Belgian Potentially Undervalued Companies

Shurgard Self Storage

Market Cap: €2.8b

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

Fagron

Market Cap: €1.6b

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

Barco

Market Cap: €863.5m

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.

Titan

Market Cap: €3.6b

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

Tessenderlo Group

Market Cap: €1.5b

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

Umicore

Market Cap: €4.1b

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

DEME Group

Market Cap: €4.6b

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.

Care Property Invest

Market Cap: €467.5m

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

NV Bekaert

Market Cap: €2.0b

Provides steel wire transformation and coating technologies worldwide.

Ascencio

Market Cap: €336.4m

A company incorporated under Belgian law, specializing in real estate investment commercial, and more particularly supermarkets and retail parks.

Syensqo

Market Cap: €5.2b

Engages in the research, development, and production of advanced materials for industrial and consumer applications worldwide.

Immobel

Market Cap: €249.5m

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

EVS Broadcast Equipment

Market Cap: €473.8m

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

Azelis Group

Market Cap: €1.9b

Engages in the distribution of specialty chemicals and food ingredients.

Belysse Group

Market Cap: €25.7m

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

Montea Comm. VA

Market Cap: €1.7b

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: €369.7m

Operates as a real estate investment company in Belgium.

Colruyt Group

Market Cap: €4.1b

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

Xior Student Housing

Market Cap: €1.3b

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.

Ackermans & Van Haaren

Market Cap: €9.0b

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

Sipef

Market Cap: €889.6m

Operates as an agro-industrial company.

Fountain

Market Cap: €9.4m

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

bpost/SA

Market Cap: €407.0m

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

ageas

Market Cap: €11.4b

Engages in insurance business.

Econocom Group

Market Cap: €247.7m

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

Deceuninck

Market Cap: €309.6m

Engages in the design, manufacture, recycling, and distribution of multi-material window, door, and building solutions in Europe, North America, Turkey, 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: €154.2m

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

BGL BNP Paribas

Market Cap: €2.5b

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

UCB

Market Cap: €48.1b

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

argenx

Market Cap: €39.4b

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

Jensen-Group

Market Cap: €590.2m

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

BNP Paribas Fortis

Market Cap: €24.2b

Provides various financial services in Belgium, Turkey, Luxembourg, and internationally.

Vastned

Market Cap: €484.5m

The Vastned group comprises a Belgian public regulated real estate company (Euronext Brussels and Euronext Amsterdam: VASTB) and its (direct or indirect) subsidiaries in Belgium, the Netherlands, France and Spain.

Exmar

Market Cap: €847.6m

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