ENXTBR:VASTB

Stock Analysis Report

Vastned Retail Belgium

Executive Summary

Vastned Retail Belgium is a public regulated real estate company (RREC), the shares of which are listed on Euronext Brussels (VASTB).


Snowflake Analysis

Established dividend payer and fair value.

Share Price & News

How has Vastned Retail Belgium's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: VASTB's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

2.9%

VASTB

8.0%

BE REITs

1.2%

BE Market


1 Year Return

-42.1%

VASTB

-4.9%

BE REITs

-28.5%

BE Market

Return vs Industry: VASTB underperformed the Belgian REITs industry which returned -4.9% over the past year.

Return vs Market: VASTB underperformed the Belgian Market which returned -28.5% over the past year.


Shareholder returns

VASTBIndustryMarket
7 Day2.9%8.0%1.2%
30 Day-25.7%-16.3%-16.9%
90 Day-36.0%-15.4%-30.7%
1 Year-39.7%-42.1%-1.9%-4.9%-27.1%-28.5%
3 Year-36.9%-43.4%27.2%11.9%-34.4%-38.7%
5 Year-43.0%-52.1%41.5%14.6%-34.5%-42.1%

Price Volatility Vs. Market

How volatile is Vastned Retail Belgium's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Vastned Retail Belgium undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: VASTB (€28.6) is trading below our estimate of fair value (€69.25)

Significantly Below Fair Value: VASTB is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: VASTB is poor value based on its PE Ratio (33.6x) compared to the REITs industry average (11x).

PE vs Market: VASTB is poor value based on its PE Ratio (33.6x) compared to the Belgian market (12.9x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate VASTB's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: VASTB is good value based on its PB Ratio (0.6x) compared to the BE REITs industry average (1x).


Next Steps

Future Growth

How is Vastned Retail Belgium forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

-4.0%

Forecasted Real Estate industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Vastned Retail Belgium has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has Vastned Retail Belgium performed over the past 5 years?

-19.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: VASTB has a large one-off loss of €9.9M impacting its December 31 2019 financial results.

Growing Profit Margin: VASTB's current net profit margins (22.4%) are lower than last year (37.3%).


Past Earnings Growth Analysis

Earnings Trend: VASTB's earnings have declined by -19.4% per year over the past 5 years.

Accelerating Growth: VASTB's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: VASTB had negative earnings growth (-40.4%) over the past year, making it difficult to compare to the REITs industry average (17.2%).


Return on Equity

High ROE: VASTB's Return on Equity (1.7%) is considered low.


Next Steps

Financial Health

How is Vastned Retail Belgium's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: VASTB has a high level of physical assets or inventory.

Debt Coverage by Assets: VASTB's debt is not covered by short term assets (assets are 0x debt).


Financial Institutions Analysis

Asset Level: VASTB's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if VASTB has a sufficient allowance for bad loans.

Low Risk Liabilities: VASTB reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if VASTB has an acceptable proportion of non-loan assets held.

Low Risk Deposits: VASTB has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if VASTB has an appropriate level of bad loans.


Next Steps

Dividend

What is Vastned Retail Belgium's current dividend yield, its reliability and sustainability?

10.14%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: VASTB's dividend (10.14%) is higher than the bottom 25% of dividend payers in the Belgian market (2.67%).

High Dividend: VASTB's dividend (10.14%) is in the top 25% of dividend payers in the Belgian market (6.32%)


Stability and Growth of Payments

Stable Dividend: VASTB's dividends per share have been stable in the past 10 years.

Growing Dividend: VASTB's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (95.1%), VASTB's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.2yrs

Average management tenure


CEO

Rudi Taelemans (57yo)

3.58s

Tenure

Mr. Rudi Taelemans serves as Chief Executive Officer of Vastned Retail Belgium NV. Mr. Taelemans had been Operational Chief Executive Officer of Vastned Retail Belgium NV at Vastned Retail Belgium NV since ...


Leadership Team

NamePositionTenureCompensationOwnership
Rudi Taelemans
Chief Executive Officer3.58yrsno datano data
Taco Tammo de Groot
CEO & Director8.92yrsno datano data
Elke Krols
Chief Financial Officer1.17yrsno datano data

1.2yrs

Average Tenure

Experienced Management: VASTB's management team is not considered experienced ( 1.2 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Taco Tammo de Groot
CEO & Director8.92yrsno datano data
J.J.M. Reijnen
Independent Director3.92yrsno datano data
Peggy Deraedt
Director5.17yrsno datano data
Reinier Walta
CFO & Director5.17yrsno datano data
Lieven Cuvelier
Independent Chairmanno datano datano data
Ludo Ruysen
Independent Director1.17yrsno datano data

5.2yrs

Average Tenure

49yo

Average Age

Experienced Board: VASTB's board of directors are considered experienced (5.2 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Vastned Retail Belgium SA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Vastned Retail Belgium SA
  • Ticker: VASTB
  • Exchange: ENXTBR
  • Founded: 1987
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: €145.246m
  • Shares outstanding: 5.08m
  • Website: https://www.vastned.be

Number of Employees


Location

  • Vastned Retail Belgium SA
  • Generaal Lemanstraat 74
  • Berchem
  • Antwerp
  • Antwerp
  • 2600
  • Belgium

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
VASTBENXTBR (Euronext Brussels)YesOrdinary SharesBEEURJan 2007
IJXDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 2007
0ET5LSE (London Stock Exchange)YesOrdinary SharesGBEURJan 2007

Biography

Vastned Retail Belgium is a public regulated real estate company (RREC), the shares of which are listed on Euronext Brussels (VASTB). Vastned Retail Belgium invests exclusively in Belgian commercial real estate, more specifically in prime retail properties located on the best shopping streets in the major cities of Antwerp, Brussels, Ghent and Bruges. Furthermore, the real estate portfolio consists of inner-city shops outside of the premium cities, high-end retail parks and retail warehouses. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/30 21:18
End of Day Share Price2020/03/30 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.