Belgian Undervalued over 20% based on DCF

KBC Group

Market Cap: €43.1b

Provides banking, insurance, and asset management services in Belgium, Bulgaria, the Czech Republic, Hungary, and Slovakia.

BNP Paribas Fortis

Market Cap: €23.5b

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

Ackermans & Van Haaren

Market Cap: €8.9b

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

D'Ieteren Group

Market Cap: €8.6b

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

Syensqo

Market Cap: €4.8b

A chemical company, engages in the research, development, and production of advanced materials for industrial and consumer applications worldwide.

DEME Group

Market Cap: €4.8b

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.

Colruyt Group

Market Cap: €4.3b

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

Solvay

Market Cap: €2.8b

Provides basic and performance chemicals worldwide.

Shurgard Self Storage

Market Cap: €2.6b

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.

Gimv

Market Cap: €1.7b

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

Montea Comm. VA

Market Cap: €1.6b

A listed real estate company under Belgian law that specializes in logistics property in Belgium, the Netherlands, France, and Germany.

Solvac

Market Cap: €1.5b

Operates as a specialty chemicals company in Belgium.

Xior Student Housing

Market Cap: €1.3b

Xior Student Housing NV is the first Belgian public regulated real estate company (RREC) specializing in the student housing segment in Belgium, the Netherlands, Spain, Portugal, Germany, Poland, Denmark and Sweden.

Tessenderlo Group

Market Cap: €1.2b

Engages in the agriculture, valorizing bio-residuals, machinery, mechanical engineering, electronics, energy, and industrial solution businesses worldwide.

Etex

Market Cap: €1.0b

Manufactures and sells building materials in the United Kingdom, France, other European countries, Poland, Italy, Spain, Germany, Benelux, Latin America, Australia, Africa, Asia, and internationally.

Barco

Market Cap: €758.1m

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.

Kinepolis Group

Market Cap: €711.5m

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

Wereldhave Belgium

Market Cap: €628.9m

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

Jensen-Group

Market Cap: €607.9m

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

Care Property Invest

Market Cap: €529.3m

A Public Regulated Real Estate Company (public RREC) under Belgian law.

EVS Broadcast Equipment

Market Cap: €452.4m

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

Home Invest Belgium

Market Cap: €380.0m

Operates as a real estate investment company in Belgium.

Van de Velde

Market Cap: €377.1m

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

Ascencio

Market Cap: €328.5m

A company incorporated under Belgian law, specializing in real estate investment commercial, and more particularly supermarkets and retail parks.

Ontex Group

Market Cap: €267.6m

Develops, produces, and sells baby, feminine, and adult care products in Belgium, the United Kingdom, Italy, the United States, France, Poland, and internationally.

Compagnie d'Entreprises CFE

Market Cap: €258.6m

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

Hybrid Software Group

Market Cap: €126.2m

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.

Ekopak

Market Cap: €80.5m

Designs, builds, finances, maintains, and operates industrial water processing installation solutions in Europe, the Asia Pacific, Africa, and the Americas.

Iep Invest

Market Cap: €45.4m

An investment firm specializing in investments in and loans to real estate companies.