Belgian Potentially Undervalued Companies

DEME Group

Market Cap: €3.1b

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.

Shurgard Self Storage

Market Cap: €3.2b

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

Ion Beam Applications

Market Cap: €333.1m

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

Fagron

Market Cap: €1.5b

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

Titan

Market Cap: €2.7b

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: €97.7b

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

Sipef

Market Cap: €787.5m

Operates as an agro-industrial company.

NV Bekaert

Market Cap: €1.9b

Provides steel wire transformation and coating technologies worldwide.

Econocom Group

Market Cap: €286.0m

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

Deceuninck

Market Cap: €284.0m

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

Agfa-Gevaert

Market Cap: €137.6m

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

EVS Broadcast Equipment

Market Cap: €477.9m

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

Immobel

Market Cap: €270.0m

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

Jensen-Group

Market Cap: €589.4m

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

Belysse Group

Market Cap: €35.0m

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

Home Invest Belgium

Market Cap: €389.2m

Operates as a real estate investment company in Belgium.

Montea Comm. VA

Market Cap: €1.5b

Montea NV is a listed real estate company under Belgian law (GVV/SIR) that specializes in logistics property in Belgium, the Netherlands, France, and Germany.

Ackermans & Van Haaren

Market Cap: €7.6b

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: €1.0b

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.

Tessenderlo Group

Market Cap: €1.5b

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

Colruyt Group

Market Cap: €4.5b

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

Viohalco

Market Cap: €1.8b

Through its subsidiaries, manufactures, and sells aluminium, copper, cables, and steel and steel pipe products.

Atenor

Market Cap: €186.4m

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

ageas

Market Cap: €11.3b

Engages in insurance business.

Fountain

Market Cap: €10.8m

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.

Wereldhave Belgium

Market Cap: €499.6m

A public regulated real estate company (OGVV) under Belgian law, focusing on commercial real estate in Belgium and Luxembourg.

bpost/SA

Market Cap: €479.0m

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

Ascencio

Market Cap: €331.8m

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

Gimv

Market Cap: €1.7b

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

Warehouses De Pauw

Market Cap: €4.9b

WDP develops and invests in logistics real estate warehouses and offices.

KLM Royal Dutch Airlines

Market Cap: €14.0k

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

UCB

Market Cap: €39.0b

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.

Miko

Market Cap: €63.3m

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.

Brederode

Market Cap: €3.2b

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

Azelis Group

Market Cap: €2.9b

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