Van Lanschot Kempen NV

BST:VA3 Stock Report

Market Cap: €1.8b

Van Lanschot Kempen Valuation

Is VA3 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of VA3 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: VA3 (€44.1) is trading below our estimate of fair value (€48.69)

Significantly Below Fair Value: VA3 is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for VA3?

Key metric: As VA3 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for VA3. This is calculated by dividing VA3's market cap by their current earnings.
What is VA3's PE Ratio?
PE Ratio13.1x
Earnings€138.87m
Market Cap€1.83b

Price to Earnings Ratio vs Peers

How does VA3's PE Ratio compare to its peers?

The above table shows the PE ratio for VA3 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average9x
MLP MLP
10.1x7.8%€649.2m
DWS DWS Group GmbH KGaA
13.7x13.0%€8.2b
DBAN Deutsche Beteiligungs
8.9x35.3%€422.6m
AR40 AURELIUS Equity Opportunities SE KGaA
3.5xn/a€350.4m
VA3 Van Lanschot Kempen
13.1x6.9%€1.8b

Price-To-Earnings vs Peers: VA3 is expensive based on its Price-To-Earnings Ratio (13.1x) compared to the peer average (9x).

Price to Earnings Ratio vs Industry

How does VA3's PE Ratio compare vs other companies in the DE Capital Markets Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
AR40 AURELIUS Equity Opportunities SE KGaA
3.5xn/aUS$368.10m
HXCK Ernst Russ
3.8x-19.3%US$208.77m
VG8 Varengold Bank
2xn/aUS$26.12m
XE8 Black Sea Property
0.7xn/aUS$7.73m
No more companies available in this PE range
VA3 13.1xIndustry Avg. 20.0xNo. of Companies7PE01632486480+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: VA3 is good value based on its Price-To-Earnings Ratio (13.1x) compared to the German Capital Markets industry average (20x).

Price to Earnings Ratio vs Fair Ratio

What is VA3'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.

VA3 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio13.1x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate VA3's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

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

The above table shows the analyst VA3 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€44.10
€45.50
+3.2%
2.2%€46.50€44.50n/a2
Dec ’25n/a
€45.50
0%
2.2%€46.50€44.50n/a2
Nov ’25n/a
€45.50
0%
2.2%€46.50€44.50n/a2
Oct ’25n/a
€45.50
0%
2.2%€46.50€44.50n/a2
Sep ’25n/a
€45.50
0%
2.2%€46.50€44.50n/a2
Aug ’25n/a
€42.85
0%
6.2%€45.50€40.20n/a2
Jul ’25n/a
€39.10
0%
2.8%€40.20€38.00n/a2
Jun ’25n/a
€35.75
0%
6.3%€38.00€33.50n/a2
May ’25n/a
€34.25
0%
2.2%€35.00€33.50n/a2
Apr ’25n/a
€34.25
0%
2.2%€35.00€33.50n/a2
Mar ’25n/a
€34.25
0%
2.2%€35.00€33.50n/a2
Feb ’25n/a
€32.50
0%
1.5%€33.00€32.00n/a2
Jan ’25n/a
€35.25
0%
6.4%€37.50€33.00n/a2
Dec ’24n/a
€35.25
0%
6.4%€37.50€33.00n/a2
Nov ’24n/a
€35.25
0%
6.4%€37.50€33.00n/a2
Oct ’24€25.30
€35.25
+39.3%
6.4%€37.50€33.00n/a2
Sep ’24€27.05
€35.25
+30.3%
6.4%€37.50€33.00n/a2
Aug ’24n/a
€37.00
0%
1.4%€37.50€36.50n/a2
Jul ’24n/a
€34.75
0%
7.9%€37.50€32.00n/a2

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/18 15:10
End of Day Share Price 2024/12/11 00:00
Earnings2024/06/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Van Lanschot Kempen NV is covered by 3 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Jason KalamboussisING Groep NV
Benoit ValleauxODDO BHF Corporate & Markets
Cor KluisODDO BHF Corporate & Markets