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

Fundamentals

Average dividend payer and slightly overvalued.

Risks

  • Vastned Retail Belgium is not covered by any analysts.

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


Market Performance


7 Day Return

-1.3%

ENXTBR:VASTB

1.3%

BE REITs

-1.1%

BE Market


1 Year Return

-8.5%

ENXTBR:VASTB

17.7%

BE REITs

-5.2%

BE Market

VASTB underperformed the REITs industry which returned 17.7% over the past year.

VASTB underperformed the Market in Belgium which returned -5.2% over the past year.


Share holder returns

VASTBIndustryMarket
7 Day-1.3%1.3%-1.1%
30 Day-5.4%1.9%1.4%
90 Day-10.2%8.4%4.8%
1 Year-4.7%-8.5%23.3%17.7%-3.1%-5.2%
3 Year-14.4%-23.2%37.7%20.1%-4.5%-11.3%
5 Year-4.3%-19.6%83.0%47.1%22.4%7.6%

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 based on future cash flows and its price relative to the stock market?

24%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Vastned Retail Belgium's share price is below the future cash flow value, and at a moderate discount (> 20%).

Vastned Retail Belgium's share price is below the future cash flow value, but not at a substantial discount (< 40%).


Price Based on Earnings

Vastned Retail Belgium is loss making, we can't compare its value to the BE REITs industry average.

Vastned Retail Belgium is loss making, we can't compare the value of its earnings to the Belgium market.


Price Based on Expected Growth

Unable to calculate PEG ratio for Vastned Retail Belgium, we can't assess if its growth is good value.


Price Based on Value of Assets

Vastned Retail Belgium is good value based on assets compared to the BE REITs industry average.


Next Steps

Future Growth

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

19.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Unable to determine if Vastned Retail Belgium is high growth as no revenue estimate data is available.

Vastned Retail Belgium's earnings are expected to grow by 19.6% yearly, however this is not considered high growth (20% yearly).

Unable to compare Vastned Retail Belgium's revenue growth to the Belgium market average as no estimate data is available.

Vastned Retail Belgium's earnings growth is expected to exceed the Belgium market average.

Vastned Retail Belgium's earnings growth is expected to exceed the low risk savings rate of 0.8%.


Earnings per Share Growth Estimates


Future Return on Equity

Unable to establish if Vastned Retail Belgium will efficiently use shareholders’ funds in the future without estimates of Return on Equity.


Next Steps

Past Performance

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

-4.9%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Vastned Retail Belgium does not make a profit and their year on year earnings growth rate was negative over the past 5 years.

Unable to compare Vastned Retail Belgium's 1-year earnings growth to the 5-year average as it is not currently profitable.

Unable to compare Vastned Retail Belgium's 1-year growth to the BE REITs industry average as it is not currently profitable.


Return on Equity

It is difficult to establish if Vastned Retail Belgium has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.


Return on Assets

Vastned Retail Belgium used its assets less efficiently than the BE REITs industry average last year based on Return on Assets.


Return on Capital Employed

It is difficult to establish if Vastned Retail Belgium improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.


Next Steps

Financial Health

How is Vastned Retail Belgium's financial position?


Financial Position Analysis

Vastned Retail Belgium's short term (1 year) commitments are greater than its holdings of cash and other short term assets.

Vastned Retail Belgium's long term commitments exceed its cash and other short term assets.


Debt to Equity History and Analysis

Vastned Retail Belgium's level of debt (43.4%) compared to net worth is high (greater than 40%).

The level of debt compared to net worth has been reduced over the past 5 years (56.5% vs 43.4% today).

Debt is not well covered by operating cash flow (13.9%, less than 20% of total debt).

Vastned Retail Belgium is making a loss, therefore interest payments are not well covered by earnings.


Balance Sheet

High level of physical assets or inventory.

Debt is not covered by short term assets, assets are 0x debt.


Next Steps

Dividend

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

6.45%

Current Dividend Yield


Dividend Yield and Payments Analysis

Vastned Retail Belgium's pays a higher dividend yield than the bottom 25% of dividend payers in Belgium (2.26%).

Vastned Retail Belgium's dividend is above the markets top 25% of dividend payers in Belgium (4.76%).

Dividends per share have been volatile in the past 10 years (annual drop of over 20%).

Dividends per share have increased over the past 10 years.


Current Payout to Shareholders

Dividends paid are covered by earnings (1.1x coverage).


Future Payout to Shareholders

Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.


Next Steps

Management

What is the CEO of Vastned Retail Belgium's salary, the management and board of directors tenure and is there insider trading?

0.6yrs

Average management tenure


CEO

Rudi Taelemans (57yo)

3.0yrs

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 ...


Management Age and Tenure

0.6yrs

Average Tenure

The average tenure for the Vastned Retail Belgium management team is less than 2 years, this suggests a new team.


Board Age and Tenure

4.6yrs

Average Tenure

49yo

Average Age

The tenure for the Vastned Retail Belgium board of directors is about average.


Insider Trading

No 3 month open market individual insider trading information.


Ownership Breakdown


Management Team

  • Rudi Taelemans (57yo)

    Chief Executive Officer

    • Tenure: 3.0yrs
  • Taco Tammo de Groot (56yo)

    CEO & Director

    • Tenure: 0.6yrs
  • Elke Krols

    Chief Financial Officer

    • Tenure: 0.6yrs

Board Members

  • Anka Reijnen

    Independent Director

    • Tenure: 3.3yrs
  • Taco Tammo de Groot (56yo)

    CEO & Director

    • Tenure: 8.3yrs
  • Peggy Deraedt (49yo)

    Director

    • Tenure: 4.6yrs
  • Reinier Walta (45yo)

    CFO & Director

    • Tenure: 4.6yrs
  • Lieven Cuvelier

    Chairman

  • Ludo Ruysen

    Independent Director

    • Tenure: 0.6yrs

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: €224.471m
  • Shares outstanding: 5.08m
  • Website: Click here

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

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 e ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/17 21:02
End of Day Share Price2019/08/16 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.