January 11, 2024
Snapshot Top 10: Belgian 20 Index BEL20



The Top 10 performing stocks in the Belgian 20 Index BEL20 are shown for seven different investment strategies. Whether you are looking for value, growth or dividend stocks, or you want stocks that rank well overall, you can see the top 10 stock picks, together with how they rank on a scale of 1 to 100 from the perspective of different investment strategies. We have also added our newest Sentiment and 360° View ranks, which encapsulate the market voices of analysts and professional investors into a simple ranking for easily evaluating stocks. As an objective research provider, Obermatt has been refining its stock analysis algorithms for more than 10 years (no AI used here!)

Select any stock for the detailed analysis of that stock's performance across the different investment analyses. Please note that the Top 10 stocks focus only on Large to XX-Large companies.


What the six ranks mean

For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:

Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

(NEW) Sentiment - quantifies professional analyst ratings and holdings as well as market pulse. Green = positive sentiment; red = skepticism (Only available to Premium Subscribers).

(NEW) 360° View - the ultimate rating with all financial and non-financial indicators.

Special Analysis: TOP 10 Dividend Investment Strategy

Many people ask for tips about dividend stocks. These are the Top 10 dividend stocks in the Belgian 20 Index BEL20 as of January 11, 2024.

TOP 10 Dividend Investment Strategy Value Strategy DIVIDEND Value Strategy VALUE Combined Strategy COMBINED 360° Strategy 360° VIEW
1. Solvay (XXL, BE) ☀  Diversified Chemicals
1. Solvay (XXL, BE) ☀   Diversified Chemicals 100 95 76 59
2. Aperam (XL, LU) ☀  Steel
2. Aperam (XL, LU) ☀   Steel 96 78 63 51
3. Barco (L, BE)  Electronic Equipment
3. Barco (L, BE)   Electronic Equipment 90 95 98 98
4. Proximus (XL, BE)  Integrated Telecommunication
4. Proximus (XL, BE)   Integrated Telecommunication 88 98 77 52
5. Ageas (XXL, BE)  Multi-line Insurance
5. Ageas (XXL, BE)   Multi-line Insurance 86 87 94 21
6. Umicore (XXL, BE) ☀  Specialty Chemicals
6. Umicore (XXL, BE) ☀   Specialty Chemicals 76 41 52 28
7. KBC (XXL, BE)  Diversified Banks
7. KBC (XXL, BE)   Diversified Banks 74 46 34 34
8. Etablissementen Franz Colruyt (XL, BE)  Food Retail
8. Etablissementen Franz Colruyt (XL, BE)   Food Retail 72 44 79 88
9. UCB (XL, BE)  Pharmaceuticals
9. UCB (XL, BE)   Pharmaceuticals 70 81 66 41
10. ING (XXL, NL)  Diversified Banks
10. ING (XXL, NL)   Diversified Banks 67 49 45 59

☀ This company has a special achievement which is documented on its stock research page.

January 11, 2024. Top 10s are published weekly following the . ( or for more stocks)


BEL20 Top 10: Obermatt 360° Investment Strategy

TOP 10 Obermatt 360° Investment Strategy 360° Strategy 360° VIEW Value Strategy VALUE Combined Strategy COMBINED Sentiment Strategy SENTIMENT
1. Barco (L, BE)   Electronic Equipment
1. Barco (L, BE)   Electronic Equipment 98 95 98 97
2. Etablissementen Franz Colruyt (XL, BE)   Food Retail
2. Etablissementen Franz Colruyt (XL, BE)   Food Retail 88 44 79 60
3. Telenet (L, BE)   Cable & Satellite
3. Telenet (L, BE)   Cable & Satellite 66 91 86 35
4. Solvay (XXL, BE) ☀   Diversified Chemicals
4. Solvay (XXL, BE) ☀   Diversified Chemicals 59 95 76 30
5. ING (XXL, NL)   Diversified Banks
5. ING (XXL, NL)   Diversified Banks 59 49 45 71
6. Proximus (XL, BE)   Integrated Telecommunication
6. Proximus (XL, BE)   Integrated Telecommunication 52 98 77 22
7. Aperam (XL, LU) ☀   Steel
7. Aperam (XL, LU) ☀   Steel 51 78 63 26
8. UCB (XL, BE)   Pharmaceuticals
8. UCB (XL, BE)   Pharmaceuticals 41 81 66 18
9. KBC (XXL, BE)   Diversified Banks
9. KBC (XXL, BE)   Diversified Banks 34 46 34 39
10. Ackermans & van Haaren (XL, BE)   Construction & Engineering
10. Ackermans & van Haaren (XL, BE)   Construction & Engineering 33 54 10 78

January 11, 2024. Top 10s are published weekly following the . ( or for more stocks)


BEL20 Top 10: Sentiment Investment Strategy

TOP 10 Sentiment Investment Strategy Sentiment Strategy SENTIMENT Value Strategy VALUE Combined Strategy COMBINED 360° Strategy 360° VIEW
1. Barco (L, BE)   Electronic Equipment
1. Barco (L, BE)   Electronic Equipment 97 95 98 98
2. Ackermans & van Haaren (XL, BE)   Construction & Engineering
2. Ackermans & van Haaren (XL, BE)   Construction & Engineering 78 54 10 33
3. ING (XXL, NL)   Diversified Banks
3. ING (XXL, NL)   Diversified Banks 71 49 45 59
4. Anheuser-Busch InBev (XXL, BE) ☀   Brewers
4. Anheuser-Busch InBev (XXL, BE) ☀   Brewers 70 32 18 28
5. Etablissementen Franz Colruyt (XL, BE)   Food Retail
5. Etablissementen Franz Colruyt (XL, BE)   Food Retail 60 44 79 88
6. KBC (XXL, BE)   Diversified Banks
6. KBC (XXL, BE)   Diversified Banks 39 46 34 34
7. Telenet (L, BE)   Cable & Satellite
7. Telenet (L, BE)   Cable & Satellite 35 91 86 66
8. Umicore (XXL, BE) ☀   Specialty Chemicals
8. Umicore (XXL, BE) ☀   Specialty Chemicals 30 41 52 28
9. Solvay (XXL, BE) ☀   Diversified Chemicals
9. Solvay (XXL, BE) ☀   Diversified Chemicals 30 95 76 59
10. Aperam (XL, LU) ☀   Steel
10. Aperam (XL, LU) ☀   Steel 26 78 63 51

January 11, 2024. Top 10s are published weekly following the . ( or for more stocks)


BEL20 Top 10: Value Investment Strategy

TOP 10 Value Investment Strategy Value Strategy VALUE Growth Strategy GROWTH Combined Strategy COMBINED 360° Strategy 360° VIEW
1. Proximus (XL, BE)   Integrated Telecommunication
1. Proximus (XL, BE)   Integrated Telecommunication 98 49 77 52
2. Barco (L, BE)   Electronic Equipment
2. Barco (L, BE)   Electronic Equipment 95 41 98 98
3. Solvay (XXL, BE) ☀   Diversified Chemicals
3. Solvay (XXL, BE) ☀   Diversified Chemicals 95 13 76 59
4. Telenet (L, BE)   Cable & Satellite
4. Telenet (L, BE)   Cable & Satellite 91 95 86 66
5. Ageas (XXL, BE)   Multi-line Insurance
5. Ageas (XXL, BE)   Multi-line Insurance 87 25 94 21
6. UCB (XL, BE)   Pharmaceuticals
6. UCB (XL, BE)   Pharmaceuticals 81 64 66 41
7. Aperam (XL, LU) ☀   Steel
7. Aperam (XL, LU) ☀   Steel 78 28 63 51
8. Ackermans & van Haaren (XL, BE)   Construction & Engineering
8. Ackermans & van Haaren (XL, BE)   Construction & Engineering 54 17 10 33
9. ING (XXL, NL)   Diversified Banks
9. ING (XXL, NL)   Diversified Banks 49 35 45 59
10. KBC (XXL, BE)   Diversified Banks
10. KBC (XXL, BE)   Diversified Banks 46 6 34 34

January 11, 2024. Top 10s are published weekly following the . ( or for more stocks)


BEL20 Top 10: Growth Investment Strategy

TOP 10 Growth Investment Strategy Growth Strategy GROWTH Value Strategy VALUE Combined Strategy COMBINED 360° Strategy 360° VIEW
1. Telenet (L, BE)   Cable & Satellite
1. Telenet (L, BE)   Cable & Satellite 95 91 86 66
2. Etablissementen Franz Colruyt (XL, BE)   Food Retail
2. Etablissementen Franz Colruyt (XL, BE)   Food Retail 75 44 79 88
3. Umicore (XXL, BE) ☀   Specialty Chemicals
3. Umicore (XXL, BE) ☀   Specialty Chemicals 65 41 52 28
4. UCB (XL, BE)   Pharmaceuticals
4. UCB (XL, BE)   Pharmaceuticals 64 81 66 41
5. Anheuser-Busch InBev (XXL, BE) ☀   Brewers
5. Anheuser-Busch InBev (XXL, BE) ☀   Brewers 59 32 18 28
6. Proximus (XL, BE)   Integrated Telecommunication
6. Proximus (XL, BE)   Integrated Telecommunication 49 98 77 52
7. Barco (L, BE)   Electronic Equipment
7. Barco (L, BE)   Electronic Equipment 41 95 98 98
8. ING (XXL, NL)   Diversified Banks
8. ING (XXL, NL)   Diversified Banks 35 49 45 59
9. Aperam (XL, LU) ☀   Steel
9. Aperam (XL, LU) ☀   Steel 28 78 63 51
10. Aperam (XL, LU) ☀   Steel
10. Aperam (XL, LU) ☀   Steel 28 78 63 51

January 11, 2024. Top 10s are published weekly following the . ( or for more stocks)


BEL20 Top 10: Safety Investment Strategy

TOP 10 Safety Investment Strategy Safety Strategy SAFETY Value Strategy VALUE Combined Strategy COMBINED 360° Strategy 360° VIEW
1. Barco (L, BE)  Electronic Equipment
1. Barco (L, BE)   Electronic Equipment 100 95 98 98
2. Ageas (XXL, BE)  Multi-line Insurance
2. Ageas (XXL, BE)   Multi-line Insurance 87 87 94 21
3. Aperam (XL, LU) ☀  Steel
3. Aperam (XL, LU) ☀   Steel 80 78 63 51
4. KBC (XXL, BE)  Diversified Banks
4. KBC (XXL, BE)   Diversified Banks 76 46 34 34
5. Solvay (XXL, BE) ☀  Diversified Chemicals
5. Solvay (XXL, BE) ☀   Diversified Chemicals 72 95 76 59
6. Etablissementen Franz Colruyt (XL, BE)  Food Retail
6. Etablissementen Franz Colruyt (XL, BE)   Food Retail 67 44 79 88
7. ING (XXL, NL)  Diversified Banks
7. ING (XXL, NL)   Diversified Banks 57 49 45 59
8. Umicore (XXL, BE) ☀  Specialty Chemicals
8. Umicore (XXL, BE) ☀   Specialty Chemicals 40 41 52 28
9. Proximus (XL, BE)  Integrated Telecommunication
9. Proximus (XL, BE)   Integrated Telecommunication 34 98 77 52

January 11, 2024. Top 10s are published weekly following the . ( or for more stocks)


BEL20 Top 10: Combined Investment Strategy

TOP 10 Combined Investment Strategy Combined Strategy COMBINED Value Strategy VALUE Growth Strategy GROWTH 360° Strategy 360° VIEW
1. Barco (L, BE)  Electronic Equipment
1. Barco (L, BE)   Electronic Equipment 98 95 41 98
2. Ageas (XXL, BE)  Multi-line Insurance
2. Ageas (XXL, BE)   Multi-line Insurance 94 87 25 21
3. Telenet (L, BE)  Cable & Satellite
3. Telenet (L, BE)   Cable & Satellite 86 91 95 66
4. Etablissementen Franz Colruyt (XL, BE)  Food Retail
4. Etablissementen Franz Colruyt (XL, BE)   Food Retail 79 44 75 88
5. Proximus (XL, BE)  Integrated Telecommunication
5. Proximus (XL, BE)   Integrated Telecommunication 77 98 49 52
6. Solvay (XXL, BE) ☀  Diversified Chemicals
6. Solvay (XXL, BE) ☀   Diversified Chemicals 76 95 13 59
7. UCB (XL, BE)  Pharmaceuticals
7. UCB (XL, BE)   Pharmaceuticals 66 81 64 41
8. Aperam (XL, LU) ☀  Steel
8. Aperam (XL, LU) ☀   Steel 63 78 28 51
9. Umicore (XXL, BE) ☀  Specialty Chemicals
9. Umicore (XXL, BE) ☀   Specialty Chemicals 52 41 65 28
10. ING (XXL, NL)  Diversified Banks
10. ING (XXL, NL)   Diversified Banks 45 49 35 59

January 11, 2024. Top 10s are published weekly following the . ( or for more stocks)


☀ This company has a special achievement which is documented on its stock research page.

Top 10 lists may contain fewer than 10 stocks due to Obermatt’s top 10 quality standards.

Top 10 Stocks from the purely fact-based Obermatt Method in the stock index Belgian 20 Index BEL20 from January 11, 2024.

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