Belgian Potentially Undervalued Companies

DEME Group

Market Cap: €3.2b

Provides marine solutions in the fields of offshore energy, dredging, marine infrastructure, and environmental works in Belgium, Europe, Africa, the United States, Asia, Oceania, and the Middle East.

Ion Beam Applications

Market Cap: €309.1m

Designs, produces, and markets solutions for cancer diagnosis and treatments in Belgium, the United States, and internationally.

Colruyt Group

Market Cap: €3.9b

Engages in the retail, wholesale, food service, and other activities in Belgium, France, and internationally.

Sipef

Market Cap: €804.2m

Operates as an agro-industrial company.

Econocom Group

Market Cap: €274.0m

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

NV Bekaert

Market Cap: €1.8b

Provides steel wire transformation and coating technologies worldwide.

Deceuninck

Market Cap: €278.5m

Engages in the design, manufacture, recycling, and distribution of multi-material window, door, and building solutions in Europe, North America, Turkey, and internationally.

Care Property Invest

Market Cap: €440.2m

Care Property Invest nv/SA is a Public Regulated Real Estate Company (public RREC) under Belgian law.

Agfa-Gevaert

Market Cap: €129.3m

Develops, manufactures, and markets various analog and digital systems worldwide.

Fagron

Market Cap: €1.5b

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

EVS Broadcast Equipment

Market Cap: €486.1m

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: €32.0m

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

Titan

Market Cap: €3.0b

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

Anheuser-Busch InBev

Market Cap: €106.3b

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

Home Invest Belgium

Market Cap: €376.0m

Operates as a real estate investment company in Belgium.

Ackermans & Van Haaren

Market Cap: €7.0b

Engages in the marine engineering and contracting, private banking, real estate and senior care, energy and resources, and growth capital businesses worldwide.

Retail Estates

Market Cap: €952.7m

Retail Estates NV is a Belgian public real estate investment trust and is a niche player specialised in making out-of-town retail properties located on the periphery of residential areas or along main access roads to urban centres available to users.

Xior Student Housing

Market Cap: €1.3b

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

Tessenderlo Group

Market Cap: €1.5b

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

Ascencio

Market Cap: €329.8m

A company incorporated under Belgian law, specialising in commercial property investments, and more specifically, supermarkets and retail parks.

Fountain

Market Cap: €9.4m

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.

ageas

Market Cap: €11.0b

Engages in insurance business.

bpost/SA

Market Cap: €346.0m

Provides mail and parcel services to individuals, businesses, and public institutions in Belgium, rest of Europe, the United States, and internationally.

Gimv

Market Cap: €1.7b

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

Atenor

Market Cap: €167.6m

Operates as a real estate development company in Belgium, Luxembourg, the Netherlands, France, Germany, Portugal, Poland, Hungary, Britain, and Romania.

Shurgard Self Storage

Market Cap: €3.2b

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

UCB

Market Cap: €42.0b

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

BGL BNP Paribas

Market Cap: €2.5b

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

Banqup Group

Market Cap: €121.8m

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

KLM Royal Dutch Airlines

Market Cap: €28.1k

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

Aedifica/SA

Market Cap: €3.1b

Aedifica is a Regulated Real Estate Company under Belgian law specialised in European healthcare real estate, particularly in elderly care.

argenx

Market Cap: €45.1b

A commercial-stage biopharma company, develops various therapies for the treatment of autoimmune diseases in the United States, Japan, China, the Netherlands, and internationally.

Azelis Group

Market Cap: €2.3b

Engages in the distribution and sale of specialty chemicals and food ingredients.

Jensen-Group

Market Cap: €563.7m

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

Exmar

Market Cap: €850.8m

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