Bruxelles-based Belgian companies worth visiting??

[WhoIsWarren]

I'm planning a trip to Bruxelles in a couple of months time (to visit GBL).  I'm looking to meet another company while I'm there.  Can anyone out there recommend any good Bruxelles-based companies worth visiting?

 

[i was hoping to meet with Tessenderlo but they said they are not currently meeting any investors / doing any investor roadshows in 2015 -- very disappointing!].

[Palantir]

Brouwerij Van Steenberge

[WhoIsWarren]

Brouwerij Van Steenberge

 

A private company, right??  I'm working up a thirst just looking at the website  ;D

Unfortunately I'll be on company time, don't think that would count ;)

[cubsfan]

You might consider Van De Velde - a under the radar high quality luxury producer of women's undergarments.

Primarily family controlled, nice dividend, high ROE. Not exactly a household name, but I've owned it for a few years.

I've viewed it as a company run for shareholders interest, not the street. Located in Brussels suburb.

[peter buffet]

I would also add 2 other companies that could be interesting:

 

The first one is Lotus Bakeries, the famous producer of Speculoos but also other cakes, waffels, and other biscuits famous.  Look at the chart since 2000.

 

The second one is Resilux which is active in the PET industry.  They launch an interesting product within a joint venture AIROLUX.  The product is airopack a new system of aerosol which doesn't need any gaz except AIR, oxygen.  Even Procter and Gamble is client of them for this new product.  Company to follow.

 

I hope these could fit your circle of competence. 

Don't hesitate to share yours whatever the country. 

 

Cheers.

 

 

[WhoIsWarren]

peter buffet / cubsfan, thank you very much for those suggestions.  I will have a look at each of them.

 

Don't hesitate to share yours whatever the country. 

 

I'm based in Ireland.  There are a couple I would suggest are worth a closer eye.

 

Abbey PLC.  A small house builder that is totally under the radar.  Around 2/3rs of activity in the UK and 1/3 in Ireland, as well as a small operation in the Czech Republic.  Those numbers aren't exactly right, as output from the Irish division is below norm given the backdrop for the Irish economy in the last few years, but it's rebounding strongly.  The company is 74% owned by the Gallagher family, who are very long term, sensible and very risk averse (and did a superb job of curtailing activity in Ireland before the Irish property crash.  Minorities are well treated.  Around 20% of the market cap in cash.  Liquidity is very tight.  Looks very cheap to me.

 

DCC is ostensibly a UK company but is very much an Irish company (domiciled here, HQ'd here).  It's one I have followed for more than 10 years.  It's in the distribution business - of energy, IT and healthcare products.  Energy dominates, as does the UK.  Excellent returns over time, despite adding a lot of capital through acquisitive growth.  Management is excellent - conservative (see balance sheet) and very hard working.  Expect more of the same going forward I would suggest.  A year ago the stock listing was moved to the UK and it has become much more "known", which unfortunately has resulted in a material re-rating of the stock, though one could certainly argue that DCC will grow into it's valuation within a relatively short period of time.  Anyway, if the valuation is too rich for you now, get to know the company now and wait for an opportunity to buy at lower levels (in volatile times in the past it has sold off a lot, though its new-found 'fame' might limit that in the future).

 

I have one more that I believe is very interesting and is currently very cheap, but I can't discuss it for the moment.  I will revert.

 

Hope these comments help and revert if you have any questions.

[peter buffet]

Thanks for sharing Warren. The third one could also be interesting.

Don't hesitate.

 

Cheers.

[Palantir]

You might consider Van De Velde - a under the radar high quality luxury producer of women's undergarments.

 

 

I'd like to remind you that this is a business trip, no need for his employer to find out about his er....hobbies.  ;D

 

 

 

(not that there is anything wrong with that).

[WhoIsWarren]

You might consider Van De Velde - a under the radar high quality luxury producer of women's undergarments.

 

 

I'd like to remind you that this is a business trip, no need for his employer to find out about his er....hobbies.  ;D

 

 

 

Indeed.  My firm's internet firewall is already on to me.  Security will be next.

So sir, you say you are doing "research"......

[misterkrusty]

Picanol and Tessenderlo  see Tessenderlo thread on this site

[WhoIsWarren]

Picanol and Tessenderlo  see Tessenderlo thread on this site

 

Yeah, I know.  Tessenderlo was my first choice, but as I said in my OP they are not meeting with investors for the rest of 2015.  In my experience, such a response is very unusual and frankly not at all satisfactory.  If that's their attitude, the stock becomes 'uninvestible' for me (as I know so little about the company / management, meeting with them to get a better understanding of what they are doing would be essential).  I know others won't necessarily feel the same way and that's ok too.

[misterkrusty]

They're not meeting with investors because Tack wants to buy more shares and thus they want to discourage investor interest, at least for now

[WhoIsWarren]

They're not meeting with investors because Tack wants to buy more shares and thus they want to discourage investor interest, at least for now

 

Well I don't know if you're speculating on this or not, but if it's true it reflects very poorly on the governance of the company. 

 

Even if it's not, they asked for money from shareholders (capital raising) last year and *now* they want to be left alone.  These guys just aren't my cup of tea......