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1. Company Snapshot

1.a. Company Description

Fluxys Belgium SA engages in the transmission and storage of natural gas and liquefied natural gas in Belgium.The company sells capacity to its customers to transport natural gas for distribution system operators, power plants, and industrial end-users in Belgium, as well as to send natural gas to border points for transmission to other end-user markets in Europe.It also provides a package of gas trading services that allow its customers to buy and sell gas on Belgian gas trading platforms; and storage services enabling customers to use buffer capacity.


In addition, the company sells capacity for loading and unloading liquefied natural gas(LNG) carriers, storage, and regasification of LNG for transmission on the network; loading of LNG trailers or containers to supply local networks or industrial sites in Europe; and supplies filling stations for LNG-fueled trucks and LNG-powered vessels.Further, it is involved in the reinsurance business.The company was incorporated in 1929 and is based in Brussels, Belgium.


Fluxys Belgium SA is a subsidiary of Fluxys SA.

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1.b. Last Insights on FLUX

Fluxys Belgium SA's recent performance was driven by a strong 2024 annual results, with a consolidated net profit of EUR 82.1 million, a 6.1% increase from the previous year. The company's proposed allocation of profit, submitted to the Annual General Meeting on May 13, 2025, includes a gross dividend of EUR 1.40 per share, maintaining the same level as the previous year. The Belgium hub's essential role in energy supplies in Northwest Europe remains a key factor, while the successful completion of the switch to high-calorific gas and the launch of Green Logix, the first biomethane plant connected to the Fluxys network, demonstrate the company's commitment to sustainability. Additionally, Fluxys hydrogen's appointment as operator of hydrogen transmission infrastructure highlights its growing presence in the hydrogen sector.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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3 European Dividend Stocks With Up To 6.9% Yield

Mar -31

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Fluxys Belgium - Regulated information: 2024 annual results

Mar -27

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Fluxys LNG ready to implement the14th EU sanctions package

Nov -22

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Fluxys hydrogen appointed as “Hydrogen Network Operator” in Belgium

Apr -26

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Fluxys Belgium - Regulated information: 2023 annual results

Mar -28

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Agreement between Fluxys Belgium and the CREG on the fair margin

Feb -29

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Joint press release: Fluxys Belgium, Pipelink, Socofe and SFPIM join forces in CO2 network operator “Fluxys c-grid"

Sep -20

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Fluxys Belgium - 9 May 2023 18:30 CET - Regulated information - Payment of dividend

May -09

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.62%)

6. Segments

Transmission

Expected Growth: 4.5%

Increasing demand for natural gas, expansion of pipeline infrastructure, and government initiatives to reduce carbon emissions drive growth in the transmission of natural gas through Fluxys Belgium SA's pipeline network, ensuring a secure and reliable supply to customers in Belgium.

Terminalling

Expected Growth: 4.8%

The growth of the terminalling segment at Fluxys Belgium SA is driven by increasing demand for LNG, expansion of the Zeebrugge LNG terminal, and strategic location facilitating LNG trade between Europe and Asia.

Storage

Expected Growth: 5.5%

Increasing demand for natural gas, driven by Belgium's energy transition and decarbonization efforts, coupled with Fluxys Belgium SA's strategic storage facilities, ensuring a stable supply to meet the country's energy demands.

Other

Expected Growth: 4.5%

The 'Other' segment of Fluxys Belgium SA is expected to grow driven by increasing demand for engineering, consulting, and IT services in the energy sector, as well as the company's expanding presence in the European market.

7. Detailed Products

Natural Gas Transmission

Fluxys Belgium SA operates a high-pressure natural gas transmission network, ensuring a reliable and efficient transportation of natural gas to meet the energy demands of industries, power plants, and households.

Natural Gas Storage

Fluxys Belgium SA offers natural gas storage services, providing a buffer against fluctuations in demand and supply, and ensuring a stable gas supply to the market.

LNG Regasification

Fluxys Belgium SA operates an LNG regasification terminal, allowing for the import and regasification of liquefied natural gas, diversifying the country's energy supply.

Biogas Injection

Fluxys Belgium SA offers biogas injection services, allowing renewable energy producers to inject biomethane into the natural gas grid, promoting sustainable energy production.

Gas Quality Management

Fluxys Belgium SA provides gas quality management services, ensuring that the natural gas supplied to the market meets the required quality standards.

8. Fluxys Belgium SA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Fluxys Belgium SA is moderate due to the availability of alternative energy sources and transportation methods.

Bargaining Power Of Customers

The bargaining power of customers is low due to the lack of alternative natural gas suppliers in the region.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the presence of multiple natural gas suppliers, but the company's dependence on a few key suppliers.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the natural gas transportation industry, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several competitors in the natural gas transportation market, leading to a competitive pricing environment.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 64.76%
Debt Cost 5.18%
Equity Weight 35.24%
Equity Cost 5.18%
WACC 5.18%
Leverage 183.74%

11. Quality Control: Fluxys Belgium SA passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Value: 7.6

Growth: 9.1

Quality: 6.1

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Momentum: 8.0

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Fluxys Belgium

A-Score: 5.7/10

Value: 3.9

Growth: 3.9

Quality: 3.9

Yield: 9.4

Momentum: 8.5

Volatility: 4.3

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Value: 9.4

Growth: 4.7

Quality: 7.1

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Value: 6.4

Growth: 6.4

Quality: 4.8

Yield: 1.9

Momentum: 4.0

Volatility: 6.0

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Saras

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Value: 8.4

Growth: 6.0

Quality: 3.7

Yield: 5.0

Momentum: 4.0

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A-Score: 4.2/10

Value: 3.0

Growth: 3.3

Quality: 7.5

Yield: 0.6

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Volatility: 1.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

17.65$

Current Price

17.65$

Potential

-0.00%

Expected Cash-Flows