Belgian (BEL20) Industrials Sector Analysis

Sector Valuation and Performance

Has the Belgian Industrials Sector valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Fri, 26 Jun 2026	€27.7b	€31.6b	€1.5b	13x	18.1x	0.9x
Sun, 24 May 2026	€27.4b	€31.6b	€1.5b	13.6x	17.9x	0.9x
Tue, 21 Apr 2026	€27.0b	€31.6b	€1.5b	13.5x	17.6x	0.9x
Thu, 19 Mar 2026	€25.3b	€31.6b	€1.6b	12.6x	15.7x	0.8x
Sat, 14 Feb 2026	€26.1b	€32.4b	€1.2b	14.6x	21.3x	0.8x
Mon, 12 Jan 2026	€23.4b	€32.4b	€1.2b	12.8x	19.2x	0.7x
Wed, 10 Dec 2025	€23.0b	€32.6b	€1.3b	13.4x	17.3x	0.7x
Fri, 07 Nov 2025	€21.8b	€32.5b	€1.3b	13.3x	16.4x	0.7x
Sun, 05 Oct 2025	€22.2b	€32.5b	€1.3b	14.3x	16.7x	0.7x
Tue, 02 Sep 2025	€22.9b	€32.3b	€1.3b	15.2x	17.7x	0.7x
Thu, 31 Jul 2025	€22.8b	€31.8b	€1.2b	15.3x	18.8x	0.7x
Sat, 28 Jun 2025	€21.8b	€31.8b	€1.2b	15.2x	18.1x	0.7x
Mon, 26 May 2025	€22.5b	€31.8b	€1.2b	15.2x	18.6x	0.7x
Wed, 23 Apr 2025	€21.1b	€31.7b	€1.3b	13.6x	16.8x	0.7x
Fri, 21 Mar 2025	€22.5b	€31.8b	€1.4b	13.2x	16.3x	0.7x
Sun, 16 Feb 2025	€22.7b	€30.7b	€1.6b	11.8x	14.4x	0.7x
Tue, 14 Jan 2025	€22.8b	€30.7b	€1.6b	13x	14.5x	0.7x
Thu, 12 Dec 2024	€22.9b	€30.7b	€1.6b	13.4x	14.5x	0.7x
Sat, 09 Nov 2024	€22.5b	€30.7b	€1.6b	11.7x	13.9x	0.7x
Mon, 07 Oct 2024	€23.0b	€30.7b	€1.6b	13.4x	14.2x	0.7x
Wed, 04 Sep 2024	€23.1b	€30.6b	€1.6b	13.9x	14.2x	0.8x
Fri, 02 Aug 2024	€22.9b	€29.8b	€1.6b	13.2x	14.7x	0.8x
Sun, 30 Jun 2024	€22.0b	€29.8b	€1.6b	13.1x	14.1x	0.7x
Tue, 28 May 2024	€23.6b	€30.1b	€1.6b	13.1x	15.1x	0.8x
Thu, 25 Apr 2024	€22.9b	€30.2b	€1.6b	13.1x	14.7x	0.8x
Sat, 23 Mar 2024	€21.5b	€30.4b	€1.6b	13x	13.3x	0.7x
Mon, 19 Feb 2024	€20.6b	€29.5b	€1.8b	13.3x	11.4x	0.7x
Wed, 17 Jan 2024	€22.1b	€32.6b	€1.9b	11x	11.4x	0.7x
Fri, 15 Dec 2023	€21.7b	€32.1b	€2.0b	10.9x	11.1x	0.7x
Sun, 12 Nov 2023	€20.3b	€31.8b	€1.9b	13x	10.4x	0.6x
Tue, 10 Oct 2023	€20.2b	€32.0b	€2.0b	12.5x	10x	0.6x
Thu, 07 Sep 2023	€21.2b	€31.9b	€2.0b	13.4x	10.4x	0.7x
Sat, 05 Aug 2023	€22.4b	€31.2b	€2.1b	13.3x	10.8x	0.7x
Mon, 03 Jul 2023	€22.3b	€31.1b	€2.1b	12.9x	10.5x	0.7x

Current Industry PE

Investors are optimistic on the Belgian Industrials industry, and appear confident in long term growth rates.

The industry is trading at a PE ratio of 18.0x which is higher than its 3-year average PE of 15.0x.

The industry is trading close to its 3-year average PS ratio of 0.73x.

Past Earnings Growth

The earnings for companies in the Industrials industry have declined 10% per year over the last three years.
Meanwhile revenues have remained mostly flat.
This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the Belgian Industrials sector?


BE Market	1.94%
Industrials	-1.24%
Trade Distributors	1.22%
Machinery	0%	0
Professional Services	0%	0
Marine and Shipping	0%	0
Transportation	0%	0
Infrastructure	0%	0
Construction	-0.80%
Building	-2.13%
Electrical	-2.79%
Logistics	-3.47%
Commercial Services	-6.00%

Industry PE

Investors are most optimistic about the Electrical industry which is trading above its 3-year average PE ratio of 19.7x.

Analysts are expecting annual earnings growth of 14.9%, which is lower than the prior year's growth of 47.8% per year.

Forecasted Growth

Analysts are most optimistic on the Commercial Services industry, expecting annual earnings growth of 106% over the next 5 years.
This is better than its past earnings decline of 57% per year.

In contrast, the Construction industry is expected to see its earnings grow by 3.8% per year over the next few years.

	Company	Last Price	7D	1Y	Valuation
	AZE Azelis Group	€9.92	1.2% +€29.2m	-28.2%	PE21.7x
	CFEB Compagnie d'Entreprises CFE	€13.45	6.7% +€20.9m	58.2%	PE9.9x

Company

Last Price

Valuation

AZE Azelis Group

€9.92

1.2%
+€29.2m

-28.2%

PE21.7x

CFEB Compagnie d'Entreprises CFE

€13.45

6.7%
+€20.9m

58.2%

PE9.9x

New major risk - Revenue and earnings growth

Earnings have declined by 6.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Earnings have declined by 6.9% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (0.6% net profit margin). Market cap is less than US$100m (€46.3m market cap, or US$53.7m).

Belgian (BEL20) Industrials Sector Analysis

Sector Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

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