Belgian Undervalued based on future growth

Aedifica/SA

Market Cap: €3.2b

Aedifica is a Regulated Real Estate Company under Belgian law specialised in European healthcare real estate, particularly in elderly care.

Cmb.Tech

Market Cap: €2.4b

Engages in marine transportation business in Belgium.

NV Bekaert

Market Cap: €1.8b

Provides steel wire transformation and coating technologies worldwide.

Kinepolis Group

Market Cap: €811.8m

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

Ion Beam Applications

Market Cap: €310.2m

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

Econocom Group

Market Cap: €287.3m

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

Deceuninck

Market Cap: €277.8m

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

Immobel

Market Cap: €236.7m

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

Compagnie d'Entreprises CFE

Market Cap: €219.1m

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