Belgian Undervalued over 20% based on DCF

KBC Group

Market Cap: €35.9b

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.

KBC Ancora

Market Cap: €4.8b

KBC Ancora SA holds participating interest in KBC Group SA.

Warehouses De Pauw

Market Cap: €4.8b

WDP develops and invests in logistics real estate warehouses and offices.

Colruyt Group

Market Cap: €4.5b

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

Shurgard Self Storage

Market Cap: €3.4b

Engages in the acquisition, development, and operation of self-storage facilities for business and personal use.

Brederode

Market Cap: €3.2b

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

Azelis Group

Market Cap: €3.2b

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

Aedifica/SA

Market Cap: €3.1b

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

Cofinimmo

Market Cap: €2.9b

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

Cenergy Holdings

Market Cap: €2.2b

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.

Gimv

Market Cap: €1.6b

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

Montea Comm. VA

Market Cap: €1.5b

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.

Fluxys Belgium

Market Cap: €1.4b

An infrastructure company, engages in transmission and storage of natural gas in Belgium.

Xior Student Housing

Market Cap: €1.4b

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

Retail Estates

Market Cap: €979.7m

A Belgian public real estate investment trust and is a niche player specialised in making out-of town retail properties located on the periphery of residential areas or along main access roads to urban centres available to users.

Kinepolis Group

Market Cap: €957.6m

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

Spadel

Market Cap: €855.0m

Produces and markets natural mineral water in Belgium.

Exmar

Market Cap: €711.2m

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

Jensen-Group

Market Cap: €544.4m

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

Wereldhave Belgium

Market Cap: €503.3m

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

Care Property Invest

Market Cap: €461.6m

Care Property Invest NV/SA is a Public Regulated Real Estate Company (public RREC) under Belgian law.

Van de Velde

Market Cap: €414.8m

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

Greenyard

Market Cap: €361.2m

Supplies fresh, frozen, prepared fruits and vegetables, flowers, and plants in Germany, the Netherlands, Belgium, the United Kingdom, France, rest of Europe, and internationally.

Ion Beam Applications

Market Cap: €341.8m

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

Econocom Group

Market Cap: €307.0m

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

Deceuninck

Market Cap: €298.2m

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

Hybrid Software Group

Market Cap: €127.8m

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.

Miko

Market Cap: €63.6m

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.

Immo Moury

Market Cap: €17.0m

A real estate investment trust.