Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Belgian (BEL20) Market Analysis & Valuation

UpdatedMar 27, 2026
DataAggregated Company Financials
Companies158
  • 7D-0.6%
  • 3M1.3%
  • 1Y12.9%
  • YTD0.3%

Over the last 7 days, the market has dropped 1.7%, driven by a loss of 3.0% in the Consumer Staples sector. As for the longer term, the market has actually risen by 14% in the last year. Earnings are forecast to grow by 13% annually.

Market Valuation and Performance

Has the Belgian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 27 Mar 2026€438.1b€226.3b€24.7b14.5x17.8x1.9x
Sun, 22 Feb 2026€482.6b€223.9b€24.1b17x20.1x2.2x
Tue, 20 Jan 2026€447.1b€220.2b€23.4b15.1x19.1x2x
Thu, 18 Dec 2025€430.2b€219.6b€23.5b15.2x18.3x2x
Sat, 15 Nov 2025€424.2b€220.3b€23.7b14.3x17.9x1.9x
Mon, 13 Oct 2025€417.4b€219.7b€23.9b15.3x17.5x1.9x
Wed, 10 Sep 2025€400.6b€218.7b€24.1b16.1x16.6x1.8x
Fri, 08 Aug 2025€396.3b€224.1b€25.2b15.4x15.7x1.8x
Sun, 06 Jul 2025€391.0b€221.5b€23.0b15.2x17x1.8x
Tue, 03 Jun 2025€394.7b€223.1b€23.3b14.3x17x1.8x
Thu, 01 May 2025€383.5b€223.5b€22.7b14.3x16.9x1.7x
Sat, 29 Mar 2025€381.0b€226.1b€23.2b14.2x16.4x1.7x
Mon, 24 Feb 2025€381.8b€232.9b€21.8b13.4x17.5x1.6x
Wed, 22 Jan 2025€369.5b€233.6b€21.0b13x17.6x1.6x
Fri, 20 Dec 2024€365.2b€234.0b€21.0b12.6x17.4x1.6x
Sun, 17 Nov 2024€366.5b€226.0b€21.8b13.1x16.8x1.6x
Tue, 15 Oct 2024€385.0b€224.1b€21.2b14x18.2x1.7x
Thu, 12 Sep 2024€387.1b€230.3b€21.0b14.7x18.4x1.7x
Sat, 10 Aug 2024€345.2b€218.5b€17.6b16.3x19.7x1.6x
Mon, 08 Jul 2024€370.3b€231.8b€21.2b15x17.4x1.6x
Wed, 05 Jun 2024€372.9b€232.4b€21.2b15.4x17.6x1.6x
Fri, 03 May 2024€366.1b€233.5b€22.0b14.6x16.6x1.6x
Sun, 31 Mar 2024€369.8b€237.9b€21.6b14.2x17.1x1.6x
Tue, 27 Feb 2024€363.6b€248.9b€23.5b13.8x15.5x1.5x
Thu, 25 Jan 2024€354.0b€248.2b€23.0b12.7x15.4x1.4x
Sat, 23 Dec 2023€356.5b€246.8b€22.1b13.2x16.1x1.4x
Mon, 20 Nov 2023€344.0b€239.2b€21.3b14.4x16.2x1.4x
Wed, 18 Oct 2023€331.5b€239.2b€21.5b12.9x15.4x1.4x
Fri, 15 Sep 2023€343.0b€241.3b€21.9b13.1x15.6x1.4x
Sun, 13 Aug 2023€341.8b€233.3b€22.5b12.8x15.2x1.5x
Tue, 11 Jul 2023€331.0b€234.5b€24.4b11.3x13.6x1.4x
Thu, 08 Jun 2023€339.8b€236.4b€24.6b11.6x13.8x1.4x
Sat, 06 May 2023€360.0b€233.6b€24.3b11.6x14.8x1.5x
Mon, 03 Apr 2023€364.0b€234.1b€23.8b10.8x15.3x1.6x
Price to Earnings Ratio

15.3x


Total Market Cap: €364.0bTotal Earnings: €23.8bTotal Revenue: €234.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Belgian Market Price to Earnings3Y Average 16.8x202420252026
Current Market PE
  • Investors are relatively neutral on the Belgian market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 16.8x.
Past Earnings Growth
  • Both revenue and earnings for Belgian listed companies have remained mostly flat over the last three years.
  • This means sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Sector Trends

Which sectors have driven the changes within the Belgian Market?

BE Market-0.59%
Materials2.82%
Tech2.42%
Energy1.82%
Consumer Discretionary1.33%
Industrials1.29%
Healthcare0.18%
Financials-0.72%
Telecom-0.76%
Utilities-1.30%
Consumer Staples-1.30%
Real Estate-4.25%
Sector PE
  • Investors favour the Consumer Discretionary sector the most for future growth, which is trading above its 3-year average PE ratio of 19.4x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 30.8% which is higher than its past year's earnings decline of 8.1% per year.
  • The Telecom sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 9.4x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 34% over the next 5 years.
  • This is better than its past earnings growth rate of 11% per year.
  • In contrast, the Telecom industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
AED Aedifica/SA€68.20-5.2%
€2.3b		10.8%PB1.6xReal Estate
SYENS Syensqo€49.2714.2%
+€624.3m		-23.8%PS0.8xMaterials
ARGX argenx€601.801.4%
+€533.7m		9.1%PE33.3xHealthcare
AZE Azelis Group€8.2316.4%
+€282.4m		-52.2%PE18xIndustrials
UMI Umicore€16.376.9%
+€255.0m		64.0%PE10.2xMaterials
See more

Market Insights

Header cover image
How to spot the winners in 2026's IPOs
Stella Ong avatar
Stella Ong
Most IPOs lag the market. A few deliver outsized returns. Here are this year’s most anticipated listings and the traits that have historically separated the winners from the rest.
Continue reading
How to invest during crisis in the Persian Gulf

Latest News

AED
€68.20
Aedifica/SA
7D
-5.2%
1Y
10.8%
AZE
€8.23
Azelis Group
7D
16.4%
1Y
-52.2%
SOF
€218.60
Sofina Société Anonyme
7D
-2.1%
1Y
-13.8%
UMI
€16.37
Umicore
7D
6.9%
1Y
64.0%

UMI: Mixed Rating Shifts Will Shape Future Margin Led Upside Potential

Narrative Update Analysts have nudged the blended fair value estimate for Umicore higher from about €18.03 to €18.83, reflecting updated price targets that factor in recent rating changes, mixed revisions to official targets, a slightly higher discount rate, weaker revenue expectations, improved margin assumptions, and a lower future P/E. Analyst Commentary Recent research on Umicore presents a mixed picture, with some analysts adjusting targets higher and others turning more cautious on the stock's prospects.
SOLB
€26.10
Solvay
7D
5.9%
1Y
-22.2%

SOLB: Rare Earth Role Will Offset Execution Risks And Support Fair Value

Analysts have nudged Solvay's fair value estimate slightly lower to about €25.72 per share. This reflects a mix of reduced profit margin assumptions, a modestly lower discount rate, and updated external price targets that now cluster in the €22 to €28 range.
CENER
€18.36
Cenergy Holdings
7D
4.0%
1Y
95.3%

CENER: Future Returns Will Depend On Steady P/E And Dividend Delivery

Analysts have modestly adjusted their price target on Cenergy Holdings to €17.63, citing recalibrated assumptions around the discount rate, revenue growth, profit margin, and future P/E, which leave their overall valuation view broadly unchanged. What's in the News Annual dividend of €0.1820 per share announced, with payment scheduled for June 24, 2026, ex-dividend date on June 22, 2026, and record date on June 23, 2026 (Key Developments).
TESB
€21.70
Tessenderlo Group
7D
-11.4%
1Y
-17.5%
ARGX
€601.80
argenx
7D
1.4%
1Y
9.1%

ARGX: Late Stage Neuromuscular Pipeline Readouts Will Drive Future Upside

Argenx's updated analyst price target reflects a modest recalibration, with fair value edging from about €845 to €839 as analysts factor in ongoing Vyvgart momentum, a slightly lower future P/E assumption and continued profitability. Analyst Commentary Recent Street research on argenx clusters around two themes: execution on Vyvgart and how much of that outlook is already reflected in the share price.
KBC
€104.00
KBC Group
7D
-1.5%
1Y
18.4%

KBC: Higher Dividend Commitment And Margin Assumptions Will Support Future Repricing

Analysts have lifted their average price targets on KBC Group into a range of about €116 to €122, with recent increases of roughly €10 to €22 per share, as they point to updated assumptions on revenue growth, profit margins and P/E multiples. Analyst Commentary Recent research updates show a cluster of higher price targets for KBC Group, with bullish analysts moving into a band between about €116 and €122.
SYENS
€49.27
Syensqo
7D
14.2%
1Y
-23.8%

Civil Aerospace And Clean Mobility Headwinds Will Persist Yet Future Earnings Profile Will Improve

Catalysts About Syensqo Syensqo is a specialty materials and solutions company serving end markets such as aerospace, electronics, clean mobility, health care and mining. What are the underlying business or industry changes driving this perspective?
ABI
€59.42
Anheuser-Busch InBev
7D
-1.5%
1Y
3.8%

ABI: Event Partnerships And Margin Improvements Will Support Stronger Future Returns

Narrative Update on Anheuser-Busch InBev Analysts have lifted their price target for Anheuser-Busch InBev from about €75.65 to around €77.58, citing updated assumptions around fair value, a slightly adjusted revenue outlook, a marginally higher profit margin, and a modestly lower future P/E. What’s in the News Completed share repurchase of 9,731,300 shares, representing 0.49% of outstanding equity, for a total of $635 million under the buyback announced on October 30, 2025 (Key Developments) AB InBev becomes the exclusive beer and cider partner for Live Nation in the United Kingdom across festivals, venues, and outdoor shows, connecting brands such as Budweiser, Corona, San Miguel, and Stella Artois with millions of legal drinking age music fans (Key Developments) Partnership with Live Nation covers more than 20 festivals and key venues including O2 Academy Brixton and O2 Shepherd's Bush Empire in London, with plans for immersive experiences and digital integrations for fans of legal drinking age (Key Developments) Plans to increase Michelob Ultra production in the US with a $30 million investment into the Jacksonville, Florida brewery and can plant, focused on upgrading brewing tanks and bottling lines (Key Developments) Valuation Changes Fair Value: increased slightly from €75.65 to €77.58 based on updated model inputs.
DIE
€156.80
D'Ieteren Group
7D
-4.1%
1Y
-5.2%
ELI
€129.50
Elia Group
7D
-1.3%
1Y
57.9%
VIO
€12.26
Viohalco
7D
-6.1%
1Y
101.0%
AGS
€61.35
ageas
7D
1.7%
1Y
9.3%
WDP
€22.28
Warehouses De Pauw
7D
-3.2%
1Y
3.4%