Belgian Potentially Undervalued Companies

Brederode

Market Cap: €3.2b

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

Fagron

Market Cap: €1.4b

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

Immobel

Market Cap: €168.7m

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

BNP Paribas Fortis

Market Cap: €19.6b

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

Anheuser-Busch InBev

Market Cap: €110.7b

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

Softimat

Market Cap: €3.6m

Engages in the real estate activities in Belgium.

Exmar

Market Cap: €661.8m

Provides shipping and energy supply chain solutions worldwide.

Van de Velde

Market Cap: €382.6m

Engages in design, production, and sale of women’s lingerie and swimwear in Europe and North America.

Cmb.Tech

Market Cap: €1.5b

Cmb. Tech NV engages in marine transportation business.

Kinepolis Group

Market Cap: €843.9m

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

Sofina Société Anonyme

Market Cap: €7.8b

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

Viohalco

Market Cap: €1.3b

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

Colruyt Group

Market Cap: €5.2b

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

Nextensa/SA

Market Cap: €411.3m

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

Inclusio

Market Cap: €102.4m

Operates as a real estate company in Belgium.

Spadel

Market Cap: €796.9m

Produces and markets natural mineral water in Belgium.

KBC Group

Market Cap: €31.9b

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.

TINC

Market Cap: €383.3m

TINC Comm. VA is an investment firm specializing in investments in public and private infrastructure, real assets, and energy sector.

Qrf Comm. VA

Market Cap: €78.8m

A publicly owned real estate investment trust.

Azelis Group

Market Cap: €3.8b

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

What's Cooking Group/SA

Market Cap: €201.4m

Produces and sells meat products and ready meals.

Barco

Market Cap: €1.1b

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.

Smartphoto Group

Market Cap: €99.6m

Engages in the B2C e-commerce business in Europe.

Floridienne

Market Cap: €587.7m

Through its subsidiaries, operates in the chemicals, gourmet food, and life sciences sectors in Belgium and internationally.

Home Invest Belgium

Market Cap: €385.3m

Operates as a real estate investment company in Belgium.

Proximus

Market Cap: €2.1b

Provides digital services and communication solutions in Belgium and internationally.