ENXTAM:VLK

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Van Lanschot Kempen

Executive Summary

Van Lanschot Kempen N.V. provides financial services in the Netherlands and internationally.


Snowflake Analysis

Good value with adequate balance sheet and pays a dividend.


Similar Companies

Share Price & News

How has Van Lanschot Kempen's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: VLK's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

4.7%

VLK

-0.6%

NL Banks

1.6%

NL Market


1 Year Return

-35.4%

VLK

-36.3%

NL Banks

-16.0%

NL Market

Return vs Industry: VLK exceeded the Dutch Banks industry which returned -36.7% over the past year.

Return vs Market: VLK underperformed the Dutch Market which returned -16.8% over the past year.


Shareholder returns

VLKIndustryMarket
7 Day4.7%-0.6%1.6%
30 Day4.5%1.2%4.3%
90 Day-32.1%-35.8%-12.8%
1 Year-30.8%-35.4%-34.7%-36.3%-13.2%-16.0%
3 Year-26.7%-45.8%-41.1%-47.7%-0.6%-10.9%
5 Year-2.4%-32.9%-44.4%-55.1%16.7%-5.2%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is Van Lanschot Kempen undervalued compared to its fair value and its price relative to the market?

4.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: VLK (€13.4) is trading below our estimate of fair value (€14.08)

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


Price To Earnings Ratio

PE vs Industry: VLK is poor value based on its PE Ratio (8.2x) compared to the Banks industry average (7.8x).

PE vs Market: VLK is good value based on its PE Ratio (8.2x) compared to the Dutch market (14.6x).


Price to Earnings Growth Ratio

PEG Ratio: VLK is good value based on its PEG Ratio (0.4x)


Price to Book Ratio

PB vs Industry: VLK is good value based on its PB Ratio (0.4x) compared to the XE Banks industry average (0.5x).


Next Steps

Future Growth

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

18.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: VLK's forecast earnings growth (18.9% per year) is above the savings rate (0.4%).

Earnings vs Market: VLK's earnings (18.9% per year) are forecast to grow slower than the Dutch market (20.1% per year).

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

Revenue vs Market: VLK's revenue (2.1% per year) is forecast to grow slower than the Dutch market (7.4% per year).

High Growth Revenue: VLK's revenue (2.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: VLK's Return on Equity is forecast to be low in 3 years time (5.3%).


Next Steps

Past Performance

How has Van Lanschot Kempen performed over the past 5 years?

7.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: VLK has a large one-off loss of €48.0M impacting its March 31 2020 financial results.

Growing Profit Margin: VLK's current net profit margins (12.5%) are higher than last year (12.5%).


Past Earnings Growth Analysis

Earnings Trend: VLK's earnings have grown by 7.4% per year over the past 5 years.

Accelerating Growth: VLK's earnings growth over the past year (7%) is below its 5-year average (7.4% per year).

Earnings vs Industry: VLK earnings growth over the past year (7%) exceeded the Banks industry 0.8%.


Return on Equity

High ROE: VLK's Return on Equity (5.5%) is considered low.


Next Steps

Financial Health

How is Van Lanschot Kempen's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: VLK's Assets to Equity ratio (10.9x) is moderate.

Allowance for Bad Loans: VLK has a low allowance for bad loans (27%).

Low Risk Liabilities: 74% of VLK's liabilities are made up of primarily low risk sources of funding.

Loan Level: VLK has an appropriate level of Loans to Assets ratio (60%).

Low Risk Deposits: VLK's Loans to Deposits ratio (89%) is appropriate.

Level of Bad Loans: VLK has a high level of bad loans (2.7%).


Next Steps

Dividend

What is Van Lanschot Kempen's current dividend yield, its reliability and sustainability?

10.82%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: VLK's dividend (10.82%) is higher than the bottom 25% of dividend payers in the Dutch market (2.64%).

High Dividend: VLK's dividend (10.82%) is in the top 25% of dividend payers in the Dutch market (7.5%)


Stability and Growth of Payments

Stable Dividend: VLK has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: VLK's dividend payments have increased, but the company has only paid a dividend for 9 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (88.4%), VLK's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: VLK's dividends in 3 years are forecast to be covered by earnings (88.7% payout ratio).


Next Steps

Management

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

6.2yrs

Average management tenure


CEO

Karl Guha (55yo)

7.33yrs

Tenure

€1,538,000

Compensation

Mr. Karl K. Guha has been the Chairman of Board of Managing Directors of Van Lanschot Kempen NV (formerly known as Van Lanschot NV)(formerly known as F. van Lanschot Bankiers NV) since January 2, 2013 and  ...


CEO Compensation Analysis

Compensation vs Market: Karl's total compensation ($USD1.68M) is above average for companies of similar size in the Dutch market ($USD840.96K).

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


Leadership Team

NamePositionTenureCompensationOwnership
Karl Guha
Chairman of the Executive Board7.33yrs€1.54m0.19% 1.0m
Constant Theodorus Korthout
CFO, Chief Risk Officer & Member of the Executive Board9.58yrs€994.00k0.18% 961.5k
Arjan Huisman
COO & Member of the Executive Board10yrs€994.00k0.13% 688.3k
Richard Bruens
Member of the Executive Board6yrs€994.00k0.17% 907.4k
Ingrid Rombouts
Investor Relationsno datano datano data
Robin Boon
Director of Communications1.75yrsno datano data
Willem Oosten
Head of Treasury6.17yrsno datano data
Wim Meiss
Company Secretaryno datano datano data
J. Meijer Thijssen
Secretary to the Boardno datano datano data
F. Verhees
Senior Client Adviser2.75yrsno datano data

6.2yrs

Average Tenure

54.5yo

Average Age

Experienced Management: VLK's management team is seasoned and experienced (6.2 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Willy Duron
Chairman of the Supervisory Board4.42yrsno datano data
Johanna Geziena Helthuis
Member of the Supervisory Board6.83yrsno datano data
Manfred Schepers
Vice-Chairman of the Supervisory Board3yrsno datano data
Francis Blom
Member of the Supervisory Board1.58yrsno datano data
Bernadette J. Langius
Member of the Supervisory Board5yrsno datano data
Alexander van Overmeire
Member of the Supervisory Board3.33yrsno datano data
Maarten Muller
Member of the Supervisory board2yrsno datano data

3.3yrs

Average Tenure

59yo

Average Age

Experienced Board: VLK'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.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Van Lanschot Kempen N.V.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Van Lanschot Kempen N.V.
  • Ticker: VLK
  • Exchange: ENXTAM
  • Founded: 1737
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: €546.328m
  • Shares outstanding: 40.77m
  • Website: https://www.vanlanschotkempen.com

Number of Employees


Location

  • Van Lanschot Kempen N.V.
  • Hooge Steenweg 29
  • ‘s-Hertogenbosch
  • Noord-Brabant
  • 5211 JN
  • Netherlands

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
VLKENXTAM (Euronext Amsterdam)YesOrdinary Shares ANLEURJun 1999
VLNV.FOTCPK (Pink Sheets LLC)YesOrdinary Shares AUSUSDJun 1999
0O4BLSE (London Stock Exchange)YesOrdinary Shares AGBEURJun 1999
VA3BST (Boerse-Stuttgart)YesOrdinary Shares ADEEURJun 1999
VLKABATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary Shares AGBEURJun 1999
VA3DB (Deutsche Boerse AG)YesOrdinary Shares ADEEURJun 1999

Biography

Van Lanschot Kempen N.V. provides financial services in the Netherlands and internationally. The company operates through Private Banking, Evi, Asset Management, Merchant Banking, and Other Activities segments. It offers personal wealth management services to high net-worth individuals, entrepreneurs, family businesses, business professionals and executives, healthcare professionals, foundations, and associations. The company also provides online wealth management services, including asset management, savings, and pension solutions; comprehensive fiduciary wealth management services; long-term focused niche investment strategies; and asset management services focusing on various asset classes, such as on high dividend equities, small caps, real estate, infrastructure, credits, government bonds, sustainable value creation, funds of hedge funds, and private markets. In addition, it provides merchant banking services comprises of equities research and trading; capital market transactions; corporate finance; and debt advisory services for corporate and institutional clients. The company was formerly known as Van Lanschot NV and changed its name to Van Lanschot Kempen N.V. in June 2017. Van Lanschot Kempen N.V. was founded in 1737 and is headquartered in ‘s-Hertogenbosch, the Netherlands. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/05/25 21:16
End of Day Share Price2020/05/25 00:00
Earnings2020/03/31
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.