Belgian Potentially Undervalued Companies

D'Ieteren Group

Market Cap: €8.2b

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

Exmar

Market Cap: €841.3m

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

BNP Paribas Fortis

Market Cap: €19.8b

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

Kinepolis Group

Market Cap: €827.9m

Operates and manages cinemas in Belgium, France, Canada, Spain, the Netherlands, the United States, Luxembourg, and internationally.

Proximus

Market Cap: €2.2b

Provides digital services and communication solutions in Belgium and internationally.

Cmb.Tech

Market Cap: €2.4b

Engages in marine transportation business in Belgium.

Moury Construct

Market Cap: €230.9m

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

Ackermans & Van Haaren

Market Cap: €7.4b

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

Ontex Group

Market Cap: €504.9m

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.

Immo Moury

Market Cap: €16.5m

A real estate investment trust.

KBC Group

Market Cap: €43.1b

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.

Banimmo

Market Cap: €32.8m

Acquires, develops, holds, leases, and sells real estate properties in Belgium.

Compagnie d'Entreprises CFE

Market Cap: €219.6m

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

Syensqo

Market Cap: €7.4b

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

Melexis

Market Cap: €2.3b

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.

Recticel

Market Cap: €487.9m

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.

Cenergy Holdings

Market Cap: €3.2b

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.

Cofinimmo

Market Cap: €3.0b

Cofinimmo has been acquiring, developing and managing rental properties for more than 40 years.

Barco

Market Cap: €1.0b

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.

Warehouses Estates Belgium S.C.A

Market Cap: €129.6m

Warehouses Estates Belgium SCA is a real estate investment trust.

VGP

Market Cap: €2.8b

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

Van de Velde

Market Cap: €375.0m

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

Solvac

Market Cap: €1.8b

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

Montea Comm. VA

Market Cap: €1.6b

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.