Belgian Potentially Undervalued Companies

Immobel

Market Cap: €257.7m

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

Fagron

Market Cap: €1.6b

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

BNP Paribas Fortis

Market Cap: €18.1b

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

Barco

Market Cap: €1.2b

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.

Exmar

Market Cap: €687.1m

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

Van de Velde

Market Cap: €424.7m

Designs, produces, and sells women’s lingerie and swimwear in Europe and North America.

Kinepolis Group

Market Cap: €976.3m

Operates cinema complexes in Belgium, the Netherlands, France, Spain, Luxembourg, Switzerland, Poland, Canada, and the United States.

Cmb.Tech

Market Cap: €1.6b

Engages in marine transportation business in Belgium.

Ackermans & Van Haaren

Market Cap: €6.9b

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

Deceuninck

Market Cap: €294.8m

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

KBC Group

Market Cap: €34.4b

Provides banking, insurance, and asset management services primarily for retail, private banking, small and medium sized enterprises, and mid-cap clients in Belgium, Bulgaria, the Czech Republic, Hungary, and Slovakia.

Spadel

Market Cap: €838.4m

Produces and markets natural mineral water in Belgium.

Inclusio

Market Cap: €129.0m

Operates as a real estate company in Belgium.

Nextensa/SA

Market Cap: €415.4m

Nextensa is a mixed-use real estate investor and developer.

Immo Moury

Market Cap: €16.0m

A real estate investment trust.

Aedifica/SA

Market Cap: €3.1b

Aedifica is a regulated real estate company under Belgian law specializing in European healthcare real estate and more particularly in healthcare real estate elderly people.

Recticel

Market Cap: €597.4m

An insulation company, provides thermal and thermo-acoustic solutions in Belgium, France, the Netherlands, Germany, Slovenia, other European Union countries, the United Kingdom, the United States, and internationally.

Azelis Group

Market Cap: €3.4b

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

Miko

Market Cap: €65.6m

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.

What's Cooking Group

Market Cap: €194.9m

Produces and sells meat products and ready meals.

Brederode

Market Cap: €3.3b

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

Qrf Comm. VA

Market Cap: €82.3m

A publicly owned real estate investment trust.

D'Ieteren Group

Market Cap: €9.2b

Operates as an investment company in Belgium, France, rest of Europe, and internationally.

Hybrid Software Group

Market Cap: €114.7m

Develops software and hardware technology solutions for graphics and industrial inkjet printing in the United Kingdom, rest of Europe, North and South America, and Asia.

VGP

Market Cap: €2.4b

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

Home Invest Belgium

Market Cap: €386.1m

Operates as a real estate investment company in Belgium.

Solvac

Market Cap: €1.9b

Operates as an advanced materials and specialty chemicals company in Belgium.