Belgian (BEL20) Market Analysis & Valuation

Market Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sat, 06 Jun 2026	€482.0b	€228.6b	€25.2b	14.2x	19.1x	2.1x
Mon, 04 May 2026	€462.2b	€225.6b	€24.3b	14.3x	19.1x	2x
Wed, 01 Apr 2026	€441.9b	€226.0b	€24.2b	14.6x	18.3x	2x
Fri, 27 Feb 2026	€472.2b	€223.7b	€24.0b	15.6x	19.7x	2.1x
Sun, 25 Jan 2026	€448.0b	€219.3b	€23.3b	15.3x	19.2x	2x
Tue, 23 Dec 2025	€428.0b	€219.8b	€23.5b	15.4x	18.3x	1.9x
Thu, 20 Nov 2025	€418.6b	€221.5b	€23.7b	14x	17.7x	1.9x
Sat, 18 Oct 2025	€418.9b	€219.4b	€23.8b	15.4x	17.6x	1.9x
Mon, 15 Sep 2025	€397.9b	€218.7b	€24.2b	15.5x	16.5x	1.8x
Wed, 13 Aug 2025	€395.0b	€224.4b	€25.3b	15.7x	15.6x	1.8x
Fri, 11 Jul 2025	€393.3b	€221.9b	€23.1b	15.2x	17.1x	1.8x
Sun, 08 Jun 2025	€396.3b	€223.3b	€23.3b	14.4x	17x	1.8x
Tue, 06 May 2025	€389.5b	€223.6b	€22.6b	14.3x	17.2x	1.7x
Thu, 03 Apr 2025	€376.5b	€225.7b	€23.1b	13.4x	16.3x	1.7x
Sat, 01 Mar 2025	€392.9b	€234.9b	€22.7b	13.5x	17.3x	1.7x
Mon, 27 Jan 2025	€369.4b	€233.2b	€20.9b	12.5x	17.6x	1.6x
Wed, 25 Dec 2024	€367.6b	€233.7b	€21.0b	12.6x	17.5x	1.6x
Fri, 22 Nov 2024	€364.8b	€226.5b	€21.6b	13.8x	16.9x	1.6x
Sun, 20 Oct 2024	€388.7b	€224.5b	€21.3b	14.1x	18.3x	1.7x
Tue, 17 Sep 2024	€390.1b	€229.8b	€21.0b	14.1x	18.6x	1.7x
Thu, 15 Aug 2024	€370.3b	€228.4b	€20.4b	16.4x	18.1x	1.6x
Sat, 13 Jul 2024	€377.2b	€231.5b	€21.2b	15.8x	17.8x	1.6x
Mon, 10 Jun 2024	€373.6b	€232.6b	€21.4b	16x	17.4x	1.6x
Wed, 08 May 2024	€375.0b	€233.4b	€22.1b	14.9x	17x	1.6x
Fri, 05 Apr 2024	€369.1b	€237.7b	€21.6b	14.5x	17.1x	1.6x
Sun, 03 Mar 2024	€360.9b	€250.0b	€22.7b	13.6x	15.9x	1.4x
Tue, 30 Jan 2024	€355.6b	€248.5b	€23.0b	12.7x	15.4x	1.4x
Thu, 28 Dec 2023	€358.3b	€246.3b	€22.1b	13.2x	16.2x	1.5x
Sat, 25 Nov 2023	€350.3b	€239.2b	€21.4b	13.1x	16.3x	1.5x
Mon, 23 Oct 2023	€320.5b	€239.0b	€21.4b	12.8x	15x	1.3x
Wed, 20 Sep 2023	€347.1b	€241.2b	€22.1b	12.8x	15.7x	1.4x
Fri, 18 Aug 2023	€337.9b	€233.7b	€22.5b	12.4x	15x	1.4x
Sun, 16 Jul 2023	€336.2b	€233.4b	€24.2b	11.5x	13.9x	1.4x
Tue, 13 Jun 2023	€338.9b	€236.1b	€24.6b	11.9x	13.8x	1.4x

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 17.1x.

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	-0.20%
Healthcare	4.78%
Utilities	1.65%
Telecom	-0.26%
Industrials	-0.40%
Consumer Discretionary	-0.42%
Consumer Staples	-1.57%
Materials	-1.62%
Financials	-1.76%
Tech	-2.11%
Energy	-3.28%
Real Estate	-3.66%

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 213x.

Analysts are expecting annual earnings growth of 19.4%, which is lower than the prior year's growth of 38.8% per year.

The Real Estate sector is the least preferred by investors for future growth, which is trading below its 3-year average of 18.0x.

Forecasted Growth

Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 31% 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 5.6% 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
ARGX argenx	€766.00	7.0% +€3.1b	48.4%	PE36.9x	Healthcare
UCB UCB	€261.00	3.7% +€1.8b	60.4%	PE31.9x	Healthcare
ELI Elia Group	€135.50	1.7% +€240.1m	47.4%	PE26.6x	Utilities
TUB Financière de Tubize	€227.80	1.3% +€133.5m	75.0%	PE108.8x	Healthcare
AZE Azelis Group	€10.40	5.5% +€132.6m	-25.0%	PE22.8x	Industrials

UCB and Biogen Inc. Demonstrate Clinical Profile of Dapirolizumab Pegol in Systemic Lupus Erythematosus At EULAR 2026

UCB and Biogen Inc. announced data, comprising two posters and three abstracts, at the European Alliance of Associations for Rheumatology (EULAR) 2026 Congress, demonstrating the clinical profile of dapirolizumab pegol, an investigational biologic in patients with systemic lupus erythematosus. In additional results from the Phase 3 PHOENYCS GO study, dapirolizumab pegol plus standard of care was associated with sustained disease control at lower glucocorticoid doses through Week 48 compared with placebo plus standard of care, supporting reduced long-term steroid exposure. In other findings presented at EULAR 2026, improvements in immunological markers and reduced flare rates were observed, supporting the potential of dapirolizumab pegol to address the complex burden of SLE. Systemic lupus erythematosus (SLE) is a chronic autoimmune disease affecting multiple organs, including skin, joints and kidneys, often requiring long-term treatment to control disease activity. Patients with SLE frequently experience flares, transient worsening of disease activity that can lead to permanent organ damage, increased morbidity, and even early mortality. Many patients rely on steroid-based therapy to manage flares; however, prolonged steroid use is associated with significant cumulative toxicity, making steroid tapering while maintaining disease control a key goal in SLE management. Post hoc analyses displayed in one of the posters from the PHOENYCS GO program showed that, in patients with baseline glucocorticoid dose >7.5 mg/day prednisone equivalent, treatment with DZP plus standard of care was associated with a higher proportion of patients achieving control of disease activity while enabling glucocorticoid tapering to =7.5 mg/day through Week 48, compared with placebo plus standard of care. These findings suggest that higher proportions of patients receiving DZP plus standard of care versus placebo plus standard of care achieved sustained glucocorticoid tapering while also achieving BICLA response, achieving SRI-4 response, or remaining free from moderate or severe BILAG-2004 flares through Week 48. Additional EULAR 2026 presentations highlighted the breadth of data from the PHOENYCS GO program, including improvements in key immunological markers, including reduced anti-dsDNA antibodies and increased complement proteins C3 and C4 in patients with abnormal levels at baseline (Poster POS1364). Lower rates of moderate or moderate/severe BILAG-2004 flares with DZP plus standard of care versus placebo plus standard of care through Week 48, using alternative definitions of flares to increase measurement sensitivity (Abstract AB1163). Insights into how symptoms and flares are assessed in SLE, including fatigue as a burdensome patient-reported symptom that can be difficult to capture in clinical trials (Abstracts AB1184 and AB1125). Together, these findings support the importance of tools that can measure patient experience and help inform more meaningful assessment of disease impact in both clinical practice and research. The EULAR data follow the recent publication of the Phase 3 PHOENYCS GO study in The Lancet, reporting clinically meaningful improvements in disease activity with dapirolizumab pegol at Week 48. In the Phase 3 PHOENYCS GO study, DZP demonstrated a generally favorable safety profile, with safety findings consistent with previous DZP studies. Treatment-emergent adverse events were more common with DZP plus standard of care versus placebo plus standard of care, while serious treatment-emergent adverse events were less frequent in the DZP plus standard of care arm, and discontinuations due to treatment-emergent adverse events were low in both groups. Dapirolizumab pegol is a novel investigational humanized Fc-free polyethylene glycol (PEG)-conjugated antigen-binding (Fab’) fragment. Dapirolizumab pegol inhibits CD40L signaling, which has been shown to reduce B-cell activation and autoantibody production, mitigate type 1 interferon (IFN) secretion and attenuate T-cell and antigen-presenting cell (APC) activation. Dapirolizumab pegol is presently in Phase 3 clinical development for the treatment of systemic lupus erythematosus (SLE) under a collaboration between UCB and Biogen. Dapirolizumab pegol is an investigational biologic currently in clinical development. The safety and efficacy have not been established, and it is not approved by any health authority worldwide.

Belgian (BEL20) Market Analysis & Valuation

Market Valuation and Performance

Sector Trends

Top Stock Gainers and Losers

Market Insights

The gravity of the SpaceX IPO

Latest News

Floridienne S.A. announces Annual dividend, payable on July 17, 2026

ABI: US Brewery Investments And Workforce Training Will Support Stronger Returns

UCB and Biogen Inc. Demonstrate Clinical Profile of Dapirolizumab Pegol in Systemic Lupus Erythematosus At EULAR 2026

Argenx Unveils Vyvgart Data for Myositis and Sjogren’s at EULAR 2026

KBC: Future Earnings And Dividend Assumptions May Prove Overly Optimistic

Dividend of €1.40 announced

AZE: Dividend Policy And Capital Actions Will Support A More Constructive Outlook

Dividend of €3.02 announced

Upcoming dividend of €1.58 per share

UMI: Recycling Execution And Margin Gains Will Support Future Upside

Dividend of €2.56 announced

Upcoming dividend of €1.44 per share

New major risk - Revenue and earnings growth

Dividend of €0.76 announced

Full year 2025 earnings released: EPS: €0.91 (vs €0.62 in FY 2024)

Colruyt Group N.V. (EBR:COLR) Might Not Be As Mispriced As It Looks