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

Belgian (BEL20) Market Analysis & Valuation

UpdatedJul 09, 2026
DataAggregated Company Financials
Companies161
  • 7D-1.3%
  • 3M4.0%
  • 1Y24.1%
  • YTD11.5%

Over the last 7 days, the market has dropped 1.0%, driven by a loss of 2.4% in the Consumer Staples sector. In the last year, the market is actually up 26%. Looking forward, earnings are forecast to grow by 14% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 09 Jul 2026€484.5b€228.5b€25.2b13.5x19.3x2.1x
Sat, 06 Jun 2026€482.0b€228.6b€25.2b14.2x19.1x2.1x
Mon, 04 May 2026€462.2b€225.6b€24.3b14.3x19.1x2x
Wed, 01 Apr 2026€441.9b€226.0b€24.2b14.6x18.3x2x
Fri, 27 Feb 2026€472.2b€223.7b€24.0b15.6x19.7x2.1x
Sun, 25 Jan 2026€448.0b€219.3b€23.3b15.3x19.2x2x
Tue, 23 Dec 2025€428.0b€219.8b€23.5b15.4x18.3x1.9x
Thu, 20 Nov 2025€418.6b€221.5b€23.7b14x17.7x1.9x
Sat, 18 Oct 2025€418.9b€219.4b€23.8b15.4x17.6x1.9x
Mon, 15 Sep 2025€397.9b€218.7b€24.2b15.5x16.5x1.8x
Wed, 13 Aug 2025€395.0b€224.4b€25.3b15.7x15.6x1.8x
Fri, 11 Jul 2025€393.3b€221.9b€23.1b15.2x17.1x1.8x
Sun, 08 Jun 2025€396.3b€223.3b€23.3b14.4x17x1.8x
Tue, 06 May 2025€389.5b€223.6b€22.6b14.3x17.2x1.7x
Thu, 03 Apr 2025€376.5b€225.7b€23.1b13.4x16.3x1.7x
Sat, 01 Mar 2025€392.9b€234.9b€22.7b13.5x17.3x1.7x
Mon, 27 Jan 2025€369.4b€233.2b€20.9b12.5x17.6x1.6x
Wed, 25 Dec 2024€367.6b€233.7b€21.0b12.6x17.5x1.6x
Fri, 22 Nov 2024€364.8b€226.5b€21.6b13.8x16.9x1.6x
Sun, 20 Oct 2024€388.7b€224.5b€21.3b14.1x18.3x1.7x
Tue, 17 Sep 2024€390.1b€229.8b€21.0b14.1x18.6x1.7x
Thu, 15 Aug 2024€370.3b€228.4b€20.4b16.4x18.1x1.6x
Sat, 13 Jul 2024€377.2b€231.5b€21.2b15.8x17.8x1.6x
Mon, 10 Jun 2024€373.6b€232.6b€21.4b16x17.4x1.6x
Wed, 08 May 2024€375.0b€233.4b€22.1b14.9x17x1.6x
Fri, 05 Apr 2024€369.1b€237.7b€21.6b14.5x17.1x1.6x
Sun, 03 Mar 2024€360.9b€250.0b€22.7b13.6x15.9x1.4x
Tue, 30 Jan 2024€355.6b€248.5b€23.0b12.7x15.4x1.4x
Thu, 28 Dec 2023€358.3b€246.3b€22.1b13.2x16.2x1.5x
Sat, 25 Nov 2023€350.3b€239.2b€21.4b13.1x16.3x1.5x
Mon, 23 Oct 2023€320.5b€239.0b€21.4b12.8x15x1.3x
Wed, 20 Sep 2023€347.1b€241.2b€22.1b12.8x15.7x1.4x
Fri, 18 Aug 2023€337.9b€233.7b€22.5b12.4x15x1.4x
Sun, 16 Jul 2023€336.2b€233.4b€24.2b11.5x13.9x1.4x
Price to Earnings Ratio

13.9x


Total Market Cap: €336.2bTotal Earnings: €24.2bTotal Revenue: €233.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Belgian Market Price to Earnings3Y Average 17.2x202420252026
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 19.5x which is higher than its 3-year average PE of 17.2x.
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-1.35%
Energy4.89%
Telecom0.73%
Utilities0.66%
Consumer Discretionary0.24%
Financials-0.91%
Real Estate-1.08%
Healthcare-1.64%
Industrials-1.70%
Materials-1.74%
Consumer Staples-1.81%
Tech-4.28%
Sector PE
  • Investors favour the Healthcare sector the most for future growth even though it's trading below its 3-year average PE ratio of 218x.
    • Analysts are expecting annual earnings growth of 20.1%, which is lower than the prior year's growth of 38.8% 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 33% over the next 5 years.
  • This is better than its past earnings growth rate of 20% per year.
  • In contrast, the Energy sector is expected to see its earnings decline by 11% per year over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuationSector
ARGX argenx€799.800.8%
+€385.6m		72.0%PE38.2xHealthcare
CMBT Cmb.Tech€13.629.0%
+€325.0m		69.2%PE9.3xEnergy
SPA Spadel€448.0016.1%
+€257.3m		119.6%PE36.3xConsumer Staples
AGS ageas€70.901.6%
+€219.3m		24.9%PE7.9xFinancials
AZE Azelis Group€9.955.9%
+€135.0m		-26.6%PE21.8xIndustrials
See more

Market Insights

Header cover image
Markets are supposed to reprice risk when it changes. This time they've repriced the promise, but left the threat largely untouched. Whether that's an oversight or a fair call is worth thinking through.
Continue reading
Finding dividends that actually last

Latest News

COLR
€36.52
Colruyt Group
7D
1.9%
1Y
-1.0%
SPA
€448.00
Spadel
7D
16.1%
1Y
119.6%
ABI
€69.72
Anheuser-Busch InBev
7D
-2.1%
1Y
20.9%
Narrative Update • Jul 07

ABI: Premiumization And Digital Platforms Will Support Margin Expansion Potential

Analysts have lifted their fair value estimate for Anheuser-Busch InBev from about €83.85 to roughly €92.51, citing updated assumptions that combine slightly lower revenue growth with higher profit margins and a richer future P/E outlook. What’s in the News for Anheuser-Busch InBev Anheuser-Busch InBev is focusing on premiumization and digital expansion, with tech driven platforms such as BEES and Zé Delivery and premium brands like Corona, Stella Artois, and Michelob Ultra contributing meaningfully to revenue, according to recent news coverage.
UMI
€19.76
Umicore
7D
-4.4%
1Y
37.0%
Narrative Update • Jul 07

UMI: Hawkish Fed And Precious Metals Exposure Will Limit Repricing Potential

The analyst price target for Umicore has been raised from €14.00 to €15.28, as analysts factor in recent upward revisions to several €20+ price targets, alongside mixed rating changes that highlight both optimism around recycling and caution on near term precious metals exposure. Analyst Commentary Recent research on Umicore shows a split between more optimistic views on recycling and a cluster of cautious signals that point to execution and valuation risks.
ARGX
€799.80
argenx
7D
0.8%
1Y
72.0%
KBC
€117.75
KBC Group
7D
-1.6%
1Y
29.2%
Narrative Update • Jul 01

KBC: Future Returns Will Rely On Dividends And Stable Neutral Market Expectations

Analysts have nudged their fair value estimate for KBC Group higher from €121.17 to €123.70. This reflects a slightly adjusted discount rate and updated expectations on revenue growth, profit margin and future P/E in light of recent mixed Street price target changes around €119 to €133 and the associated Hold or Neutral style ratings.
LOTB
€11,240.00
Lotus Bakeries
7D
-2.4%
1Y
42.3%
Narrative Update • Jun 30

LOTB: Higher Discount Rate And Softer Margins Will Reinforce Overvaluation Risk

Analysts have adjusted their price target on Lotus Bakeries to €8,543.91 from €7,611.24. This reflects updated assumptions on revenue growth, profit margins and the discount rate in their valuation work.
AZE
€9.95
Azelis Group
7D
5.9%
1Y
-26.6%
Narrative Update • Jun 30

AZE: Balanced Risk View Will Test Premium P/E As Governance Evolves

The analyst price target for Azelis Group has been raised from €7.78 to €9.50, as analysts point to updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E, supported by recent price target increases from €7.50 to €10.50 and then to €12 in Street research. Analyst Commentary Recent Street research on Azelis Group highlights a more balanced stance, with some price targets raised but overall ratings staying cautious.
CMBT
€13.62
Cmb.Tech
7D
9.0%
1Y
69.2%
SOLV
€73.50
Solvac
7D
2.8%
1Y
-16.7%
ELI
€136.30
Elia Group
7D
0.7%
1Y
39.6%
Narrative Update • Jun 26

ELI: Future Returns Will Hinge On Execution Versus Tightening Risk Perceptions

The latest Narrative Update on Elia Group reflects a shift in analyst views, with the average price target moving from about €115 to roughly €149, as analysts factor in revised assumptions on fair value, discount rates, revenue growth, profit margins and future P/E expectations. Analyst Commentary Recent research on Elia Group highlights a mix of optimism around valuation support and caution around execution risks, which helps explain the shift in price targets and rating changes.
AGS
€70.90
ageas
7D
1.6%
1Y
24.9%
Narrative Update • Jun 26

AGS: Execution Phase And India Expansion Will Shape Neutral Outlook

The analyst price target for Ageas has moved from about €64 to about €68, as analysts factor in updated assumptions on discount rates, margins and earnings multiples, alongside mixed recent research views and a €70 Street target. Analyst Commentary Recent Street research on Ageas reflects a mix of cautious optimism and concern, with commentary centered on how the company executes after recent acquisitions, and how that plays into the current valuation and growth outlook.
ACKB
€266.60
Ackermans & Van Haaren
7D
-4.4%
1Y
24.3%
Narrative Update • Jun 25

ACKB: Future Returns Will Reflect Higher Multiple And Adjusted Profitability Assumptions

Analysts have raised their Ackermans & Van Haaren price target slightly to about €304 from roughly €296. This reflects updated assumptions on the discount rate, profit margin and future P/E that together indicate a modestly higher fair value estimate.
UCB
€248.70
UCB
7D
-3.6%
1Y
46.0%
Narrative Update • Jun 24

UCB: Pipeline And Execution Risks Will Eventually Challenge Rich Earnings Expectations

Analysts have trimmed their price target for UCB slightly to about €219 from roughly €222, citing modest adjustments to revenue growth expectations, partly offset by slightly stronger projected profit margins and a marginally lower future P/E assumption. Analyst Commentary Recent research on UCB points to a more cautious tone around the stock, with the trimmed price target to about €219 reinforcing the idea that analysts see less room for upside than before.
DIE
€170.70
D'Ieteren Group
7D
-4.0%
1Y
-8.4%
New Narrative • Jun 22

D’Ieteren Group: The Market Still Prices the Belgian Car Cycle, But the Value Sits Elsewhere

The market still tends to look at D’Ieteren through the lens of a Belgian car distributor. That lens catches the weakest part of the story, but not the most valuable one.
TUB
€214.80
Financière de Tubize
7D
-3.9%
1Y
59.8%