Narrative Update • May 08
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Belgian (BEL20) Industrials Sector Analysis
UpdatedMay 12, 2026
DataAggregated Company Financials
Companies27
- 7D2.3%
- 3M10.8%
- 1Y26.7%
- YTD25.2%
In the last week, the Industrials industry is up 1.9%, with Ackermans & Van Haaren leading the way, up 3.6%. During this same period, the Azelis Group underperformed, falling 5.5%. This takes the industry's 12 month performance to a gain of 27%. As for the next few years, earnings are expected to grow by 11% per annum.
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 |
|---|---|---|---|---|---|---|
| Tue, 12 May 2026 | €28.8b | €31.6b | €1.5b | 14.5x | 18.8x | 0.9x |
| Thu, 09 Apr 2026 | €26.9b | €31.6b | €1.6b | 13.4x | 16.6x | 0.9x |
| Sat, 07 Mar 2026 | €25.8b | €31.7b | €1.2b | 15.2x | 21.7x | 0.8x |
| Mon, 02 Feb 2026 | €24.6b | €32.4b | €1.2b | 13x | 20.2x | 0.8x |
| Wed, 31 Dec 2025 | €22.8b | €32.6b | €1.3b | 13.7x | 17.1x | 0.7x |
| Fri, 28 Nov 2025 | €22.4b | €32.6b | €1.3b | 13.4x | 16.9x | 0.7x |
| Sun, 26 Oct 2025 | €22.4b | €32.5b | €1.3b | 14.3x | 16.8x | 0.7x |
| Tue, 23 Sep 2025 | €22.7b | €32.5b | €1.3b | 14.6x | 17.1x | 0.7x |
| Thu, 21 Aug 2025 | €23.4b | €32.0b | €1.2b | 16.2x | 19.8x | 0.7x |
| Sat, 19 Jul 2025 | €22.0b | €31.7b | €1.2b | 15.1x | 18.3x | 0.7x |
| Mon, 16 Jun 2025 | €22.0b | €31.8b | €1.2b | 15.2x | 18.2x | 0.7x |
| Wed, 14 May 2025 | €22.5b | €31.8b | €1.2b | 15.2x | 18.6x | 0.7x |
| Fri, 11 Apr 2025 | €20.7b | €31.8b | €1.4b | 12.1x | 15x | 0.7x |
| Sun, 09 Mar 2025 | €22.5b | €31.7b | €1.4b | 13.1x | 16.2x | 0.7x |
| Tue, 04 Feb 2025 | €22.4b | €30.7b | €1.6b | 12.2x | 14.2x | 0.7x |
| Thu, 02 Jan 2025 | €22.6b | €30.7b | €1.6b | 12.7x | 14.4x | 0.7x |
| Sat, 30 Nov 2024 | €22.3b | €30.7b | €1.6b | 13.4x | 14.1x | 0.7x |
| Mon, 28 Oct 2024 | €22.6b | €30.7b | €1.6b | 13.1x | 14x | 0.7x |
| Wed, 25 Sep 2024 | €23.1b | €30.7b | €1.6b | 13.8x | 14.3x | 0.8x |
| Fri, 23 Aug 2024 | €22.9b | €29.8b | €1.5b | 12.7x | 14.8x | 0.8x |
| Sun, 21 Jul 2024 | €22.6b | €29.8b | €1.6b | 13x | 14.5x | 0.8x |
| Tue, 18 Jun 2024 | €22.8b | €29.8b | €1.6b | 13x | 14.5x | 0.8x |
| Thu, 16 May 2024 | €24.0b | €30.2b | €1.6b | 12.8x | 15.3x | 0.8x |
| Sat, 13 Apr 2024 | €22.2b | €30.2b | €1.6b | 13x | 14.2x | 0.7x |
| Mon, 11 Mar 2024 | €21.2b | €30.4b | €1.6b | 13.2x | 13.2x | 0.7x |
| Wed, 07 Feb 2024 | €20.7b | €29.5b | €1.8b | 13.2x | 11.5x | 0.7x |
| Fri, 05 Jan 2024 | €22.6b | €32.6b | €1.9b | 11x | 11.6x | 0.7x |
| Sun, 03 Dec 2023 | €21.4b | €32.1b | €2.0b | 11.1x | 10.9x | 0.7x |
| Tue, 31 Oct 2023 | €19.4b | €31.8b | €2.0b | 12.5x | 9.6x | 0.6x |
| Thu, 28 Sep 2023 | €20.9b | €31.9b | €2.0b | 12.5x | 10.3x | 0.7x |
| Sat, 26 Aug 2023 | €22.1b | €31.2b | €2.1b | 10.6x | 10.7x | 0.7x |
| Mon, 24 Jul 2023 | €22.9b | €31.1b | €2.1b | 13.5x | 10.8x | 0.7x |
| Wed, 21 Jun 2023 | €22.4b | €31.0b | €2.1b | 14.6x | 10.6x | 0.7x |
| Fri, 19 May 2023 | €22.3b | €31.0b | €2.1b | 11.4x | 10.6x | 0.7x |
Price to Earnings Ratio
10.6x
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 18.6x which is higher than its 3-year average PE of 14.7x.
- The industry is trading close to its 3-year average PS ratio of 0.72x.
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 | 3.06% | |
| Industrials | 2.31% | |
| Electrical | 5.43% | |
| Construction | 3.23% | |
| Machinery | 2.05% | |
| Building | 0.13% | |
| Professional Services | 0% | 0 |
| Transportation | 0% | 0 |
| Infrastructure | 0% | 0 |
| Commercial Services | -0.71% | |
| Logistics | -3.64% | |
| Trade Distributors | -5.46% | |
Industry PE
- Investors are most optimistic about the Electrical industry which is trading above its 3-year average PE ratio of 19.1x.
- Analysts are expecting annual earnings growth of 14.7%, 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 91% 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 5.0% 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 | |
|---|---|---|---|---|---|
| ACKB Ackermans & Van Haaren | €290.40 | 3.6% +€326.8m | 29.5% | PE16x | |
| CENER Cenergy Holdings | €26.00 | 5.9% +€310.0m | 184.5% | PE28.5x | |
| DEME DEME Group | €199.20 | 2.7% +€131.2m | 42.5% | PE14.5x | |
| ENRGY EnergyVision | €13.10 | 1.9% +€15.2m | n/a | PE76.1x | |
| RECT Recticel | €10.32 | 2.6% +€14.7m | -8.8% | PE113x |
