Euronext Brussels continues to deteriorate – Trends magazines on PC
The West Flemish entrepreneur Patrick Vanhalst and the De Cuyper family make an offer of 471 million euros, of 235 euros per share, for the East Flemish pet specialist Resilux. That is a fair offer, at 9 times the calculation between the enterprise value and the operating cash flow (EBITDA). Still, we can’t be completely happy with it…
The West Flemish entrepreneur Patrick Vanhalst and the De Cuyper family make an offer of 471 million euros, of 235 euros per share, for the East Flemish pet specialist Resilux. That is a fair offer, at 9 times the calculation between the enterprise value and the operating cash flow (EBITDA). However, we cannot be completely happy with it, because there is a threat of a further, happier decline in the offer on Euronext Brussels. The offer for Resilux is not an isolated case. This year, with Sioen, another family business with a long stock market tradition disappeared from the tables, a fair price of 23 euros per share. At Orange Belgium, the French reference shareholder is trying to take the company off the stock exchange with an opportunistic, frugal offer of 22 euros per share. Fortunately, that didn’t happen. And at Recticel the management led by Olivier Chapel is like a devil in a holy water font to install a takeover at the too low price of 13.50 euros per share by the again Austrian Greiner. There are also newcomers to Euronext Brussels. With Azelis Group, the stock exchange even attracted a company with a solid market capitalization for a long time. But the new quotations are coming slowly. We see absolutely no dynamics as in the United States and other European countries such as the Netherlands and Sweden. And that is a sad thing. Especially now that a lot of new private investors – including young people – have found their way to the stock exchange. Normally you should not be sad if a company is taken off the stock exchange at a correct price. But it is different in the Brussels area, because it quickly feels as if a reality gap is being created.