Monthly Archives: June 2024

All Belgian Shares part 9 – Nr. 161-180

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And on we go with another 20 randomly selected Belgian Stocks. This time 3 made it onto the preliminary watch list. One word on accessing the Expert MArket: So far it seems that none of the regular Brokers that I use offers access to the Expert MArket. From what I have seen, only a few Belgium based Brokers offer this. I would be interested if anyone has expereince trading the Expert market. Thank you !!!

161. Aliaxis (Expert Market)

This Expert Market stock trades quite regularly and, according to Euronext “is a global leader in advanced piping systems for building, infrastructure, industrial and agriculture applications.”

TIKR says the market cap is 2,7 bn EUR. They actually publish reports. 2023 was weaker than 2022, but the company is quite profitable and the valuation looks quite cheap based on these numbers with a single digit P/E:

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Some links 12/2024

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Very interesting article on non-bank “Private Credit” that fueled the recent Private Equity Boom and its structural issues

Joachim Klement with a very interesting statistic on PE funds and the success of “late” investments

Potentially big if true: SDK claims breakthrough in solid state battery technology (FT, search result)

Interesting opinion: The output of ChatGPT &Co is essentially BS

A fantastic post by Noahopinion on why so many “viral charts” are essentially BS, too (and what to look for)

John Kingham does a deep dive on Diageo as a potential Dividend Growth stock

M. Mauboussin on the rising concentration on the US stock market

Eurokai 2024 Shareholder Meeting & a short look at Hutchison Ports Holdings Trust

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Eurokai Shareholder Meeting in Hamburg

    This week I did something I didn’t do for some time: I visited an annual shareholder meeting, in this case that of Eurokai in Hamburg. The main reason was to get a better impression of Tom Eckelmann, the 6th gneration family CEO who took over last summer.

    Apart from the venue (Hotel Hafen Hamburg) with great views over the harbour in Hamburg, these were my main take aways (AGM presentation in German can be found here) :

    • Business in the first 5 months is doing (much) better than expected. This is the chart from the AGM showing the amount of containers:

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    EVS Broadcast SA – A Hidden Global Champion “Breaking free from the Van” with Software & AI at a Bargain Price

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    Disclaimer: This is not investment advice. PLEASE DO YOUR OWN RESEARCH !!!

    As always with my more detailed writeups, I will focus on the gernal section in the post and attach the full pdf for anyone interested in the details.

    1. Elevator pitch:

    EVS Broadcast is a 400 mn EUR market cap Belgian technology firm that is the global leader in Live sports broadcasting/production technology that once earned margins higher than Nvidia does today.

    After a relatively long phase of stagnation from 2008-2019, EVS seems to have found its path to decent growth again under new management. The main driver is a new technology cycle that will shift the product offerings from hardware focused solutions to more Software/Saas products and a move into adjacent markets (Studio production).

    For a company with EBIT margins > 20%, capital return >20%, net cash and a targeted growth rate of 10% p.a. (which they have achieved since 2019), the current valuation of ~9x EV EBIT or 10-11x P/E is dirt cheap and offers considerable upside for the patient investor.

    As EVS has been working on AI solutions since at least 2017 and has already functioning products to show, one gets any potential “AI upside optionality” for absolutely free. 

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    Some links 11/2024

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    A nice deep dive into Agfa-Gevaert from the “Healthy Stock Picks” Substack

    And another analysis of a Belgian stalwart, Bekaert from Alex Sweet

    The WinterGems substack with a write-up on Monarch Cement plus an extra North America “Cement deep dive”

    A good reminder: You probably don’t need Alternative Inevstments to become rich

    Another good reminder that high concentration in portfolios is not always beneficial

    The (container) shipping industry once again is looking strained due to bottlenecks (FT, search result)

    MIT Superstar Economist Daren Acemoglu is vey sceptical on any major benefits from AI (FT, search result)