Belgian Undiscovered Gems With Strong Fundamentals

Spadel

Market Cap: €1.1b

Produces and markets natural mineral water in Belgium.

SCR-Sibelco

Market Cap: €1.6b

Explores, develops, produces, and sells industrial minerals in Europe, the Middle East, Africa, the Asia Pacific, and the Americas.

Exmar

Market Cap: €780.1m

Engages in the provision of shipping and floating infrastructure solutions worldwide.

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: €276.8m

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

What's Cooking Group

Market Cap: €261.7m

Produces and sells meat products and ready meals.

Jensen-Group

Market Cap: €632.3m

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

Floridienne

Market Cap: €607.3m

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

Sipef

Market Cap: €962.6m

Operates as an agro-industrial company.

Econocom Group

Market Cap: €238.0m

Designs and develops digital solutions for public and private companies in Belgium and internationally.

Compagnie d'Entreprises CFE

Market Cap: €264.7m

Engages in the real estate, multitechnics, construction and renovation, and sustainable investment businesses in Belgium, Poland, Luxembourg, and internationally.