Category Archives: All Belgian Shares

All Belgian Shares – The Grand Final

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As promised last time, this is the summary post for the “All Belgian Shares” series. If you click this link you will see all 10 posts as Blog search results.

In the end, I put 28 stocks onto my larger watchlist.

As my watch list got honestly too long and unproductive, I started to manage my watchlist more systematically so that I can hopefully prioritize things better in the future. The main feature of my new watchlist design are 2 main inputs:

  1. A Quality score between 0 (shitty) and 9 (perfect) based initially on a high level assessment of factors that I find relevant
  2. A rudimentary caclulated fair value and a resulting upside potential

In a later post, I will this explain a little bit more in depth, but here is the result for the 28 Belgian shares that I will continue to track in one way or the other:

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All Belgian Shares part 10 – Nr. 181-196

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This is the last batch of randomly selected Belgian stocks. As in the other “All Shares” series, there wil be a summary post where I will trim down the preliminary watch list to a more manageable short list. This time, 5 companies made it onto the preliminary watch list. So far I haven’t decided on a new country yet.

181. Reibel

This seems to be an almost zero worth shell of a bankrupt company. “Pass”.

182. Oxurion

This 1 mn EUR market cap Biotech company doesn’t look very convincing. “Pass”.

183. Tetrys

This 4 mn market cap company unfortunately has nothing to do with the famous Tetris game but is some kind of real estate development company. “Pass”.

184. Recticel

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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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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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All Belgian Shares part 8 – Nr. 141-160

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After a short vacatation break, I am back with the next “All Belgian shares” post. Besides the usual Real Estate and non-traded Expert market stuff, this time three stocks made it onto the watch list. For one of them I even started a 1% position in order to motivate myself for a deep dive rather sooner than later. Enjoy !!

141. EVS Broadcast Equipment SA

EVS is a 411 mn EUR market cap stock that I analyzed almost 10 years ago as a potential “high quality compounder”. This was my summary back then:

Looking at the chart, this is also one of the stocks where the “shiny new HQ curse” fully hit:

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All Belgian Shares part 7 – Nr. 121-140

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It’s Belgian Power Week on the blog this week with a second post in the “All Belgian Shares” series. From these 20, randomly selected shares, 7 made it onto the preliminary watch list, including some really interesting companies. Let’s go !!

121. Galapagos

Galapagos has nothing to do with the Islands in the Pacific but is a Biotech company that has spiked during Covid and lost -90% since then. They do have sales and even some earnings and according to TIKR, they have a negative EV of -1,8 bn.

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All Belgian Shares part 6 – Nr. 101-120

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With this post, we crossed the “half-time” mark for the Belgian Stock Market. Among these 20, in random order selected stocks, 6 made it onto the watch list, among them a former holding of mine. Let’s go:

101. Newtree

According to TIKR, this 17 mn EUR market cap company “provides chocolates, spreads, snacks, gifts, and coffee products. It also offers products through online”. On their investor website, annual accounts are only available to 2018. “Pass”.

102. Elia Group

Elia is th 6,6 bn EUR market cap operator of the Belgian Electricity transmission network. They also own and run 50 Hertz, one of the larger German transmission network operators. Electricity transmission networks are fully regulated assets, i.e. if the network is working, the owner gets a guaranteed return based on the “Regulated Asset Base (RAB)”.

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All Belgian Shares part 5 – Nr. 81-100

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Back from the Easter break with 20 freshly selected random Belgian stocks. This time, four made it onto the preliminary watch list.

81. MAATSCHAPPIJ VAN DE BRUGSE ZEEHAVEN (Expert Market)

At first I got excited, as this seems to be the Port of Brugge and the port seems to have grown over the years according to Wikipedia. And I do like ports.. But this stock traded last in 2015. It seems that at a higher level, the port has already merged with Antwerpes.

Unfortunately I did not find any financial information. “Pass”.

82. Mazaro NV

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All Belgian Shares Part 4 – Nr. 61-80

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And on we go, turning rocks and kissing frogs in the Belgian stock market. This batch of 20 randomly selected stocks yielded 4 watch list candidates, among them a stock I owned in the past.

So far, the “Expert Market” is a littlebit disappointing. For many of the companies there it is really hard to get infromation. But be assured, i won’t give up easily !! Let’s go:

61. Orange Belgium

As the name says, this 745 mn EUR market cap stock is the listed Belgium subsidiary of Orange Group, which owns 77% of the shares.

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All Belgian Shares part 3 – Nr. 41-60

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Another month, another 20 randomly selected Belgian shares. This time, I found 3 stocks worth watching. The Expert Market so far is quite disappointing, but let’s see if there is maybe a gem or two among all the other stuff.

41. BPost

BPost with a market cap of 700 mn EUR seems to be the former state monopoly mail and parcel company in Belgium which is still majority owned by the Belgian Government. The stock looks cheap, but looking at the share price it seems to be more like a melting ice cube. Operating margins have been declining from 18% in 2013 to 5% in 2023.

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