XTRA:VIH1

Stock Analysis Report

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Executive Summary

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


Snowflake Analysis

Established dividend payer with proven track record.


Similar Companies

Share Price & News

How has VIB Vermögen's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: VIH1 is less volatile than 75% of German stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: VIH1's weekly volatility (4%) has been stable over the past year.


Market Performance


7 Day Return

1.6%

VIH1

-0.03%

DE Real Estate

0.5%

DE Market


1 Year Return

2.7%

VIH1

5.1%

DE Real Estate

2.2%

DE Market

Return vs Industry: VIH1 underperformed the German Real Estate industry which returned 5.4% over the past year.

Return vs Market: VIH1 matched the German Market which returned 2.3% over the past year.


Shareholder returns

VIH1IndustryMarket
7 Day1.6%-0.03%0.5%
30 Day1.1%0.1%7.9%
90 Day4.2%0.6%4.6%
1 Year5.3%2.7%7.7%5.1%5.5%2.2%
3 Year42.9%32.4%21.4%12.3%4.4%-4.7%
5 Year93.9%70.2%73.9%54.0%30.5%12.2%

Long-Term Price Volatility Vs. Market

How volatile is VIB Vermögen's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

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

11.03x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: VIH1 (€28.6) is trading above our estimate of fair value (€8.68)

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


Price To Earnings Ratio

PE vs Industry: VIH1 is good value based on its PE Ratio (11x) compared to the DE Real Estate industry average (12.1x).

PE vs Market: VIH1 is good value based on its PE Ratio (11x) compared to the German market (23.3x).


Price to Earnings Growth Ratio

PEG Ratio: VIH1 is poor value based on its PEG Ratio (2.7x)


Price to Book Ratio

PB vs Industry: VIH1's PB Ratio (1.4x) is in line with the DE Real Estate industry average.


Next Steps

Future Growth

How is VIB Vermögen forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

4.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: VIH1's forecast earnings growth (4.1% per year) is above the savings rate (0.2%).

Earnings vs Market: VIH1's earnings (4.1% per year) are forecast to grow slower than the German market (27.2% per year).

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

Revenue vs Market: VIH1's revenue (6.7% per year) is forecast to grow faster than the German market (5.9% per year).

High Growth Revenue: VIH1's revenue (6.7% 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 (9.7%).


Next Steps

Past Performance

How has VIB Vermögen performed over the past 5 years?

11.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: VIH1 has a large one-off gain of €30.4M impacting its September 30 2020 financial results.

Growing Profit Margin: VIH1's current net profit margins (76%) are higher than last year (63.9%).


Past Earnings Growth Analysis

Earnings Trend: VIH1's earnings have grown by 11.1% per year over the past 5 years.

Accelerating Growth: VIH1's earnings growth over the past year (23.6%) exceeds its 5-year average (11.1% per year).

Earnings vs Industry: VIH1 earnings growth over the past year (23.6%) exceeded the Real Estate industry 0.09%.


Return on Equity

High ROE: VIH1's Return on Equity (12.1%) is considered low.


Next Steps

Financial Health

How is VIB Vermögen's financial position?


Financial Position Analysis

Short Term Liabilities: VIH1's short term assets (€39.6M) exceed its short term liabilities (€34.8M).

Long Term Liabilities: VIH1's short term assets (€39.6M) do not cover its long term liabilities (€760.6M).


Debt to Equity History and Analysis

Debt Level: VIH1's debt to equity ratio (119.4%) is considered high.

Reducing Debt: VIH1's debt to equity ratio has reduced from 140.1% to 119.4% over the past 5 years.

Debt Coverage: VIH1's debt is not well covered by operating cash flow (8.8%).

Interest Coverage: VIH1's interest payments on its debt are well covered by EBIT (4.8x coverage).


Balance Sheet


Next Steps

Dividend

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

2.45%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: VIH1's dividend (2.45%) is higher than the bottom 25% of dividend payers in the German market (1.14%).

High Dividend: VIH1's dividend (2.45%) is low compared to the top 25% of dividend payers in the German market (3.71%).


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 (27%), 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 (35.7% payout ratio).


Next Steps

Management

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

10.0yrs

Average management tenure


CEO

Martin Pfandzelter

3.92yrs

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

NamePositionTenureCompensationOwnership
Martin Pfandzelter
Chairman of Management Board & Chief Executive Officer3.92yrsno datano data
Holger Pilgenrother
CFO & Member of Management Board8yrsno datano data
Birgit Schreiber
Head of Accounting11.92yrsno datano data
Petra Riechert
Investor Relationsno datano datano data
Roswitha Angermair
Head of Real Estate Department12.92yrsno datano data
Rainer Hettmer
Head of Participations Controlling and Financingno datano datano data

10.0yrs

Average Tenure

55yo

Average Age

Experienced Management: VIH1's management team is seasoned and experienced (10 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Rolf Klug
Supervisory Board Member20.92yrsno datano data
Ludwig Schlosser
Chairman of Supervisory Board1.17yrsno datano data
Franz-Xaver Schmidbauer
Supervisory Board Member20.92yrsno datano data
Jurgen Wittmann
Supervisory Board Deputy Chairman9.42yrsno datano data

15.2yrs

Average Tenure

68.5yo

Average Age

Experienced Board: VIH1's board of directors are seasoned and experienced ( 15.2 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

VIB Vermögen AG's company bio, 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: €765.339m
  • 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

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
VIH1DB (Deutsche Boerse AG)YesRegistered SharesDEEURNov 2005
VIH1XTRA (XETRA Trading Platform)YesRegistered SharesDEEURNov 2005
VIHDBATS-CHIXE (BATS 'Chi-X Europe')YesRegistered SharesGBEURNov 2005
VIBV.YOTCPK (Pink Sheets LLC)UNSPONSORED ADRUSUSDSep 2013

Biography

VIB Vermögen AG develops, buys, holds, and manages commercial real estate properties in Southern Germany. As of December 31, 2019, its real estate portfolio comprised 109 logistics and light industry prope...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/12/04 19:58
End of Day Share Price2020/12/04 00:00
Earnings2020/09/30
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.