All Belgian Stock Part 4 – No. 61-80

And on we go, turning over stones and kissing frogs on the Belgian Stock Exchange. This batch of 20 randomly selected stocks yielded 4 watchlist candidates, including stocks I owned in the past.

“Expert Market” is a bit of a disappointment so far. It’s really hard for a lot of companies out there to get information. But rest assured I won’t just give up!! Lets go:

61. Orange Belgium

As the name suggests, this €745m market cap stock is the listed Belgian subsidiary of Orange Group, which owns 77% of the shares.

Like many telcos, the stock looks cheap, but it’s basically going down forever and carrying a lot of debt.

The company stopped paying dividends in 2022. This is clearly a stock for investors to suffer. “Fold”.

62. Equity Banque Commerciale de Congo (Expert Market)

This interesting Expert Market stock is actually a bank in the Republic of Congo, which used to be a Belgian colonial territory many years ago. in fact, it trades here and there, most recently in May 2023.

TIKR says it has a market cap of €30M and trades at a P/E of 2.

They actually have an IR site in the French language with messages. However, the bank appears to have since been merged with another entity and the reports do not provide any information on what each share represents and whether there are any dividends.

If I had more time, it would be something funny to dig into, but I’ll do it “fold”.

63. Whitestone Group

Whitestone Group is an investment company with a market capitalization of EUR 28 million. “It also invests in small and medium enterprises. The company was previously known as EVADIX SA and changed its name to Whitestone Group SA in September 2021.

Stocks level out over approximately 4 years. According to a company documentThere seems to have been a strategic transaction where a new investor named Multifin increased equity “in kind” and became the largest shareholder:

I’m not sure if it’s really interesting, but I’ll have them “watches”.

64. D’ieteren Group

I have to admit I was looking forward to diving into this €10.5bn Belgian family-owned Holdco.

We see that D’ieteren is clearly one of the most successful Holdcos:

In the last 4 years in particular, stocks have been quite bullish.

D’ieteren run several businesses, including the owners of Moleskin, a car distributor/dealer in Belgium, PHE, a car parts distributor, TVH, another parts distributor, and finally Belron, the largest company, which is a chain of car repair shops specializing in windscreens.

Belron in particular is a huge success in which he owns 50% and the company has grown significantly over the past 20 years. It is an interesting detail that they hired Carlos Britto as CEO which was previously operated by AmBev.

After a big run up in share price, the stock is clearly not cheap anymore, but they seem to own some really good businesses, “watches”.

65. GIMV

GIMV is an investment company with a market capitalization of EUR 1.24 billion that invests either directly in private companies or through funds.

Looking at the long tarm chart, the value creation is quite limited, but it seems to be paying a big dividend:

They seem to have 5 different investment platforms/themes. However, their reporting is quite confusing and the portfolio seems a bit “overvalued”. The Flemish government appears to own 28%. “Fold”.

66. Inclusio SA

Inclusio is a real estate company with a market capitalization of EUR 100 million that focuses on affordable and social housing. Like many of his real estate peers, he’s seen better days. It trades at ~0.5x book value, but there is debt and the Belgian government owns 27%. “Fold”

67. BNP Paribas Fortis (Expert Markets)

This Expert Market stock actually traded in 2024. I assume it is somehow the remainder of the part of Fortis that was taken over by Fortis after the GFC. I did not find useful information about this event, “fold”.

68. Optimco (market expert)

This stock last traded in 2023. Ot appears to be insurance, but I couldn’t find any financial information. “Fold”.

69. Miko

Miko is a company with a market capitalization of ERU 59 million that a reader of my blog might be familiar with. I used to own stocks but fortunately sold in 2020 as I was concerned about the coffee distribution business which had a lot of office exposure. In hindsight, it was a good decision, as the stock has fallen significantly since then:

Miko, a majority family business, previously operated two segments, plastic packaging and coffee distribution, but sold plastic packaging to a German competitor in 2021.

By 2023 they were barely profitable and in debt. He stopped publishing English news. I think I still will “watches” but they are obviously going through very difficult times. However, if it returns to somewhere near historical profitability numbers, the growth would be significant.

70. Cumulex (Expert Market)

This is a stock that last traded in 2018. I actually found investor information, but the company has no sales and seems to be more or less an empty shell. “Fold”.

71. Campine SA

Campine is a €100m market capitalization company active in specialty chemicals and metal recycling (batteries).

The stock chart shows a very good development since Covid, the stock is up about 3x:

The company is 72% owned by the Hempel family. According to Campine’s semi-annual report, it already earned ~€6.3 EPS per share in the first 6 months. The specialty chemicals segment produces a flame retardant material that is somewhat similar to my previous holding, Nabaltec. I’m not sure how cyclical their business is, but overall it looks very interesting. For such a small company, they have a pretty decent English coverage. “Watches.”

72. EMD Music (Expert Market)

This Expert Market stock appears to be a designer and distributor of musical instruments. The stock last traded in 2018. The company actually has a website for investors, but it stopped publishing news in 2012. “Fold”.

73. Basilix Cert

This company, with a market capitalization of 2 million EU according to TIKR, owns a shopping center and is a subsidiary of the KBC group. “Fold”.

74. ALME Invest (expert market)

This Expert Market stock was last traded in 2021. I couldn’t find any information about the company. “Fold”.

75. Compagnie Fonciere et Immobiliere Belgo Tunisienne NV (Expert Market)

This Expert Market stock actually traded a few days ago, the previous trade was in 2015. Based on the name, it appears to be a real estate company with ties to Tunisia. I couldn’t find the website. “Fold”.

76. Kabelwerk Eupen (Expert Market)

Kabelwerk Eupen is a stock that is actually sometimes traded on the Expert market. As the name suggests, it produces cables, but also pipes made of plastics.

The company itself doesn’t share any financial information, which is unfortunate because the business itself could be interesting. “Fold”.

77. Eupen Finanz (market expert)

Indeed, by coincidence, another company from Eupen chose the random number generator. This business last traded in 2015 and I have not been able to find a website for the company. “Fold”.

78. Atenor

Atenor is a development company with a market capitalization of EUR 272 million that has clearly seen better days:

They appeared to take a big loss in 2023, canceling the dividend and issuing a deeply discounted rights issue at the end of the year. “Fold”.

79. Celyad Oncology SA

Celyad is a loss-making biopharmaceutical penny stock with a market cap of €15m. “Fold”.

80. Montea

Montea is a real estate company with a market capitalization of EUR 1.6 billion that specializes in logistics parks. Rice stocks have also clearly suffered, but they don’t look as desperate as other real estate players:

But I don’t really care about logistics either, so that’s it “fold” here.

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