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VGP

VGP ENXTBR:VGP Stock Report

Last Price

€105.40

Market Cap

€2.3b

7D

-17.5%

1Y

-48.0%

Updated

25 Sep, 2022

Data

Company Financials +

VGP Competitors

Price History & Performance

Summary of all time highs, changes and price drops for VGP
Historical stock prices
Current Share Price€105.40
52 Week High€268.50
52 Week Low€103.80
Beta0.69
1 Month Change-30.66%
3 Month Change-37.56%
1 Year Change-47.95%
3 Year Change25.48%
5 Year Change58.50%
Change since IPO575.64%

Recent News & Updates

Shareholder Returns

VGPBE Real EstateBE Market
7D-17.5%-11.4%-4.2%
1Y-48.0%-32.5%-14.7%

Return vs Industry: VGP underperformed the Belgian Real Estate industry which returned -32.5% over the past year.

Return vs Market: VGP underperformed the Belgian Market which returned -14.7% over the past year.

Price Volatility

Is VGP's price volatile compared to industry and market?
VGP volatility
VGP Average Weekly Movement6.4%
Real Estate Industry Average Movement4.7%
Market Average Movement4.7%
10% most volatile stocks in BE Market7.8%
10% least volatile stocks in BE Market2.7%

Stable Share Price: VGP is more volatile than 75% of Belgian stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: VGP's weekly volatility (6%) has been stable over the past year, but is still higher than 75% of Belgian stocks.

About the Company

FoundedEmployeesCEOWebsite
1998385Jan Van Geethttps://www.vgpparks.eu

VGP NV, together with its subsidiaries, develops, owns, and manages logistics and semi-industrial real estate, and ancillary offices. It leases its properties to tenants in the logistic sector, including storing, assembling, re-conditioning, and final treatment of the goods. The company also provides property management services; asset management services related to corporate administration, financing, business planning, reporting, budgeting, management of tax and legal affairs, controlling, etc.; project management and leasing services; and facility management services, such as maintenance, waste management, and greenery maintenance services.

VGP Fundamentals Summary

How do VGP's earnings and revenue compare to its market cap?
VGP fundamental statistics
Market Cap€2.30b
Earnings (TTM)€599.40m
Revenue (TTM)€68.46m

3.8x

P/E Ratio

33.6x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
VGP income statement (TTM)
Revenue€68.46m
Cost of Revenue€3.18m
Gross Profit€65.29m
Other Expenses-€534.11m
Earnings€599.40m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)27.45
Gross Margin95.36%
Net Profit Margin875.52%
Debt/Equity Ratio108.4%

How did VGP perform over the long term?

See historical performance and comparison

Dividends

6.5%

Current Dividend Yield

24%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is VGP undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for VGP?

Other financial metrics that can be useful for relative valuation.

VGP key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue58.6x
Enterprise Value/EBITDA420.4x
PEG Ratio-0.2x

Price to Earnings Ratio vs Peers

How does VGP's PE Ratio compare to its peers?

VGP PE Ratio vs Peers
The above table shows the PE ratio for VGP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average11.2x
SHUR Shurgard Self Storage
5.2x-13.8%€3.5b
ATEB Atenor
17.2x62.6%€300.0m
TEXF Texaf
17.5xn/a€122.5m
INCLU Inclusio
5.1xn/a€115.5m
VGP VGP
3.8x-18.0%€2.3b

Price-To-Earnings vs Peers: VGP is good value based on its Price-To-Earnings Ratio (3.8x) compared to the peer average (11.2x).


Price to Earnings Ratio vs Industry

How does VGP's PE Ratio compare vs other companies in the European Real Estate Industry?

Price-To-Earnings vs Industry: VGP is good value based on its Price-To-Earnings Ratio (3.8x) compared to the European Real Estate industry average (7.3x)


Price to Earnings Ratio vs Fair Ratio

What is VGP's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

VGP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio3.8x
Fair PE Ratio8.4x

Price-To-Earnings vs Fair Ratio: VGP is good value based on its Price-To-Earnings Ratio (3.8x) compared to the estimated Fair Price-To-Earnings Ratio (8.4x).


Share Price vs Fair Value

What is the Fair Price of VGP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: VGP (€105.4) is trading above our estimate of fair value (€78.69)

Significantly Below Fair Value: VGP is trading above our estimate of fair value.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


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Future Growth

How is VGP forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

Future Growth Score

1/6

Future Growth Score 1/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-18.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: VGP's earnings are forecast to decline over the next 3 years (-18% per year).

Earnings vs Market: VGP's earnings are forecast to decline over the next 3 years (-18% per year).

High Growth Earnings: VGP's earnings are forecast to decline over the next 3 years.

Revenue vs Market: VGP's revenue (14.7% per year) is forecast to grow faster than the Belgian market (2.3% per year).

High Growth Revenue: VGP's revenue (14.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: VGP's Return on Equity is forecast to be low in 3 years time (10.8%).


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Past Performance

How has VGP performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


41.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: VGP has a high level of non-cash earnings.

Growing Profit Margin: VGP's current net profit margins are lower than last year .


Past Earnings Growth Analysis

Earnings Trend: VGP's earnings have grown significantly by 41.2% per year over the past 5 years.

Accelerating Growth: VGP's earnings growth over the past year (58.7%) exceeds its 5-year average (41.2% per year).

Earnings vs Industry: VGP earnings growth over the past year (58.7%) underperformed the Real Estate industry 91.4%.


Return on Equity

High ROE: Whilst VGP's Return on Equity (27.51%) is high, this metric is skewed due to their high level of debt.


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Financial Health

How is VGP's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: VGP's short term assets (€1.1B) exceed its short term liabilities (€339.4M).

Long Term Liabilities: VGP's short term assets (€1.1B) do not cover its long term liabilities (€2.4B).


Debt to Equity History and Analysis

Debt Level: VGP's net debt to equity ratio (78.6%) is considered high.

Reducing Debt: VGP's debt to equity ratio has reduced from 109.9% to 108.4% over the past 5 years.

Debt Coverage: VGP's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: VGP's interest payments on its debt are not well covered by EBIT (0.4x coverage).


Balance Sheet


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Dividend

What is VGP current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


6.50%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: VGP's dividend (6.5%) is higher than the bottom 25% of dividend payers in the Belgian market (2.1%).

High Dividend: VGP's dividend (6.5%) is low compared to the top 25% of dividend payers in the Belgian market (6.85%).


Stability and Growth of Payments

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

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


Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (24.4%), VGP's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: VGP is paying a dividend but the company has no free cash flows.


Discover strong dividend paying companies

Management

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

1.7yrs

Average management tenure


CEO

Jan Van Geet (51 yo)

14.67yrs

Tenure

€1,326,987

Compensation

Mr. Jan Van Geet serves as the Chief Executive Officer of VGP-industrialni stavby s.r.o. Mr. Geet is the Founder of VGP NV and serves as its Chief Executive Officer. He has the overall daily as well as str...


CEO Compensation Analysis

Compensation vs Market: Jan's total compensation ($USD1.29M) is above average for companies of similar size in the Belgian market ($USD737.50K).

Compensation vs Earnings: Jan's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: VGP's management team is not considered experienced ( 1.7 years average tenure), which suggests a new team.


Board Members

Experienced Board: VGP's board of directors are considered experienced (3.3 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

What is the ownership structure of VGP?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders2,894,11913.3%
Institutions3,349,51115.3%
General Public7,376,25033.8%
Private Companies8,213,17037.6%

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 6.1%.


Top Shareholders

Top 25 shareholders own 63.7% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
19%
VM Invest NV
4,149,171€437.3m0%no data
18.61%
Little Rock SA
4,063,999€428.3m0%no data
13.26%
Jan Van Geet
2,894,119€305.0m0%no data
1.79%
Norges Bank Investment Management
389,842€41.1m0%0.01%
1.46%
The Vanguard Group, Inc.
317,766€33.5m0.97%no data
1.29%
Janus Henderson Group plc
280,870€29.6m-14.75%0.02%
1.05%
Schroder Investment Management Limited
229,892€24.2m-0.05%0.02%
1.04%
BlackRock, Inc.
227,664€24.0m0.09%no data
1.02%
Columbia Management Investment Advisers, LLC
222,446€23.4m0%0.01%
0.79%
Deka Investment GmbH
171,510€18.1m4.57%0.03%
0.64%
PGIM, Inc.
139,372€14.7m0.49%0.02%
0.61%
J.P. Morgan Asset Management, Inc.
133,315€14.1m323.85%no data
0.5%
KBC Asset Management NV
109,382€11.5m1.63%0.03%
0.39%
Dimensional Fund Advisors LP
85,682€9.0m1.62%no data
0.37%
Degroof Petercam Asset Management
81,650€8.6m0%0.06%
0.31%
Metzler Asset Management GmbH
68,300€7.2m-3.8%0.1%
0.26%
Cohen & Steers Capital Management, Inc.
56,546€6.0m-1.78%0.01%
0.22%
Bank Nagelmackers NV, Asset Management Arm
47,097€5.0m0%1.38%
0.2%
Amundi Asset Management
44,055€4.6m13.01%no data
0.17%
Candriam Luxembourg S.A.
37,131€3.9m0%0.01%
0.16%
AXA Investment Managers S.A.
34,709€3.7m0%0.01%
0.15%
Capfi Delen Asset Management NV
32,500€3.4m0%0.02%
0.15%
BNPP Asset Management France
31,691€3.3m0%0.01%
0.14%
Allianz Asset Management AG
30,653€3.2m0%no data
0.13%
Oberweis Asset Management, Inc.
28,100€3.0m-11.91%0.23%

Company Information

VGP NV's employee growth, exchange listings and data sources


Key Information

  • Name: VGP NV
  • Ticker: VGP
  • Exchange: ENXTBR
  • Founded: 1998
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Implied Market Cap: €2.301b
  • Shares outstanding: 21.83m
  • Website: https://www.vgpparks.eu

Number of Employees


Location

  • VGP NV
  • Generaal Lemanstraat 55 bus 4
  • Antwerp
  • Antwerp
  • 2018
  • Belgium


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
VGPENXTBR (Euronext Brussels)YesRegistered SharesBEEURDec 2007
VGPSEP (The Stock Exchange Prague Co. Ltd.)YesRegistered SharesCZCZKDec 2007
0HM0LSE (London Stock Exchange)YesRegistered SharesGBEURDec 2007
4V1DB (Deutsche Boerse AG)YesRegistered SharesDEEURDec 2007
VGPBBATS-CHIXE (BATS 'Chi-X Europe')YesRegistered SharesGBEURDec 2007
VGPB.FOTCPK (Pink Sheets LLC)YesRegistered SharesUSUSDDec 2007

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/25 00:00
End of Day Share Price2022/09/23 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.