Narrative Update • May 08
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Belgian (BEL20) Market Analysis & Valuation
UpdatedMay 14, 2026
DataAggregated Company Financials
Companies157
- 7D-1.3%
- 3M-2.3%
- 1Y21.8%
- YTD9.6%
Over the last 7 days, the market has remained flat, although notably the Healthcare sector gained 3.5% in that time. More promisingly, the market is up 22% over the past year. As for the next few years, earnings are expected to grow by 14% per annum.
Market Valuation and Performance
Has the Belgian Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Thu, 14 May 2026 | €429.5b | €215.5b | €21.2b | 15x | 20.2x | 2x |
| Sat, 11 Apr 2026 | €471.6b | €224.6b | €23.6b | 15.4x | 20x | 2.1x |
| Mon, 09 Mar 2026 | €452.2b | €226.1b | €24.1b | 15.2x | 18.8x | 2x |
| Wed, 04 Feb 2026 | €464.2b | €219.3b | €23.3b | 15.3x | 19.9x | 2.1x |
| Fri, 02 Jan 2026 | €431.2b | €219.9b | €23.5b | 15.2x | 18.4x | 2x |
| Sun, 30 Nov 2025 | €424.4b | €220.3b | €23.6b | 15.2x | 18x | 1.9x |
| Tue, 28 Oct 2025 | €419.5b | €219.5b | €23.9b | 15.3x | 17.5x | 1.9x |
| Thu, 25 Sep 2025 | €398.2b | €218.5b | €23.8b | 15.7x | 16.7x | 1.8x |
| Sat, 23 Aug 2025 | €405.6b | €224.3b | €25.3b | 15.5x | 16x | 1.8x |
| Mon, 21 Jul 2025 | €394.0b | €222.2b | €23.1b | 15.2x | 17x | 1.8x |
| Wed, 18 Jun 2025 | €395.2b | €222.9b | €23.2b | 14.2x | 17x | 1.8x |
| Fri, 16 May 2025 | €351.4b | €213.1b | €20.4b | 14.3x | 17.2x | 1.6x |
| Sun, 13 Apr 2025 | €352.9b | €222.8b | €22.7b | 12.7x | 15.5x | 1.6x |
| Tue, 11 Mar 2025 | €386.1b | €233.1b | €22.5b | 14x | 17.1x | 1.7x |
| Thu, 06 Feb 2025 | €369.6b | €233.6b | €21.1b | 12.5x | 17.5x | 1.6x |
| Sat, 04 Jan 2025 | €368.4b | €234.4b | €21.1b | 12.9x | 17.5x | 1.6x |
| Mon, 02 Dec 2024 | €373.9b | €232.7b | €21.5b | 14x | 17.4x | 1.6x |
| Wed, 30 Oct 2024 | €384.2b | €224.9b | €21.3b | 13.9x | 18x | 1.7x |
| Fri, 27 Sep 2024 | €392.0b | €229.6b | €21.0b | 14.5x | 18.6x | 1.7x |
| Sun, 25 Aug 2024 | €374.4b | €227.2b | €20.2b | 15.7x | 18.5x | 1.6x |
| Tue, 23 Jul 2024 | €376.0b | €231.6b | €21.3b | 15.4x | 17.7x | 1.6x |
| Thu, 20 Jun 2024 | €365.5b | €232.8b | €21.6b | 16x | 16.9x | 1.6x |
| Sat, 18 May 2024 | €381.8b | €232.4b | €21.2b | 14.6x | 18x | 1.6x |
| Mon, 15 Apr 2024 | €364.7b | €235.4b | €21.8b | 15.5x | 16.7x | 1.5x |
| Wed, 13 Mar 2024 | €364.7b | €248.8b | €22.6b | 13.5x | 16.2x | 1.5x |
| Fri, 09 Feb 2024 | €341.8b | €242.3b | €20.5b | 13.6x | 16.7x | 1.4x |
| Sun, 07 Jan 2024 | €359.5b | €247.9b | €23.0b | 12.7x | 15.6x | 1.4x |
| Tue, 05 Dec 2023 | €351.9b | €239.9b | €21.5b | 13.5x | 16.4x | 1.5x |
| Thu, 02 Nov 2023 | €326.5b | €239.9b | €21.3b | 13x | 15.3x | 1.4x |
| Sat, 30 Sep 2023 | €339.2b | €241.9b | €21.7b | 12.7x | 15.6x | 1.4x |
| Mon, 28 Aug 2023 | €339.5b | €234.4b | €22.2b | 12.6x | 15.3x | 1.4x |
| Wed, 26 Jul 2023 | €351.3b | €234.4b | €24.3b | 11.6x | 14.5x | 1.5x |
| Fri, 23 Jun 2023 | €335.5b | €234.8b | €24.4b | 11.4x | 13.7x | 1.4x |
| Sun, 21 May 2023 | €348.6b | €235.7b | €24.6b | 11.7x | 14.2x | 1.5x |
Price to Earnings Ratio
14.2x
Current Market PE
- Investors are optimistic on the Belgian market, and appear confident in strong long term growth rates.
- The market is trading at a PE ratio of 19.1x which is higher than its 3-year average PE of 17.0x.
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 | -1.29% | |
| Materials | 4.74% | |
| Tech | 2.66% | |
| Energy | 0.59% | |
| Healthcare | 0.42% | |
| Telecom | -1.43% | |
| Financials | -2.00% | |
| Industrials | -2.10% | |
| Consumer Staples | -2.54% | |
| Real Estate | -3.24% | |
| Utilities | -3.59% | |
| Consumer Discretionary | -7.08% | |
Sector PE
- Investors favour the Consumer Discretionary sector the most for future growth, which is trading above its 3-year average PE ratio of 19.9x.
- The market's confidence is likely because analysts are expecting annual earnings growth of 18.1% which is higher than its past year's earnings decline of 8.0% 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 36% over the next 5 years.
- This is better than its past earnings growth rate of 16% per year.
- In contrast, the Telecom sector is expected to see its earnings decline by 4.7% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| UMI Umicore | €25.96 | 24.9% +€1.2b | 205.1% | PE16.2x | Materials | |
| UCB UCB | €239.10 | 1.3% +€590.1m | 55.2% | PE29.2x | Healthcare | |
| VIO Viohalco | €17.86 | 2.9% +€129.6m | 205.3% | PE19.7x | Materials | |
| SYENS Syensqo | €60.05 | 2.1% +€127.5m | -10.2% | PS1x | Materials | |
| MELE Melexis | €79.80 | 4.0% +€122.0m | 32.4% | PE28.3x | Tech |
