Belgian Undiscovered Gems With Strong Fundamentals

Moury Construct

Market Cap: €284.6m

Moury Construct SA, together with its subsidiaries, constructs and renovates residential and non-residential buildings in Belgium.

Spadel

Market Cap: €1.2b

Produces and markets natural mineral water in Belgium.

Etex

Market Cap: €1.0b

Manufactures and sells building materials in the United Kingdom, France, other European countries, Poland, Italy, Spain, Germany, Benelux, Latin America, Australia, Africa, Asia, and internationally.

Campine

Market Cap: €297.0m

Engages in the circular metals and specialty chemicals businesses in Belgium and internationally.

What's Cooking Group

Market Cap: €263.6m

Produces and sells meat products and ready meals.

Jensen-Group

Market Cap: €607.9m

Designs, produces, and supplies single machines, systems, turnkey solutions, and laundry process automation for the heavy-duty laundry industry.

Floridienne

Market Cap: €568.1m

Through its subsidiaries, operates in the life sciences, food, and chemistry sectors in Belgium and internationally.

Sipef

Market Cap: €1.0b

Operates as an agro-industrial company.