Belgian Capital Goods Undervalued over 20% based on DCF

Ackermans & Van Haaren

Market Cap: €9.3b

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

DEME Group

Market Cap: €5.1b

Provides marine solutions in Belgium, Europe, Africa, the United States, Asia, and the Middle East.

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.

Jensen-Group

Market Cap: €624.5m

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

Compagnie d'Entreprises CFE

Market Cap: €283.2m

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