All Belgian Stock Part 1 – No. 1-20

Hello Belgium, here I am!!!
As with my previous series, a random number generator will determine the order in which I view the roughly 210+ shares.

One preliminary note on the “Expert Market” segment: This is a very illiquid segment of shares that are traded only once a week (Tuesday) in the auction. Some stocks haven’t traded in years. Sometimes there is very little or no information available about these companies. In this series, I will take a closer look only at those Expert market stocks that were traded at least once in 2023. I will only briefly mention the others. Since the expert market is almost 50% of the universe, there will be a lot of very short reviews.

Lets go!!!

  1. TPF Contracting (expert market)

TPF Contracting SA provides design, management and oversight and asset management services to public and private clients in Europe, the Americas, Asia and Africa. It offers its services for transport and mobility, buildings and cities, the environment and water management.

The last trade of this listed stock on Expert Market was in 2018, so let’s go “fold”..

  1. UCB S.A

UCB is a biopharmaceutical company with a market capitalization of EUR 16 billion which “develops products and solutions for people with neurological and immunological diseases.”

A first glance at the TIKR overview page shows that the company is not very expensive with a P/E of ~20, but the share price has been doing nothing for 10+ years.

The founding Jansen family is the largest shareholder with 36% through a listed vehicle called Financiere de Tubize.

Taking a quick look at the financials, UCB is currently earning around 30-40% of its 2018 or 2012 earnings peak. Return on equity is currently around 4%, down from a peak of 12-14%.

At first glance, I don’t see any interesting angle here, so I’ll see “fold”.

  1. Charbonnages de Maurage SA in liquidation (Expert Market)

Unfortunately, I couldn’t find out much about this company. It also appears to be in liquidation and the last trade was in 2018. “Fold”.

  1. NMC SA (Expert Market)

NMC is “a leading and growth-oriented international company specializing in synthetic foams”. according to their website. However, the last trade took place in 2015. “Fold”.

  1. Tinc NV

TINC has a market capitalization of EUR 420 million “investment firm specializing in investments in public and private infrastructure, real estate and energy. TINC Comm. VA is based in Antwerp, Belgium”.

Looking at the investor relations page, we can say that Tinc stands for “Infrastructure Investment Company”.

The track record looks good from 2019:

This is perhaps why the stock is only trading at a -10% discount to its NAV. The company invests in public, digital and energy infrastructure and in “selective” real estate in Belgium, France, the UK and Ireland. The company itself is not leveraged, which is interesting, placing them in the lower risk “Core Infrastructure” category. Overall I like it “watches” this.

  1. Fluxy’s Belgium

Fluxy’s Belgium is a medium-sized player in the natural gas market with a market cap of 1.6 billion that operates LNG pipelines and terminals.

High interest rates and uncertainty about the future of natural gas clearly affected the share price.

With an EV/EBIDTA of 11x, the stock is still not cheap. The Belgian government holds the “golden share” with which it will eventually intervene, which is another reason why “fold”.

  1. Retail Estates NV

Retail Estates is a public REIT for 900 minutes “a niche player specializing in making available out-of-town retail properties on the fringes of residential areas or along major access roads to city centers”.

Looking at TIKR’s overview page, the stock looks cheap:

An AP/E of 10 and a dividend yield of nearly 8% look juicy. The stock currently trades at 80% of NAV, but there is leverage. Overall, since I’m not a real estate person, I will “fold”.

  1. Immobiliere Distri-Land NV

This company with a market capitalization of EUR 13 million “deals with issuing real estate certificates. The company is based in Molenbeek-Saint-Jean, Belgium. Immobiliere Distri-Land NV operates as a subsidiary of KBC Bank NV.

I have no idea what that means. “Fold”.

  1. Finance Tubize

Coincidentally, the random generator picked UCB’s Holdco (#2) in the same post. At last report, Tubize owns 36.04% and is buying more. They have a financial debt of around €50m, but nothing else apart from a few technical bills.

Costs are relatively low at 1m pa and dividend income is tax free. With a market cap of 3.4 billion, Tubize is trading well below its “intrinsic” value, which in theory should be 5.4 billion. So if one likes UCB, Tubize would be the tool of choice. However, since I don’t understand UCB, I will “fold” we Tubiz.

  1. Ontex Group

Ontex has a market cap of €610m and has clearly seen better days. Ontex manufactures “Personal hygiene products and solutions for the care of babies, women and adults in Belgium, the United Kingdom, the United States, Italy, France and internationally.”

Ontex was loss-making in 2021 and 2022. 2023 looks better, but debt is still high at 3.6x EV/EBITDA.

Although turnovers are always hard, I’d give Ontex “watches” especially since they completely restructured their portfolio. However, keep in mind that trading with this much leverage is always risky.

  1. Wereldhave NV

Wereldhave is a shopping center operator with a market capitalization of EUR 577 million. Stock chart doesn’t look pretty, Valuation based on P/E and dividend yield looks cheap.

Sales have been declining for several years. After 3 years of losses (2019-2021) they have become profitable again, but the debt load is high. “Fold”.

  1. Cibix (expert market)

There is no indication that this stock was ever traded. I couldn’t find anything on the web either. “Fold”.

  1. Cie Het Zoute (expert market)

This stock actually traded in 2023 and is interesting because the share price is €5300 per share. The company on Tikr is a “the real estate development company builds apartments in Belgium, France and the Netherlands. The company also engages in recreational activities including golf and tennis through its Royal Zoute Golf Club and Royal Zoute Tennis Club sections. “

The company actually publishes some financial information on your website. I calculated The market cap myself from some numbers and it came out to me around EUR 160 million. Dividend yield is 1% and Price-to-book is around 1.6.

So unless some Greenfee is involved as a shareholder, it doesn’t look very interesting, although the projects they own seem to be higher end and mostly onshore. “Fold”.

  1. Group Josi (expert market)

It appears to be an insurance company founded in 1909, which could be interesting, but since the stock last traded in 2015, “fold”.

  1. Volksvermogen

This Expert Market stock traded in 2023 and according to Tikr “is a major investment company. The firm usually invests in the social economy sector and in innovative projects offering sustainable perspectives.”

They they have some financial information on their siteincluding large investments. Annual report for 2022 it’s even in dutch and english.

Most of their investments are made through various (venture) funds across their 3 main target sectors.

If I’m not mistaken, the company has 30k shares times €880, which would give it a market cap of €26m. The accounting capital was around EUR 55 million as of 12/2022. In theory, this seems like a significant discount, but it’s important to remember that many hedge funds may not be worth the “official” valuation right now.

Doesn’t look like something I should own, so “fold”.

  1. Home Invest Belgium

Home Invest is a company with a market capitalization of EUR 293 million, which, according to Tikr “operates as a real estate investment company in Belgium. It mainly invests in residential real estate. As of December 31, 2008, the company’s real estate portfolio consisted of 992 rental units with a total profit area of ​​approx. 111,091 m2.

The company has significant debt and has lost a third of its market capitalization over the past 15-18 months. In 2023, the company is in loss due to asset write-offs. It’s not my area of ​​expertise “fold”.

  1. Key technologies

Keyware has a market cap of ER 20 million “independent fintech company, providing electronic payment solutions in Belgium”.

The company has not grown much in the last 7-8 years and in 2023 the profits are cut in half. It doesn’t look very interesting “fold”.

  1. Dierk Antwerp (Expert Market)

“Koninklijke Maatschappij voor Dierkunde van Antwerpen vzw operates Antwerp Zoo in Belgium. It also operates the Elisabeth Center Antwerp, a concert hall and convention center. The company was founded in 1843 and is based in Antwerp, Belgium.

The stock last traded in December 2022, but I couldn’t find any financial information on the site. Zoos are usually not a very profitable business either. “Fold”.

  1. Biosenic SA

Biosenic is an $8 million market cap biotech penny stock that has low yields, larger losses, and significant debt. “Fold”.

20. Sequana Medical

Sequana Medical is a €115M market cap, loss-making medical company that has seen better days. Revenues are low and even decreasing, losses are increasing, which is compensated by the continuous issuance of shares. “Fold”.

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