Belgian Potentially Undervalued Companies

Tessenderlo Group

Market Cap: €1.2b

Engages in the agriculture, valorizing bio-residuals, machinery, mechanical engineering, electronics, energy, and industrial solution businesses worldwide.

DEME Group

Market Cap: €4.4b

Provides marine solutions in Belgium, Europe, Africa, the United States, Asia, and the Middle East.

Shurgard Self Storage

Market Cap: €2.6b

Engages in the acquisition, development, and operation of self-storage facilities for business and personal use.

Titan

Market Cap: €3.9b

Engages in the production, trade, and distribution of construction materials in Greece, the Balkans, Europe, Egypt, Türkiye, Italy, France, the United States, and Brazil.

Sipef

Market Cap: €968.4m

Operates as an agro-industrial company.

Umicore

Market Cap: €5.0b

Operates as a materials technology and recycling company in Belgium, Europe, the Asia-Pacific, North America, South America, and Africa.

Care Property Invest

Market Cap: €532.6m

A Public Regulated Real Estate Company (public RREC) under Belgian law.

Ontex Group

Market Cap: €202.0m

Develops, produces, and sells baby, feminine, and adult care products in Belgium, the United Kingdom, Italy, the United States, France, Poland, and internationally.

Agfa-Gevaert

Market Cap: €65.5m

Develops, manufactures, and markets various analog and digital systems in Belgium and internationally.

Solvay

Market Cap: €2.8b

Provides basic and performance chemicals worldwide.

Fagron

Market Cap: €1.7b

A pharmaceutical compounding company, delivers personalized pharmaceutical care to hospitals, pharmacies, clinics, patients, and worldwide.

Qrf Comm. VA

Market Cap: €110.7m

A publicly owned real estate investment trust.

Miko

Market Cap: €80.1m

Engages in the coffee roasting business under the Miko brand name in Belgium, France, the Netherlands, the United Kingdom, Germany, Denmark, Norway, Sweden, Poland, the Czech Republic, Slovakia, and Australia.

Jensen-Group

Market Cap: €772.5m

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

EVS

Market Cap: €372.4m

Provides live video technology for broadcast and media productions in the United States, Europe, Africa, Middle East, and Asia Pacific.

Immobel

Market Cap: €237.3m

Engages in the real estate development business in Belgium, France, Luxembourg, Germany, Poland, Spain, and the United Kingdom.

Belysse Group

Market Cap: €19.0m

Manufactures and sells textile floor coverings for commercial and residential applications in Europe, North America, and internationally.

Barco

Market Cap: €686.9m

Develops visualization solutions, and collaboration and networking technologies for the entertainment, enterprise, and healthcare markets in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific.

Montea Comm. VA

Market Cap: €1.6b

A listed real estate company under Belgian law that specializes in logistics property in Belgium, the Netherlands, France, and Germany.

Home Invest Belgium

Market Cap: €384.0m

Operates as a real estate investment company in Belgium.

Proximus

Market Cap: €2.0b

Provides connectivity, IT, and digital services and communication services in Belgium and internationally.

Moury Construct

Market Cap: €302.6m

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

Xior Student Housing

Market Cap: €1.2b

Xior Student Housing NV is the first Belgian public regulated real estate company (RREC) specializing in the student housing segment in Belgium, the Netherlands, Spain, Portugal, Germany, Poland, Denmark and Sweden.

Gimv

Market Cap: €1.7b

A private equity and venture capital firm specializing in direct and fund of funds investments.

bpost/SA

Market Cap: €310.4m

Provides parcel logistics solutions in Belgium, France, the Netherlands, the United States, Europe, and internationally.

ageas

Market Cap: €13.3b

Engages in insurance business.

Compagnie d'Entreprises CFE

Market Cap: €326.3m

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

Ascencio

Market Cap: €362.6m

A Belgian regulated real estate company listed on Euronext Brussels, specializing in investments in retail property on the outskirts of urban areas, with a focus on supermarkets and retail parks.

Econocom Group

Market Cap: €246.6m

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

Fountain

Market Cap: €7.8m

Provides machines for cold and hot drinks made from freeze-dried or grain products in France, Belgium, the Netherlands, and rest of European Countries.

UCB

Market Cap: €49.2b

A biopharmaceutical company, develops products and solutions for people with neurology and immunology diseases worldwide.

Banqup Group

Market Cap: €78.0m

A fintech company, operates and develops a cloud-based platform for administrative and financial services in Belgium and internationally.

BGL BNP Paribas

Market Cap: €2.5b

Engages in the financial products and services to private individuals, professionals, entrepreneurs, business owners, families, public sector and institutions, social organizations, real estate professionals, startups, and SMEs in Luxembourg.

KLM Royal Dutch Airlines

Market Cap: €37.4k

Provides passenger and cargo air transportation, aircraft maintenance, leisure, and other services in the Netherlands and internationally.

Aedifica/SA

Market Cap: €6.0b

A Belgian public regulated real estate company specializing in European healthcare real estate, particularly properties for elderly care.

Anheuser-Busch InBev

Market Cap: €145.7b

Produces and sells beer in North America, Middle Americas, South America, Europe, the Middle East, Africa, and the Asia Pacific.