DB:4V1

Stock Analysis Report

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Executive Summary

VGP NV, together with its subsidiaries, develops, builds, owns, manages, and leases logistics and semi-industrial real estate, and ancillary offices.


Snowflake Analysis

Proven track record average dividend payer.

Share Price & News

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


Latest Share Price and Events

Stable Share Price: 4V1 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

3.2%

4V1

2.8%

DE Real Estate

2.7%

DE Market


1 Year Return

49.4%

4V1

5.1%

DE Real Estate

0.2%

DE Market

Return vs Industry: 4V1 exceeded the German Real Estate industry which returned 5.1% over the past year.

Return vs Market: 4V1 exceeded the German Market which returned 0.2% over the past year.


Shareholder returns

4V1IndustryMarket
7 Day3.2%2.8%2.7%
30 Day-1.7%0.4%3.7%
90 Day26.8%19.0%28.3%
1 Year52.1%49.4%7.1%5.1%2.3%0.2%
3 Year106.6%91.4%39.5%30.0%4.0%-4.5%
5 Year342.7%310.3%108.9%83.4%14.9%-0.3%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

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

10.5x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: 4V1 (€117.4) is trading above our estimate of fair value (€50.24)

Significantly Below Fair Value: 4V1 is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: 4V1 is poor value based on its PE Ratio (10.5x) compared to the Real Estate industry average (10.5x).

PE vs Market: 4V1 is good value based on its PE Ratio (10.5x) compared to the German market (20.6x).


Price to Earnings Growth Ratio

PEG Ratio: 4V1's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: 4V1 is overvalued based on its PB Ratio (3.1x) compared to the DE Real Estate industry average (1.4x).


Next Steps

Future Growth

How is VGP forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

-29.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 4V1's earnings are forecast to decline over the next 3 years (-29.6% per year).

Earnings vs Market: 4V1's earnings are forecast to decline over the next 3 years (-29.6% per year).

High Growth Earnings: 4V1's earnings are forecast to decline over the next 3 years.

Revenue vs Market: 4V1's revenue is expected to decline over the next 3 years (-33% per year).

High Growth Revenue: 4V1's revenue is forecast to decline over the next 3 years (-33% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 4V1's Return on Equity is forecast to be high in 3 years time (23%)


Next Steps

Past Performance

How has VGP performed over the past 5 years?

21.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 4V1 has a high level of non-cash earnings.

Growing Profit Margin: 4V1's current net profit margins are higher than last year .


Past Earnings Growth Analysis

Earnings Trend: 4V1's earnings have grown significantly by 21.2% per year over the past 5 years.

Accelerating Growth: 4V1's earnings growth over the past year (69.8%) exceeds its 5-year average (21.2% per year).

Earnings vs Industry: 4V1 earnings growth over the past year (69.8%) exceeded the Real Estate industry 8.5%.


Return on Equity

High ROE: Whilst 4V1's Return on Equity (29.38%) is high, this metric is skewed due to their high level of debt.


Next Steps

Financial Health

How is VGP's financial position?


Financial Position Analysis

Short Term Liabilities: 4V1's short term assets (€374.6M) exceed its short term liabilities (€112.5M).

Long Term Liabilities: 4V1's short term assets (€374.6M) do not cover its long term liabilities (€812.1M).


Debt to Equity History and Analysis

Debt Level: 4V1's debt to equity ratio (111.5%) is considered high.

Reducing Debt: 4V1's debt to equity ratio has increased from 92.3% to 111.5% over the past 5 years.

Debt Coverage: 4V1's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: 4V1's interest payments on its debt are well covered by EBIT (5.3x coverage).


Balance Sheet


Next Steps

Dividend

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

2.80%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: 4V1's dividend (2.8%) is higher than the bottom 25% of dividend payers in the German market (1.27%).

High Dividend: 4V1's dividend (2.8%) is low compared to the top 25% of dividend payers in the German market (3.83%).


Stability and Growth of Payments

Stable Dividend: 4V1's dividend payments have been volatile in the past 10 years.

Growing Dividend: 4V1's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (29.4%), 4V1's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 4V1's dividends in 3 years are forecast to be well covered by earnings (43.5% payout ratio).


Next Steps

Management

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

12.5yrs

Average management tenure


CEO

Jan Van Geet (49yo)

12.5yrs

Tenure

€930,212

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 ($USD1.05M) is below average for companies of similar size in the German market ($USD2.58M).

Compensation vs Earnings: Jan's compensation has increased by more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Jan Van Geet
Founder12.5yrs€930.21k11.71% 280.0m
Dirk Stoop
Chief Financial Officer13.5yrsno datano data
Miquel-David Martinez
Chief Technical Officerno datano datano data
Martijn Vlutters
Vice President of Business Development & Investor Relationsno datano datano data
Jan Procházka
Chief Operating Officer of Czech Republicno datano datano data
Tomas Geet
Chief Commercial Officerno datano datano data
Matthias Sander
Chief Operating Officer of Eastern Europeno datano datano data
Jonathan Watkins
Chief Operating Officer of Western Europe0.58yrno datano data

12.5yrs

Average Tenure

47yo

Average Age

Experienced Management: 4V1's management team is seasoned and experienced (12.5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Jan Van Geet
Founder12.5yrs€930.21k11.71% 280.0m
Bart Van Malderen
Non Executive Chairman1.17yrs€100.00kno data
Ann Gaeremynck
Non Executive Independent Director1.17yrs€62.00kno data
Katherina Reiche
Non-Executive Independent Director1.17yrs€58.00kno data
Vera Gäde-Butzlaff
Non-Executive Independent Director1.17yrs€60.00kno data

1.2yrs

Average Tenure

54yo

Average Age

Experienced Board: 4V1's board of directors are not considered experienced ( 1.2 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 been diluted in the past year, with total shares outstanding growing by 10.8%.


Top Shareholders

Company Information

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


Key Information

  • Name: VGP NV
  • Ticker: 4V1
  • Exchange: DB
  • Founded: 1998
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Market Cap: €2.392b
  • Shares outstanding: 20.58m
  • Website: https://www.vgpparks.eu

Number of Employees


Location

  • VGP NV
  • Uitbreidingstraat 72 box 7
  • Antwerp
  • Antwerp
  • 2600
  • 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

Biography

VGP NV, together with its subsidiaries, develops, builds, owns, manages, and leases logistics and semi-industrial real estate, and ancillary offices. It leases its properties to tenants in logistic sector, including storing, assembling, re-conditioning, and final treatment of the goods. The company also offers asset and property management services; and facility management services, such as maintenance, waste management, greenery maintenance services, etc. It operates in Germany, Spain, Austria, the Netherlands, Italy, Portugal, the Czech Republic, Slovakia, Hungary, Romania, and Latvia. The company was founded in 1998 and is headquartered in Antwerp, Belgium. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/03 21:51
End of Day Share Price2020/07/03 00:00
Earnings2019/12/31
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.