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VIH1

VIB VermögenXTRA:VIH1 Stock Report

Market Cap

€1.0b

7D

3.1%

1Y

36.8%

Updated

27 Sep, 2021

Data

Company Financials +
VIH1 fundamental analysis
Snowflake Score
Valuation1/6
Future Growth1/6
Past Performance2/6
Financial Health3/6
Dividends5/6

VIH1 Overview

VIB Vermögen AG develops, buys, holds, rents, and manages commercial real estate properties in Southern Germany.

VIB Vermögen Competitors

Aroundtown

XTRA:AT1

€7.1b

TLG Immobilien

XTRA:TLG

€2.9b

Deutsche EuroShop

XTRA:DEQ

€1.1b

WCM Beteiligungs- und Grundbesitz-AG

XTRA:WCMK

€750.9m

Price History & Performance

Summary of all time highs, changes and price drops for VIB Vermögen
Historical stock prices
Current Share Price€37.00
52 Week High€26.00
52 Week Low€39.15
Beta0.66
1 Month Change-3.39%
3 Month Change1.79%
1 Year Change36.78%
3 Year Change61.57%
5 Year Change86.12%
Change since IPO560.71%

Recent News & Updates

Shareholder Returns

VIH1DE Real EstateDE Market
7D3.1%0.07%-0.3%
1Y36.8%8.5%27.2%

Return vs Industry: VIH1 exceeded the German Real Estate industry which returned 8.5% over the past year.

Return vs Market: VIH1 exceeded the German Market which returned 27% over the past year.

Price Volatility

Is VIH1's price volatile compared to industry and market?
VIH1 volatility
VIH1 Beta0.66
Industry Beta0.57
Market Beta1

Stable Share Price: VIH1 is less volatile than 75% of German stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: VIH1's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
199346Martin Pfandzelterhttps://www.vib-ag.de

VIB Vermögen AG develops, buys, holds, rents, and manages commercial real estate properties in Southern Germany. As of December 31, 2020, its real estate portfolio comprised 113 logistics and light industry properties, and specialist retail parks, as well as commercial and service centers with a total rentable area of approximately 1.29 million square meters. The company was founded in 1993 and is based in Neuburg an der Donau, Germany.

VIB Vermögen Fundamentals Summary

How do VIB Vermögen's earnings and revenue compare to its market cap?
VIH1 fundamental statistics
Market Cap€1.02b
Earnings (TTM)€68.23m
Revenue (TTM)€98.93m

15.0x

P/E Ratio

10.3x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
VIH1 income statement (TTM)
Revenue€98.93m
Cost of Revenue€17.28m
Gross Profit€81.65m
Expenses€13.43m
Earnings€68.23m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)2.47
Gross Margin82.53%
Net Profit Margin68.96%
Debt/Equity Ratio114.0%

How did VIH1 perform over the long term?

See historical performance and comparison

Dividends

2.0%

Current Dividend Yield

30%

Payout Ratio

Valuation

Is VIB Vermögen undervalued compared to its fair value and its price relative to the market?

14.96x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: VIH1 (€37.35) is trading above our estimate of fair value (€12.09)

Significantly Below Fair Value: VIH1 is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: VIH1 is poor value based on its PE Ratio (15.1x) compared to the German Real Estate industry average (14.7x).

PE vs Market: VIH1 is good value based on its PE Ratio (15.1x) compared to the German market (23.2x).


Price to Earnings Growth Ratio

PEG Ratio: VIH1 is poor value based on its PEG Ratio (5.1x)


Price to Book Ratio

PB vs Industry: VIH1 is overvalued based on its PB Ratio (1.6x) compared to the DE Real Estate industry average (1.3x).


Future Growth

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

2.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: VIH1's forecast earnings growth (2.9% per year) is above the savings rate (0.01%).

Earnings vs Market: VIH1's earnings (2.9% per year) are forecast to grow slower than the German market (12.5% per year).

High Growth Earnings: VIH1's earnings are forecast to grow, but not significantly.

Revenue vs Market: VIH1's revenue (4.5% per year) is forecast to grow slower than the German market (5.9% per year).

High Growth Revenue: VIH1's revenue (4.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: VIH1's Return on Equity is forecast to be low in 3 years time (9.9%).


Past Performance

How has VIB Vermögen performed over the past 5 years?

9.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: VIH1 has a large one-off gain of €21.0M impacting its June 30 2021 financial results.

Growing Profit Margin: VIH1's current net profit margins (69%) are lower than last year (72.5%).


Past Earnings Growth Analysis

Earnings Trend: VIH1's earnings have grown by 9.6% per year over the past 5 years.

Accelerating Growth: VIH1's earnings growth over the past year (1.7%) is below its 5-year average (9.6% per year).

Earnings vs Industry: VIH1 earnings growth over the past year (1.7%) exceeded the Real Estate industry -6.6%.


Return on Equity

High ROE: VIH1's Return on Equity (10.6%) is considered low.


Financial Health

How is VIB Vermögen's financial position?


Financial Position Analysis

Short Term Liabilities: VIH1's short term assets (€76.8M) exceed its short term liabilities (€74.0M).

Long Term Liabilities: VIH1's short term assets (€76.8M) do not cover its long term liabilities (€755.6M).


Debt to Equity History and Analysis

Debt Level: VIH1's debt to equity ratio (114%) is considered high.

Reducing Debt: VIH1's debt to equity ratio has reduced from 130.7% to 114% over the past 5 years.

Debt Coverage: VIH1's debt is not well covered by operating cash flow (9.4%).

Interest Coverage: VIH1's interest payments on its debt are well covered by EBIT (5.4x coverage).


Balance Sheet


Dividend

What is VIB Vermögen current dividend yield, its reliability and sustainability?

2.03%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: VIH1's dividend (2.01%) is higher than the bottom 25% of dividend payers in the German market (1%).

High Dividend: VIH1's dividend (2.01%) is low compared to the top 25% of dividend payers in the German market (3.14%).


Stability and Growth of Payments

Stable Dividend: VIH1's dividends per share have been stable in the past 10 years.

Growing Dividend: VIH1's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (30.4%), VIH1's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: VIH1's dividends in 3 years are forecast to be well covered by earnings (36.8% payout ratio).


Next Steps

Management

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

10.7yrs

Average management tenure


CEO

Martin Pfandzelter

4.67yrs

Tenure

Mr. Martin Pfandzelter has been Chairman of Management Board and Chief Executive Officer at VIB Vermögen AG since January 1, 2017. Mr. Pfandzelter served as the Chief Operating Officer of VIB Vermoegen AG...


Leadership Team

Experienced Management: VIH1's management team is seasoned and experienced (10.7 years average tenure).


Board Members

Experienced Board: VIH1's board of directors are not considered experienced ( 1 years average tenure), which suggests a new board.


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

VIB Vermögen AG's employee growth, exchange listings and data sources


Key Information

  • Name: VIB Vermögen AG
  • Ticker: VIH1
  • Exchange: XTRA
  • Founded: 1993
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Market Cap: €1.020b
  • Shares outstanding: 27.58m
  • Website: https://www.vib-ag.de

Number of Employees


Location

  • VIB Vermögen AG
  • Tilly-Park 1
  • Neuburg an der Donau
  • Bavaria
  • 86633
  • Germany

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/09/27 21:20
End of Day Share Price2021/09/27 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


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.