Major Estimate Revision • May 21
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from €10.33 to €11.62. Revenue forecast unchanged at €268.1m. Net income forecast to grow 24% next year vs 5.8% decline forecast for Real Estate industry in Belgium. Consensus price target down from €101 to €96.75. Share price was steady at €80.10 over the past week. Price Target Changed • May 13
Price target decreased by 7.0% to €101 Down from €108, the current price target is an average from 8 analysts. New target price is 25% above last closing price of €80.20. Stock is down 0.4% over the past year. The company is forecast to post earnings per share of €10.33 for next year compared to €10.64 last year. New Risk • May 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Belgian stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (2.2% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (182% cash payout ratio). Share price has been volatile over the past 3 months (6.1% average weekly change). Large one-off items impacting financial results. Live News • May 10
VGP Raises €250 Million to Accelerate Projects and Announces Dividend Approval VGP raised about €250 million through a private placement of 3,056,234 new shares, equal to roughly 11.20% of the share count after the deal.
The company reported new and renewed leases year-to-date of €34.4 million, with an annualised committed lease amount of €486.4 million, 4% higher year-to-date and 12.6% higher year-over-year.
Shareholders approved all items at the 8 May 2026 meetings, including a gross dividend of €3.4 per share for the 2025 financial year.
For investors, the equity raise and trading update point in the same direction: VGP is putting fresh capital to work to support its development pipeline, while also reporting a higher level of contracted rent compared with both the start of the year and the prior year. The placement was targeted at international institutional investors, and the reference shareholder Jan Van Geet committed to a pro rata subscription, which can matter for confidence in the funding plan and for alignment with minority shareholders.
The company highlights an 18.5% rental uplift on reletting vacant areas and references key projects across the Netherlands, Romania, Spain and Denmark that are expected to start in 2026. It is also preparing several joint venture closings in the second half of 2026 and plans to introduce a data centre segment, with details scheduled for its Capital Markets Day in September. The approval of a €3.4 per share dividend for the 2025 year adds a clearer picture of cash returns alongside its current growth-focused investment agenda. Announcement • May 08
VGP NV has filed a Follow-on Equity Offering in the amount of €250 million. VGP NV has filed a Follow-on Equity Offering in the amount of €250 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Transaction Features: Rule 144A Declared Dividend • Apr 27
Dividend of €2.38 announced Shareholders will receive a dividend of €2.38. Ex-date: 20th May 2026 Payment date: 22nd May 2026 Dividend yield will be 2.6%, which is lower than the industry average of 7.6%. Sustainability & Growth Dividend is covered by earnings (32% earnings payout ratio) but not covered by cash flows (182% cash payout ratio). The dividend has increased by an average of 7.5% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 33% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 10
VGP NV, Annual General Meeting, May 08, 2026 VGP NV, Annual General Meeting, May 08, 2026, at 07:00 Romance Standard Time. Location: at the mills, molenstraat 54, 2018 antwerp, Belgium Major Estimate Revision • Mar 10
Consensus EPS estimates increase by 24% The consensus outlook for fiscal year 2026 has been updated. 2026 consensus EPS increased from €9.74 to €12.12. Revenues were reaffirmed at €270.6m. Net income forecast to shrink 8.4% next year vs 8.4% decline forecast for Real Estate industry in Belgium. Consensus price target of €109 unchanged from last update. Share price was steady at €98.40 over the past week. Major Estimate Revision • Feb 26
Consensus EPS estimates fall by 26%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from €254.6m to €270.6m. EPS estimate fell from €13.25 to €9.74 per share. Net income forecast to shrink 8.4% next year vs 5.8% decline forecast for Real Estate industry in Belgium. Consensus price target broadly unchanged at €109. Share price was steady at €108 over the past week. Reported Earnings • Feb 20
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: €10.64 (up from €10.52 in FY 2024). Revenue: €192.0m (up 33% from FY 2024). Net income: €290.4m (up 1.2% from FY 2024). Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Real Estate industry in Belgium. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Feb 20
VGP NV Proposes Ordinary Dividend for the Year Ended December 31, 2025 VGP NV's board of directors proposes an ordinary dividend of €92.8 million (+ 3% versus ordinary dividend of ‘24), or €3.40 per share for the year ended December 31, 2025. Announcement • Nov 08
VGP NV to Report Fiscal Year 2025 Results on Apr 08, 2026 VGP NV announced that they will report fiscal year 2025 results at 9:00 AM, Central European Standard Time on Apr 08, 2026 Major Estimate Revision • Sep 24
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from €11.99 to €10.72. Revenue forecast unchanged from €246.0m at last update. Net income forecast to shrink 14% next year vs 19% growth forecast for Real Estate industry in Belgium . Consensus price target up from €97.30 to €99.70. Share price was steady at €94.10 over the past week. Reported Earnings • Aug 25
First half 2025 earnings released: EPS: €6.62 (vs €5.19 in 1H 2024) First half 2025 results: EPS: €6.62 (up from €5.19 in 1H 2024). Revenue: €105.5m (up 23% from 1H 2024). Net income: €180.5m (up 28% from 1H 2024). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Real Estate industry in Belgium. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Declared Dividend • May 19
Dividend of €2.31 announced Shareholders will receive a dividend of €2.31. Ex-date: 21st May 2025 Payment date: 23rd May 2025 Dividend yield will be 2.8%, which is lower than the industry average of 7.6%. Sustainability & Growth Dividend is covered by earnings (31% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 8.2% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 17% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 13
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: €10.52 (up from €3.20 in FY 2023). Revenue: €144.6m (down 1.2% from FY 2023). Net income: €287.0m (up 229% from FY 2023). Revenue exceeded analyst estimates by 31%. Earnings per share (EPS) also surpassed analyst estimates by 23%. Revenue is forecast to stay flat during the next 3 years compared to a 23% decline forecast for the Real Estate industry in Belgium. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 34% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Feb 27
Consensus revenue estimates increase by 31% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from €177.2m to €231.3m. EPS estimate increased from €10.84 to €12.99 per share. Net income forecast to grow 36% next year vs 28% growth forecast for Real Estate industry in Belgium. Consensus price target broadly unchanged at €92.78. Share price rose 2.8% to €81.70 over the past week. Announcement • Feb 22
VGP NV Proposes Dividend for Year Ended 31 of December 2024 The board of directors of VGP NV proposed an ordinary dividend of €90 million (+ 12% versus ordinary dividend of ‘24), or €3.30 per share. Reported Earnings • Feb 21
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: €10.52 (up from €3.20 in FY 2023). Revenue: €106.4m (down 27% from FY 2023). Net income: €287.0m (up 229% from FY 2023). Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) also surpassed analyst estimates by 23%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Real Estate industry in Belgium. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Jan 15
Now 22% overvalued Over the last 90 days, the stock has fallen 16% to €75.20. The fair value is estimated to be €61.46, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 48% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 1.2% per annum. Earnings are also forecast to grow by 6.7% per annum over the same time period. Major Estimate Revision • Sep 09
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from €165.3m to €178.4m. EPS estimate increased from €8.10 to €9.25 per share. Net income forecast to grow 41% next year vs 42% growth forecast for Real Estate industry in Belgium. Consensus price target of €109 unchanged from last update. Share price was steady at €91.40 over the past week. Reported Earnings • Aug 26
First half 2024 earnings released: EPS: €5.19 (vs €1.27 in 1H 2023) First half 2024 results: EPS: €5.19 (up from €1.27 in 1H 2023). Revenue: €85.6m (up 132% from 1H 2023). Net income: €141.5m (up 308% from 1H 2023). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Real Estate industry in Belgium. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Jun 27
Consensus revenue estimates fall by 14% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €212.4m to €182.5m. EPS estimate fell from €8.95 to €8.22 per share. Net income forecast to grow 157% next year vs 38% growth forecast for Real Estate industry in Belgium. Consensus price target of €109 unchanged from last update. Share price was steady at €99.80 over the past week. Declared Dividend • May 16
Dividend of €2.59 announced Shareholders will receive a dividend of €2.59. Ex-date: 22nd May 2024 Payment date: 24th May 2024 Dividend yield will be 2.3%, which is lower than the industry average of 7.6%. Sustainability & Growth Dividend is not adequately covered by earnings (92% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.6% per year over the past 6 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 2.5% to bring the payout ratio under control. EPS is expected to grow by 145% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • May 11
VGP NV Approves Dividend for the Financial Year Ended 31 December 2023, Payable on May 24, 2024 VGP NV held its Annual and Special Shareholders’ Meetings on May 10, 2024. The annual shareholder’s meeting approved the payment of a gross dividend for a total amount of €100,977,854.40 which corresponds to an amount of €3.70 per share in relation to the financial year ending 31 December 2023 and approved to delegate the determination of the payment date as well as all other formalities relating to the payment of the dividend to the board of directors. The dividend payable on May 24, 2024 to the shareholders recorded on May 23, 2024 and Ex-date dividend is May 22, 2024. Reported Earnings • Feb 28
Full year 2023 earnings: Revenues miss analyst expectations Full year 2023 results: Revenue: €146.4m (up 10% from FY 2022). Net income: €87.3m (up €209.8m from FY 2022). Profit margin: 60% (up from net loss in FY 2022). Revenue missed analyst estimates by 31%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Real Estate industry in Belgium. New Risk • Nov 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Belgian stocks, typically moving 5.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (5.1% average weekly change). Shareholders have been diluted in the past year (25% increase in shares outstanding). Price Target Changed • Nov 07
Price target decreased by 13% to €96.71 Down from €111, the current price target is an average from 7 analysts. New target price is 17% above last closing price of €82.45. Stock is up 9.9% over the past year. The company is forecast to post earnings per share of €2.82 next year compared to a net loss per share of €5.49 last year. Reported Earnings • Aug 27
First half 2023 earnings released: EPS: €1.27 (vs €7.01 in 1H 2022) First half 2023 results: EPS: €1.27 (down from €7.01 in 1H 2022). Revenue: €37.0m (down 40% from 1H 2022). Net income: €34.7m (down 77% from 1H 2022). Profit margin: 94% (down from 248% in 1H 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Real Estate industry in Belgium. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Price Target Changed • Jul 25
Price target increased by 8.1% to €105 Up from €97.40, the current price target is an average from 7 analysts. New target price is 11% above last closing price of €94.50. Stock is down 42% over the past year. The company is forecast to post earnings per share of €7.74 next year compared to a net loss per share of €5.49 last year. Announcement • May 25
VGP NV (ENXTBR:VGP) and Pimco Prime Real Estate agreed to acquire logistics portfolio of 11 buildings from VGP European Logistics 2 S.à r.l. VGP NV (ENXTBR:VGP) and Pimco Prime Real Estate agreed to acquire logistics portfolio of 11 buildings from VGP European Logistics 2 S.à r.l. on May 24, 2023. The transaction with VGP European Logistics 2 will be the 4th closing between VGP and this joint venture and amounts to a value of €253 million with gross proceeds of €197 million. The transaction, which is due to close in the first half of June. Upcoming Dividend • May 17
Upcoming dividend of €1.93 per share at 3.0% yield Eligible shareholders must have bought the stock before 24 May 2023. Payment date: 26 May 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Belgian dividend payers (6.8%). Lower than average of industry peers (3.9%). Announcement • May 13
VGP NV Approves Gross Dividend in Relation to the Financial Year Ending 31 December 2022, Payable on May 26, 2023 The Annual Shareholders’ Meeting of VGP NV approved the payment of a gross dividend for a total amount of EUR 75,051,108.00 which corresponds to a gross dividend of EUR 2.75 per share (EUR 1.925 net dividend per share) in relation to the financial year ending 31 December 2022 and approved the delegation of the determination of the payment date as well as all other formalities relating to the payment of the dividend to the Board of Directors. Ex-dividend date is 24 May 2023, Registration date is 25 May 2023, Dividend payment date is 26 May 2023. Reported Earnings • Apr 15
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: €5.49 loss per share (down from €31.41 profit in FY 2021). Revenue: €133.0m (up 236% from FY 2021). Net loss: €122.5m (down 119% from profit in FY 2021). Revenue missed analyst estimates by 28%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 5.8% decline forecast for the Real Estate industry in Europe. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 5% per year. Reported Earnings • Feb 28
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: €5.49 loss per share (down from €31.41 profit in FY 2021). Revenue: €133.0m (up 241% from FY 2021). Net loss: €122.5m (down 119% from profit in FY 2021). Revenue missed analyst estimates by 28%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 1.2% decline forecast for the Real Estate industry in Europe. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 8% per year, which means it is performing significantly worse than earnings. Price Target Changed • Jan 03
Price target decreased to €91.10 Down from €118, the current price target is an average from 6 analysts. New target price is 9.4% above last closing price of €83.30. Stock is down 66% over the past year. The company is forecast to post earnings per share of €15.14 for next year compared to €31.41 last year. Announcement • Jan 03
VGP Completes Latest Development at Nijmegen Logistics Park VGP announced that it has completed its most recent development of VGP Park Nijmegen, and officially handed it over to its client. This project has circa 62,000 m² gross lettable area, of which circa 59,000 m2 of warehouse space and circa 3,000 m² of space for offices and a mezzanine. The total GLA of VGP Park Nijmegen is around 207,000 m2. Next to this, VGP has an additional land pipeline at the park of 28 ha for new developments. VGP Park Nijmegen, located on Park 15 in Oosterhout (Gld.) is a strategically situated location between the cities of Arnhem and Nijmegen, directly on the A15 motorway and close to the German border. Other major motorways, such as the A73 and A50, are nearby and transport by rail or over the river Waal is also possible due to proximity of BCTN Nijmegen terminal. VGP Park Nijmegen, named after the nearest large city for international recognition, is part of the development known as Bedrijvenpark Park 15 Logistics. The park is built to the latest sustainability standards. It accommodates a rooftop photovoltaic system with a capacity of 17.6 MWp. In addition, the location benefits from a water retention reservoir and other sustainability and biodiversity features in line with BREEAM quality certification. After launching VGP in the Benelux in 2018 with the first land acquisition for the Netherlands, VGP has already developed and delivered over 249,000 m2 GLA of warehouses and offices at their VGP Park Nijmegen (Oosterhout Gld.) and VGP Park Roosendaal. With another fully permitted development of circa 19,500 m2 GLA at VGP Park Nijmegen, a pre-let development of circa 9,250 m² GLA at VGP Park Roosendaal, as well as the upcoming XXL-developments at VGP Park Moerdijk, VGP is building tomorrow. VGP was advised by JLL for the lease agreement, and Willy Naessens Netherlands has constructed the project as general contractor. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Non Executive Independent Director Ann Gaeremynck was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Nov 10
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from €80.2m to €102.9m. EPS estimate unchanged from €15.14 at last update. Real Estate industry in Belgium expected to see average net income decline 41% next year. Consensus price target of €118 unchanged from last update. Share price rose 2.6% to €74.30 over the past week. Major Estimate Revision • Oct 12
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from €75.7m to €80.2m. EPS estimate fell from €21.72 to €15.14 per share. Net income forecast to shrink 45% next year vs 38% decline forecast for Real Estate industry in Belgium. Consensus price target down from €185 to €140. Share price fell 6.2% to €66.70 over the past week. Price Target Changed • Oct 07
Price target decreased to €169 Down from €185, the current price target is an average from 5 analysts. New target price is 146% above last closing price of €68.90. Stock is down 66% over the past year. The company is forecast to post earnings per share of €21.72 for next year compared to €31.41 last year. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment deteriorated over the past week After last week's 30% share price decline to €68.90, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 9x in the Real Estate industry in Europe. Total loss to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €77.63 per share. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €109, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Real Estate industry in Europe. Total returns to shareholders of 38% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €78.49 per share. Major Estimate Revision • Sep 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from €28.80 to €21.72. Revenue forecast unchanged from €75.7m at last update. Net income forecast to shrink 29% next year vs 39% decline forecast for Real Estate industry in Belgium. Consensus price target down from €208 to €192. Share price fell 6.3% to €128 over the past week. Price Target Changed • Sep 16
Price target decreased to €192 Down from €213, the current price target is an average from 3 analysts. New target price is 50% above last closing price of €128. Stock is down 37% over the past year. The company is forecast to post earnings per share of €28.80 for next year compared to €31.41 last year. Price Target Changed • Sep 01
Price target decreased to €208 Down from €228, the current price target is an average from 3 analysts. New target price is 51% above last closing price of €138. Stock is down 33% over the past year. The company is forecast to post earnings per share of €28.80 for next year compared to €31.41 last year. Reported Earnings • Aug 26
First half 2022 earnings released: EPS: €7.01 (vs €9.90 in 1H 2021) First half 2022 results: EPS: €7.01 (down from €9.90 in 1H 2021). Revenue: €29.1m (up 83% from 1H 2021). Net income: €153.1m (down 25% from 1H 2021). Over the next year, revenue is forecast to grow 79% compared to a 7.4% decline forecast for the Real Estate industry in Belgium. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • Aug 12
VGP Announces Appointment of Kristoffer Kaae Stimpel as Country Manager of Denmark VGP NV announced the appointment of Kristoffer Kaae Stimpel as Country Manager of Denmark, effective as of 1 August 2022. The opening of an office in Denmark, adjacent to the German market, is aligned with the Group’s strategic objective of realizing growth in Continental Europe. Prior to joining VGP, Kristoffer worked at LIDL where he was the Head of the Real Estate team with overall responsibility for the purchase and sale, the project development and planning of new stores and logistics centers. Kristoffer Kaae Stimpel disposes an in-depth knowledge of the Danish Real Estate Market and experience with both international transactions as well as advising national and international parties. Price Target Changed • Jul 04
Price target decreased to €228 Down from €250, the current price target is an average from 3 analysts. New target price is 54% above last closing price of €148. Stock is down 11% over the past year. The company is forecast to post earnings per share of €28.80 for next year compared to €31.41 last year. Board Change • Jun 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Non Executive Independent Director Ann Gaeremynck was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • May 24
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 consensus EPS increased from €25.74 to €29.06. Revenues were reaffirmed at €99.3m. Net income forecast to shrink 2.4% next year vs 24% decline forecast for Real Estate industry in Belgium. Consensus price target of €253 unchanged from last update. Share price fell 4.8% to €179 over the past week. Upcoming Dividend • May 17
Upcoming dividend of €4.80 per share Eligible shareholders must have bought the stock before 24 May 2022. Payment date: 26 May 2022. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 3.7%. Lower than top quartile of Belgian dividend payers (5.8%). In line with average of industry peers (3.6%). Announcement • May 13
Vgp Nv Proposes Distribution of Gross Dividend, Payable 25 May 2022 On the 13th of May, the Board of Directors VGP NV will propose to the Annual Shareholders Meeting the distribution of a gross dividend of €6.85 per share corresponding to a total gross dividend amount of €149.6 million. It is expected that the payment date will be the 25th of May 2022 (to be confirmed by a separate press release after the AGM). Reported Earnings • Apr 16
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: €31.41 (up from €18.58 in FY 2020). Revenue: €39.0m (down 7.3% from FY 2020). Net income: €650.1m (up 75% from FY 2020). Revenue exceeded analyst estimates by 7.2%. Earnings per share (EPS) also surpassed analyst estimates by 31%. Over the next year, revenue is forecast to grow 155% compared to a 4.8% decline forecast for the industry in Belgium. Over the last 3 years on average, earnings per share has increased by 48% per year whereas the company’s share price has increased by 47% per year. Reported Earnings • Feb 28
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: €31.41 (up from €18.58 in FY 2020). Revenue: €225.6m (up 437% from FY 2020). Net income: €650.1m (up 75% from FY 2020). Revenue exceeded analyst estimates by 7.2%. Earnings per share (EPS) also surpassed analyst estimates by 87%. Over the next year, revenue is forecast to decline by -56% while the industry in Belgium is not expected to grow. Over the last 3 years on average, earnings per share has increased by 48% per year whereas the company’s share price has increased by 49% per year. Price Target Changed • Nov 26
Price target increased to €238 Up from €214, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of €240. Stock is up 101% over the past year. The company is forecast to post earnings per share of €19.66 for next year compared to €18.58 last year. Price Target Changed • Nov 19
Price target increased to €229 Up from €211, the current price target is an average from 3 analysts. New target price is 11% below last closing price of €258. Stock is up 102% over the past year. The company is forecast to post earnings per share of €16.42 for next year compared to €18.58 last year. Reported Earnings • Sep 02
First half 2021 earnings released: EPS €9.90 (vs €10.19 in 1H 2020) First half 2021 results: Revenue: €15.9m (down 28% from 1H 2020). Net income: €203.8m (up 3.5% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 45% per year whereas the company’s share price has increased by 47% per year. Price Target Changed • Sep 02
Price target increased to €183 Up from €171, the current price target is an average from 2 analysts. New target price is 12% below last closing price of €208. Stock is up 77% over the past year. Price Target Changed • Jun 12
Price target increased to €171 Up from €157, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of €166. Stock is up 47% over the past year. Upcoming Dividend • May 18
Upcoming dividend of €2.56 per share Eligible shareholders must have bought the stock before 25 May 2021. Payment date: 27 May 2021. Trailing yield: 2.4%. Lower than top quartile of Belgian dividend payers (4.4%). Lower than average of industry peers (2.8%). Announcement • May 15
VGP NV Approves Dividend for the Financial Year Ended December 31, 2020, Payable on May 27, 2021 VGP NV at its AGM held on May 14, 2021 approved the payment of a gross dividend for a total amount of EUR 75,128,132.50 which corresponds to a gross dividend of EUR 3.65 per share (EUR 2.555 net dividend per share) in relation to the financial year ending December 31, 2020 and approved the delegation of the determination of the payment date as well as all other formalities relating to the payment of the dividend to the Board of Directors. Dividend payment date is May 27, 2021. Ex-dividend date is May 25, 2021. Registration date is May 26, 2021. Upcoming Dividend • May 14
Upcoming dividend of €2.56 per share Eligible shareholders must have bought the stock before 21 May 2021. Payment date: 25 May 2021. Trailing yield: 2.4%. Lower than top quartile of Belgian dividend payers (4.4%). Lower than average of industry peers (2.8%). Major Estimate Revision • Apr 26
Consensus revenue estimates increase to €60.8m The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from €48.1m to €60.8m. EPS estimate increased from €16.29 to €16.74 per share. Net income forecast to shrink 7.1% next year vs 46% growth forecast for Real Estate industry in Belgium . Consensus price target up from €144 to €157. Share price rose 3.7% to €144 over the past week. Reported Earnings • Apr 21
Full year 2020 earnings released: EPS €18.58 (vs €11.07 in FY 2019) Full year 2020 results: Revenue: €42.0m (up 55% from FY 2019). Net income: €370.9m (up 80% from FY 2019). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth.