Belgian Market Community

Agfa-Gevaert is trying to turn itself from a fading film business into a focused company built around hospital imaging software, industrial printers, and new materials used in clean-energy equipment. The upside comes from newer products gaining traction, but the company still has to manage old liabilities and the slow decline of its legacy film activities.Read more

SIPEF is seeing a clear pickup in output and profits as its plantations become more productive and demand for palm oil gets a lift from biofuel policies. The big question is whether weather swings, politics, and rising input costs could derail what looks like a strong run.Read more

UCB looks expensive against a cash‑flow based estimate and what similar drugmakers suggest, but the gap sits inside a wide range where small long‑term assumptions can swing the outcome. The big question is how much confidence you can place in far‑future growth and the drug pipeline when most of today’s “value” comes from years beyond the near term.Read more

Proximus stops being a “safe income” stock after cutting its payout, but the case now shifts to a long rebuilding story built on fiber and nationwide networks with government backing. The big question is whether today’s pain in its global messaging business and heavy spending phase sets up a stronger cash engine later—or drags on longer than expected.Read more

KBC’s value looks very different depending on whether you focus on the cash it plans to return to shareholders or the strength of its balance sheet. The big question is whether today’s generous payouts can hold up if the bank’s risk profile and loan losses move back toward more typical levels.Read more

EU#8 - Anheuser-Busch InBev: Courage, Capital, and the Discipline to Build an Empire It takes only three ingredients to brew beer: water, barley, and hops. But building a global beer empire is different.Read more

NAV As Sofina is an investment holding company, NAV is an important factor in my evaluation. This Net Asset Value is estimated at a price share of 297 Eur, up from 294 last year.Read more

Most investors still treat D’Ieteren like a traditional Belgian car business, but the real value may sit in its fast-growing glass-repair leader Belron and other mobility services. If those stronger businesses keep delivering while the weak car unit stays contained, the market’s “holding company discount” could finally start to fade.Read more

argenx is betting that its lead drug VYVGART can move beyond one rare disease and become a platform treatment across several autoimmune conditions. The upside comes from a steady stream of upcoming study results and new uses, but the story can also break if trials disappoint or drug-pricing pressure intensifies.Read more