Belgian Potentially Undervalued Companies

DEME Group

Market Cap: €3.5b

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: €3.3b

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

EVS Broadcast Equipment

Market Cap: €473.4m

Provides live video technology for broadcast and media productions worldwide.

Cenergy Holdings

Market Cap: €1.8b

Manufactures and sells aluminium, copper, cables, steel and steel pipes, and other related products in Belgium and internationally.

Titan Cement International

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.

Montea Comm. VA

Market Cap: €1.4b

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

Sipef

Market Cap: €653.1m

Operates as an agro-industrial company.

Ascencio

Market Cap: €292.2m

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

Atenor

Market Cap: €174.3m

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

NV Bekaert

Market Cap: €1.7b

Provides steel wire transformation and coating technologies worldwide.

Econocom Group

Market Cap: €294.7m

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

Compagnie d'Entreprises CFE

Market Cap: €185.0m

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

Agfa-Gevaert

Market Cap: €137.8m

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

Solvay

Market Cap: €3.3b

Provides basic and performance chemicals worldwide.

UCB

Market Cap: €27.1b

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

Syensqo

Market Cap: €6.0b

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

Jensen-Group

Market Cap: €411.6m

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

Belysse Group

Market Cap: €29.1m

Engages in the production and sale of textile floor coverings for commercial and residential applications in Europe, North America, and internationally.

VGP

Market Cap: €2.0b

Develops, owns, and manages logistics and semi-industrial real estate, and ancillary offices.

Xior Student Housing

Market Cap: €1.2b

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.

Umicore

Market Cap: €1.9b

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

Retail Estates

Market Cap: €885.4m

The Belgian public real estate investment trust Retail Estates nv 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.

Moury Construct

Market Cap: €201.9m

Engages in the construction and renovation of residential and non-residential buildings for private and public markets in Belgium.

Wereldhave Belgium

Market Cap: €439.0m

A public regulated real estate company with a focus on commercial property in Belgium.

Gimv

Market Cap: €1.4b

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

Fountain

Market Cap: €8.8m

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.

Care Property Invest

Market Cap: €440.9m

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

ageas

Market Cap: €9.4b

Engages in insurance business.

bpost/SA

Market Cap: €282.8m

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

Unifiedpost Group

Market Cap: €135.5m

UnifiedPost Group SA, 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

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

Melexis

Market Cap: €2.0b

Designs, develops, tests, and markets advanced integrated semiconductor devices primarily for the automotive industry in Europe, the Middle-East, Africa, the Asia Pacific, and North and Latin America.

Warehouses De Pauw

Market Cap: €4.9b

Provides logistics property (warehouses and offices) real estate leasing services.

Miko

Market Cap: €62.6m

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.

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: €32.3b

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