All Belgian Stock Part 2 – No. 21-40

And we continue our random walk through the Belgian stock market part 1 in January. This time, the random generator picked 20 quite different stocks, 5 of which made it into pre-watch. One of them is “sexy butt” in a very special way. Enjoy!!!

21. Immo Moury SCA

Immo Moury is a €15M real estate REIT trading at a P/E of 6 and a P/Book of 0.57 according to TIKR, and has clearly seen better days:

They appear to own a mixture of commercial, industrial and residential properties. More than 50% of the company is held by two natural persons with the same surname. Debt is at 50% of NAV, which is quite a high number. All in all, a “fold”.

22. ACVLHO (purchase, construction, sale and rental of workers’ apartments) Expert market

According to Expert market overview pageThis company appears to have last traded in 2015. “Fold”.

23. Cumulex

This 0.7 mil Nano cap seems to have had an interesting history as a sugar plantation business in the Democratic Republic of Congo. There is little activity these days. 75% appears to be owned by a company called Value8. These Value8 guys seem to be some kind of concentrated Nano/Micro Cap investors according to TIKR:

Still I will “Fold”.

24. Nyrstar

Nyrstar is a company with a market cap of EUR 11m that has a negative EV according to TIKR. They appear to be the result of a previous steel mill that was restructured. They have some activity, but they also bring losses. “Fold”.

25. Van De Velde

Whenever I’ve seen this company’s pitch, there’s been a picture like this on the pitch cover, so I’m forced to show it here too:

Van de Velde is a company with a market capitalization of EUR 423 million which “designs, develops, manufactures and markets fashionable luxury lingerie and swimwear for women worldwide”.

While the products clearly look exciting, the stock looks much less exciting:

Despite the dividend, Van de Velde doesn’t have much to show for it. Small growth and profits are lower than 6-7 years ago. On the other hand, stocks are very cheap and margins are still quite high. With a 7% dividend yield, one could get paid to wait. 57% owned by HoldCo. “Watches”.

26. Warehouses Estates Belgium

This €116m market cap stock is a REIT that owns mostly commercial properties in Belgium with a focus on trade, but also two sites for whatever reason in Ghana.

The stock looks cheap with a 9% dividend yield, but it uses significant leverage. The stock has been trading down since 2016.

It’s not my area of ​​interest “fold”.

27. CKV (Expert Market)

This company Expert Market appears to be a bank but last traded in 2015. “fold”.

28. QRF

Another real estate company with a market capitalization of EUR 76 million. It seems to be targeting inner city retail properties, an 8% yield may not be sustainable. Again highly leveraged and shares have been falling since 2015. “Fold”.

29. Melexis

Melexis is a €3.3 billion market capitalization company specializing in semiconductors and sensors for the automotive industry. The company has been a representative of progress in electric vehicles for some, but they are also very relevant in traditional combustion vehicles. For the company’s profitability, the valuation does not look excessive at 16x 2023 EPS.

They have fairly aggressive growth targets and appear to be debt free as of 12/2023.

Overall, this looks like a very interesting stock to dig deeper into. “Watches”.

30. Fagron

Fagron is a €1.3 billion market cap pharmaceutical company that basically supplies certain compounds to pharmacies, doctors or hospitals, where these compounds are then mixed into individualized applications for patients.

The stock doesn’t look too expensive and has been growing at ~7% CAGR for several years and more than 10% YTD 2023. Shareholders include Active Ownership Capital and Kabouter, a fund I occasionally see in interesting places.

My understanding is that business is mostly about distribution, let alone research and development. On the downside, Goodwill is higher than equity, they have debt and they avoid using GAAP numbers in their presentation and instead focus on “REBITDA”, whatever that means.

However, one stock per “watches”.

31. Emulation (expert market)

This Expert Market stock was last traded in July 2023. According to the website it appears to be some kind of orchestra. I couldn’t find any financial information, but at least I found a pretty decent Coldplay Medley from them on Youtube. Enjoy!!! AND “fold”.

32. Nextens

Nextensa is a property developer with a market cap of €450m and an owner whose majority owner is interestingly Ackerman van Haaren (AvH).

Being a fellow Belgian, it has seen better days and is quite cheap, but carries a lot of debt:

I’m not sure I’d want to own it at this point, “fold”.

33. Azelis

Azelis is a company with a market capitalization of 4.3 billion that “distributes specialty chemicals and food additives in Belgium and internationally”. I had never heard of this company before, maybe because the IPO on PE shop EQT wasn’t listed until 2021.

For the IPO investors, who paid €26 per share, it wasn’t much yet.

Although I like distribution businesses, Azelis doesn’t look very attractive from an ROE/Margin perspective. They seem to have made several acquisitions and grown over the past 2 years. GAAP earnings don’t look so good, but free cash flow looks very strong.

EQT still owns 47% and will most likely want to sell sooner rather than later. In August 2023, they changed the CEO. Still, I’d like to check them out even though I’m not a big fan of PE IPOs. “Watches.”

34. Cofinimmo

With a market capitalization of €2.3 billion, Cofinimmo appears to be one of the larger Belgian REITs. Like everyone else, she looks cheap, has a lot of debt and has seen better days:

He appears to own properties across Europe in various sectors. Since I don’t have the knowledge to judge real estate companies, I will “fold”.

35. Arma (Expert Market)

This expert market stock has no recorded trading date so I will “fold”.

36. Credimo

This Expert Market stock was last traded in 2015. “Fold”.

37. GBL (Group Brussels Lambert)

With a market capitalization of around EUR 10.2 billion, GBL is a very familiar name to anyone who has looked at listen European Holding companies.

Originally taken over by self-made billionaire Albert Frere and Canada’s Desmarais Family, the build was a bit complicated with a Swiss Holdco called Pargesa in the mix. Albert Frere died in 2018, since then his son has been managing the company. Pargesa was merged with GBL in 2020.

The company’s portfolio consists of ⅔ listed assets, the rest are private investments:

The company’s best days appear to be behind it, the share price hasn’t changed much over the past 20 years or so:

They even admit on the website that they have been tracking the Eurostoxx 50 for the last 10 years (at least they are transparent):

The valuation is around 0.64x NAV, but I think private equity is maybe overvalued, like Canyon, the German bicycle company they bought in 2020. Fun fact: Pargesa was actually part of the V&O portfolio in 2011.

Still, I’ll wear them for now “watches”.

38. Immo Beau-Lieu NV

Despite the great name, this real estate company with a market cap of EUR 0.5 million seems to be a zombie. “Fold”.

39. Metalen Galler (Expert Market)

This Expert Market company last traded in 2015. “Fold”.

40. Ascenio

The €295m market capitalization company “specialises in commercial real estate investment and more specifically in supermarkets and retail parks”.

Like all real estate companies, it is cheap, in debt, and has seen better days. In theory, supermarkets should work fine, but what do I know? “Fold”.

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