management in 2019 and since then, things look a bit better. They don’t have much debt, are returning capital to sharfeholders and the stock price had some positive momentum. On the negative side, Q1 2024 looked very weak and they use lots of adjusted numbers. Overall, this looks like a really interesting boring stock, so “watch”:

180. Nyxoah

Nyxoah is a 251 mn EUR market cap  “medical technology company, focuses on the development and commercialization of solutions to treat sleep disordered breathing conditions. The company offers Genio system, a CE-Marked, patient-centric, and hypoglossal neurostimulation therapy to treat moderate to severe obstructive sleep apnea”.
The company has some sales (5 mn) but is loss making. Not my cup of tea. “Pass”.



Please enter your comment!
Please enter your name here

- Advertisment -
Google search engine

Most Popular

Recent Comments