Value Creation Awards: Fundamental value creation 2009-2019

Value Creation Awards |Posted 17 June 2020 by Patrick Millecam

Looking for the value champions in Belgium

For the fourteenth year in a row, Value Square calculated the fundamental value creation over the past ten years of all Belgian companies, which have also been listed on the stock exchange for at least ten years. We are not looking at the share price, but at the evolution of the book value. This is a good indicator of the evolution of intrinsic or 'real' value. After all, in the long term, the intrinsic values of companies and share prices evolve towards each other.


In our study, we assess fundamental value creation using the following formula: we calculate the evolution of the book value per share (at the end of 2019 compared to the end of 2009) and add the net dividends received by a private shareholder over the past 10 years. The book value per share is obtained by dividing the consolidated shareholders' equity (group share) by the number of shares at year-end (excluding treasury shares). Furthermore, we make adjustments for capital increases at prices above the book value (of the fiscal year preceding the capital increase). 

We compare the performance of 89 Belgian listed companies with the value creation recorded by Warren Buffett through its investment company Berkshire Hathaway. 

Finally, we rank these companies according to their value creation over the past 10 years and their respective stock market performance. We also look at the difference between family companies and their non-family counterparts. 

Value Creation Awards

For the sixth consecutive year, Value Square is awarding awards to the three highest scoring companies in this study and the management is awarded a gold, silver and bronze "Value Creation Award". This year, the winners of the gold, silver and bronze award will receive their award in person by a director of Value Square. 

Via the link below you can download the summary.

Interested in the full study? Curious about the results of all 89 analyzed companies?

Then request the full study by sending an email with your name, address and telephone number and in the subject "List Value Creation Awards" to

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