Belgian Potentially Undervalued Companies

DEME Group

Market Cap: €3.3b

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.

Warehouses De Pauw

Market Cap: €4.7b

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

Anheuser-Busch InBev

Market Cap: €115.3b

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

Titan

Market Cap: €2.8b

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: €1.5b

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.

Sipef

Market Cap: €641.7m

Operates as an agro-industrial company.

Care Property Invest

Market Cap: €455.7m

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

Shurgard Self Storage

Market Cap: €3.7b

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

NV Bekaert

Market Cap: €1.9b

Provides steel wire transformation and coating technologies worldwide.

Syensqo

Market Cap: €7.0b

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

Solvay

Market Cap: €3.0b

Provides basic and performance chemicals worldwide.

Agfa-Gevaert

Market Cap: €156.4m

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

Cenergy Holdings

Market Cap: €2.2b

Manufactures and sells aluminium, copper, cables, steel and steel pipes, and other related products in Belgium, Greece, Other European Union countries, Other European countries, the United States, and internationally.

EVS Broadcast Equipment

Market Cap: €499.0m

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

argenx

Market Cap: €30.0b

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

Greenyard

Market Cap: €358.2m

Supplies fresh, frozen, prepared fruits and vegetables, flowers, and plants in Germany, the Netherlands, Belgium, the United Kingdom, France, rest of Europe, and internationally.

Belysse Group

Market Cap: €25.2m

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

Retail Estates

Market Cap: €957.2m

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.

Colruyt Group

Market Cap: €4.4b

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

Viohalco

Market Cap: €1.7b

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

Ontex Group

Market Cap: €514.5m

Develops, produces, and supplies personal hygiene products and solutions for baby, feminine, and adult care in Belgium, the United Kingdom, Italy, the United States, France, Poland, and internationally.

Ascencio

Market Cap: €326.5m

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

Atenor

Market Cap: €204.0m

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

Fountain

Market Cap: €9.3m

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.

Gimv

Market Cap: €1.5b

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

bpost/SA

Market Cap: €424.0m

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

Compagnie d'Entreprises CFE

Market Cap: €265.4m

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

ageas

Market Cap: €10.9b

Engages in insurance business.

Wereldhave Belgium

Market Cap: €503.3m

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

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.

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.

Banqup Group

Market Cap: €149.3m

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

UCB

Market Cap: €33.1b

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

Ion Beam Applications

Market Cap: €347.7m

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

Fagron

Market Cap: €1.6b

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

Jensen-Group

Market Cap: €542.5m

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