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Van Lanschot Kempen

ENXTAM:VLK
Snowflake Description

Adequate balance sheet unattractive dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
VLK
ENXTAM
€853M
Market Cap
  1. Home
  2. NL
  3. Banks
Company description

Van Lanschot Kempen N.V. provides financial services in the Netherlands and internationally. The last earnings update was 87 days ago. More info.


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VLK Share Price and Events
7 Day Returns
-5.2%
ENXTAM:VLK
-2.1%
Europe Banks
-1.8%
NL Market
1 Year Returns
-17.5%
ENXTAM:VLK
-17.4%
Europe Banks
-2%
NL Market
VLK Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Van Lanschot Kempen (VLK) -5.2% -9.3% 2.4% -17.5% 24.1% 11.5%
Europe Banks -2.1% -6.6% -1.7% -17.4% -5.5% -28.1%
NL Market -1.8% -3% 2.3% -2% 22% 24.6%
1 Year Return vs Industry and Market
  • VLK underperformed the Market in Netherlands which returned -2% over the past year.
Price Volatility
VLK
Industry
5yr Volatility vs Market

Value

 Is Van Lanschot Kempen undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Van Lanschot Kempen to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Van Lanschot Kempen.

ENXTAM:VLK Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= €30.05 * 5.3%
€1.59
Book Value of Equity per Share Weighted future Book Value estimates from 2 analysts. €30.05
Discount Rate (Cost of Equity) See below 11.7%
Perpetual Growth Rate 10-Year NL Government Bond Rate 0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ENXTAM:VLK
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NL Govt Bond Rate 0.4%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.6
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.596 (1 + (1- 25%) (393.67%))
1.908
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.91
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.37% + (1.908 * 5.96%)
11.74%

Discounted Cash Flow Calculation for ENXTAM:VLK using Excess Returns Model Model

The calculations below outline how an intrinsic value for Van Lanschot Kempen is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

ENXTAM:VLK Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (5.3% – 11.74%) * €30.05)
€-1.94
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= €-1.94 / (11.74% - 0.37%)
€-17.06
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= €30.05 + €-17.06
€13
ENXTAM:VLK Discount to Share Price
Calculation Result
Value per share (EUR) From above. €13.00
Current discount Discount to share price of €20.95
= -1 x (€20.95 - €13.00) / €13.00
-61.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Van Lanschot Kempen is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Van Lanschot Kempen's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Van Lanschot Kempen's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTAM:VLK PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €1.51
ENXTAM:VLK Share Price ** ENXTAM (2019-05-24) in EUR €20.95
Europe Banks Industry PE Ratio Median Figure of 162 Publicly-Listed Banks Companies 9.21x
Netherlands Market PE Ratio Median Figure of 81 Publicly-Listed Companies 17.21x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Van Lanschot Kempen.

ENXTAM:VLK PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTAM:VLK Share Price ÷ EPS (both in EUR)

= 20.95 ÷ 1.51

13.92x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Van Lanschot Kempen is overvalued based on earnings compared to the Europe Banks industry average.
  • Van Lanschot Kempen is good value based on earnings compared to the Netherlands market.
Price based on expected Growth
Does Van Lanschot Kempen's expected growth come at a high price?
Raw Data
ENXTAM:VLK PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.92x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
8.5%per year
Europe Banks Industry PEG Ratio Median Figure of 113 Publicly-Listed Banks Companies 0.79x
Netherlands Market PEG Ratio Median Figure of 66 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

ENXTAM:VLK PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 13.92x ÷ 8.5%

1.63x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Van Lanschot Kempen is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Van Lanschot Kempen's assets?
Raw Data
ENXTAM:VLK PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €30.62
ENXTAM:VLK Share Price * ENXTAM (2019-05-24) in EUR €20.95
Europe Banks Industry PB Ratio Median Figure of 173 Publicly-Listed Banks Companies 0.67x
Netherlands Market PB Ratio Median Figure of 103 Publicly-Listed Companies 1.92x
ENXTAM:VLK PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTAM:VLK Share Price ÷ Book Value per Share (both in EUR)

= 20.95 ÷ 30.62

0.68x

* Primary Listing of Van Lanschot Kempen.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Van Lanschot Kempen is overvalued based on assets compared to the Europe Banks industry average.
X
Value checks
We assess Van Lanschot Kempen's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. Van Lanschot Kempen has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

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

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
8.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Van Lanschot Kempen expected to grow at an attractive rate?
  • Van Lanschot Kempen's earnings growth is expected to exceed the low risk savings rate of 0.4%.
Growth vs Market Checks
  • Van Lanschot Kempen's earnings growth is positive but not above the Netherlands market average.
  • Van Lanschot Kempen's revenues are expected to decrease over the next 1-3 years, this is below the Netherlands market average.
Annual Growth Rates Comparison
Raw Data
ENXTAM:VLK Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTAM:VLK Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 8.5%
ENXTAM:VLK Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts -0.1%
Europe Banks Industry Earnings Growth Rate Market Cap Weighted Average 7.2%
Europe Banks Industry Revenue Growth Rate Market Cap Weighted Average 4.1%
Netherlands Market Earnings Growth Rate Market Cap Weighted Average 9.3%
Netherlands Market Revenue Growth Rate Market Cap Weighted Average 3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ENXTAM:VLK Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTAM:VLK Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 522 86 3
2020-12-31 507 74 3
2019-12-31 517 87 3
ENXTAM:VLK Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 520 599 62
2018-09-30 523 530 58
2018-06-30 570 459 66
2018-03-31 576 296 78
2018-01-01 537 135 77
2017-10-01 542 428 83
2017-06-30 548 720 89
2017-03-31 550 79
2016-12-31 530 113 66
2016-09-30 517 -22 48
2016-06-30 504 -156 31
2016-03-31 483 21

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Van Lanschot Kempen's earnings are expected to grow by 8.5% yearly, however this is not considered high growth (20% yearly).
  • Van Lanschot Kempen's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ENXTAM:VLK Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Van Lanschot Kempen Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTAM:VLK Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 2.04 2.16 1.95 3.00
2020-12-31 1.78 1.83 1.69 3.00
2019-12-31 2.59 2.66 2.52 2.00
ENXTAM:VLK Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 1.51
2018-09-30 1.41
2018-06-30 1.61
2018-03-31 1.90
2018-01-01 1.89
2017-10-01 2.04
2017-06-30 2.19
2017-03-31 1.94
2016-12-31 1.61
2016-09-30 1.18
2016-06-30 0.75
2016-03-31 0.50

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Van Lanschot Kempen is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Van Lanschot Kempen's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Van Lanschot Kempen has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

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

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Van Lanschot Kempen's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Van Lanschot Kempen's year on year earnings growth rate has been positive over the past 5 years.
  • Van Lanschot Kempen's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Van Lanschot Kempen's 1-year earnings growth is negative, it can't be compared to the Europe Banks industry average.
Earnings and Revenue History
Van Lanschot Kempen's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Van Lanschot Kempen Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTAM:VLK Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 519.91 61.73 410.19
2018-09-30 522.73 57.73 427.82
2018-06-30 570.33 65.80 450.82
2018-03-31 576.12 77.65 442.60
2018-01-01 537.13 77.44 428.99
2017-10-01 542.37 83.45 430.85
2017-06-30 547.61 89.46 432.72
2017-03-31 549.64 79.26 452.54
2016-12-31 530.42 65.74 440.73
2016-09-30 517.40 48.20 436.22
2016-06-30 504.38 30.66 431.71
2016-03-31 483.01 20.51 410.51
2015-12-31 506.20 34.16 422.52
2015-09-30 494.15 59.94 412.26
2015-06-30 482.10 85.71 402.01
2015-03-31 495.41 102.60 403.11
2014-12-31 485.41 98.99 402.64
2014-09-30 474.42 69.17 408.37
2014-06-30 463.43 39.35 414.10
2014-03-31 456.12 34.29 411.37
2013-12-31 448.81 29.23 408.63
2013-09-30 444.44 -46.86 421.86
2013-06-30 440.07 -122.95 435.09
2013-03-31 432.72 -136.52 442.14
2012-12-31 425.37 -150.08 449.20
2012-09-30 442.97 -73.83 443.69
2012-06-30 456.20 6.67 431.30

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Van Lanschot Kempen has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Van Lanschot Kempen used its assets less efficiently than the Europe Banks industry average last year based on Return on Assets.
  • Unable to establish if Van Lanschot Kempen improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Van Lanschot Kempen's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Van Lanschot Kempen has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

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

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Van Lanschot Kempen's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Van Lanschot Kempen Company Filings, last reported 4 months ago.

ENXTAM:VLK Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 1,268.20 3,357.83 2,164.45
2018-09-30 1,268.20 3,357.83 2,164.45
2018-06-30 1,295.36 3,610.58 2,213.61
2018-03-31 1,295.36 3,610.58 2,213.61
2018-01-01 1,334.74 3,900.25 2,281.76
2017-10-01 1,334.74 3,900.25 2,281.76
2017-06-30 1,364.92 3,918.57 1,951.36
2017-03-31 1,364.92 3,918.57 1,951.36
2016-12-31 1,353.93 3,534.09 1,982.35
2016-09-30 1,353.93 3,534.09 1,982.35
2016-06-30 1,314.27 4,165.01 1,187.88
2016-03-31 1,319.93 4,301.18 1,272.96
2015-12-31 1,319.93 4,302.89 1,272.96
2015-09-30 1,319.93 4,302.89 1,272.96
2015-06-30 1,346.82 5,015.11 1,556.60
2015-03-31 1,350.52 5,083.07 1,633.48
2014-12-31 1,350.52 5,083.07 1,633.48
2014-09-30 1,350.52 5,083.07 1,633.48
2014-06-30 1,323.32 5,530.16 1,356.99
2014-03-31 1,323.32 5,530.16 1,356.99
2013-12-31 1,338.97 5,810.05 2,241.25
2013-09-30 1,338.97 5,810.05 2,241.25
2013-06-30 1,329.67 5,180.97 1,074.41
2013-03-31 1,329.67 5,180.97 1,074.41
2012-12-31 1,315.21 4,750.89 2,037.83
2012-09-30 1,405.68 4,755.96 2,297.33
2012-06-30 1,548.92 4,323.08 1,099.74
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Van Lanschot Kempen has an acceptable proportion of non-loan assets held.
  • Van Lanschot Kempen's liabilities are made up of primarily low risk sources of funding.
  • Loans at Van Lanschot Kempen are broadly funded by customer deposits.
  • Van Lanschot Kempen's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • Van Lanschot Kempen has a low allowance for bad loans.
  • Van Lanschot Kempen has a high level of bad loans (greater than 2%).
X
Financial health checks
We assess Van Lanschot Kempen's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Van Lanschot Kempen has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.92%
Current annual income from Van Lanschot Kempen dividends. Estimated to be 9.06% next year.
If you bought €2,000 of Van Lanschot Kempen shares you are expected to receive €138 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Van Lanschot Kempen's pays a higher dividend yield than the bottom 25% of dividend payers in Netherlands (2.39%).
  • Van Lanschot Kempen's dividend is above the markets top 25% of dividend payers in Netherlands (5.97%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ENXTAM:VLK Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
Europe Banks Industry Average Dividend Yield Market Cap Weighted Average of 136 Stocks 5.7%
Netherlands Market Average Dividend Yield Market Cap Weighted Average of 68 Stocks 4%
Netherlands Minimum Threshold Dividend Yield 10th Percentile 1.7%
Netherlands Bottom 25% Dividend Yield 25th Percentile 2.4%
Netherlands Top 25% Dividend Yield 75th Percentile 6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTAM:VLK Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 1.95 3.00
2020-12-31 1.80 3.00
2019-12-31 1.95 3.00
ENXTAM:VLK Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-02-21 1.450 6.767
2018-03-01 1.450 6.241
2018-02-22 1.450 5.282
2017-03-09 1.200 4.723
2016-03-10 0.450 2.481
2015-05-13 0.400 1.853
2014-05-15 0.200 1.126
2013-08-14 0.000 0.000
2013-08-13 0.000 0.000
2013-04-26 0.000 0.000
2013-04-02 0.000 0.000
2013-03-08 0.000 0.000
2012-05-10 0.400 2.585
2011-05-11 0.700 2.989
2010-08-10 0.000 0.000
2010-03-12 0.000 0.000
2010-03-01 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Van Lanschot Kempen has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Van Lanschot Kempen only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of Van Lanschot Kempen's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1.1x coverage).
X
Income/ dividend checks
We assess Van Lanschot Kempen's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Van Lanschot Kempen afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Van Lanschot Kempen has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Van Lanschot Kempen's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Karl Guha
COMPENSATION €1,538,000
AGE 54
TENURE AS CEO 6.3 years
CEO Bio

Mr. Karl K. Guha has been the Chairman of Board of Managing Directors of Van Lanschot NV(formerly known as F. van Lanschot Bankiers NV) since January 2, 2013 and also serves as its Chief Executive Officer. Mr. Guha serves as Chairman of Executive Board, Chairman of Statutory Board and Chief Executive Officer at Van Lanschot NV(formerly known as F. van Lanschot Bankiers NV) since January 2, 2013. Mr. Guha served as the Chief Risk Officer of UniCredit Bank from 2009 to 2012. From 1989 to 2008, Mr. Guha served at ABN Amro in various capacities in Structured Products, Cross Border Risk Trading, Risk Management and Group Treasury. He serves as Chairman of Statutory Board of Van Lanschot NV. He served as Member of Supervisory Board at UniCredit Bank since 2011. Mr. Guha served as Member of the Supervisory Board at UniCredit Bank Austria AG from January 09, 2011 to February 2013. He was Member of HVB Supervisory Board until 2010. He holds Master of Science in Economics and Finance from Boston University.

CEO Compensation
  • Karl's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Karl's remuneration is about average for companies of similar size in Netherlands.
Management Team Tenure

Average tenure and age of the Van Lanschot Kempen management team in years:

5.1
Average Tenure
53
Average Age
  • The average tenure for the Van Lanschot Kempen management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Karl Guha

TITLE
Chairman of the Executive Board
COMPENSATION
€2M
AGE
54
TENURE
6.3 yrs

Constant Theodorus Korthout

TITLE
CFO, Chief Risk Officer & Member of the Executive Board
COMPENSATION
€994K
AGE
56
TENURE
8.6 yrs

Arjan Huisman

TITLE
COO & Member of the Executive Board
COMPENSATION
€994K
AGE
47
TENURE
9 yrs

Richard Bruens

TITLE
Member of the Executive Board
COMPENSATION
€994K
AGE
51
TENURE
5 yrs

Leonne Der Sar

TITLE
Member of the Executive Board
AGE
49
TENURE
1.8 yrs

Leni Maria Boeren

TITLE
Member of the Executive Board
AGE
55
TENURE
1.3 yrs

Ingrid Rombouts

TITLE
Investor Relations

Robin Boon

TITLE
Director of Communications
AGE
53
TENURE
0.8 yrs

Willem Oosten

TITLE
Head of Treasury
TENURE
5.2 yrs

Wim Meiss

TITLE
Company Secretary
Board of Directors Tenure

Average tenure and age of the Van Lanschot Kempen board of directors in years:

2.3
Average Tenure
58
Average Age
  • The average tenure for the Van Lanschot Kempen board of directors is less than 3 years, this suggests a new board.
Board of Directors

Willy Duron

TITLE
Chairman of the Supervisory Board
AGE
73
TENURE
3.4 yrs

Manfred Schepers

TITLE
Deputy Chairman of the Supervisory Board
AGE
58
TENURE
2 yrs

Bernadette J. Langius

TITLE
Member of the Supervisory Board
AGE
58
TENURE
4 yrs

Lex van Overmeire

TITLE
Member of the Supervisory Board
AGE
62
TENURE
2.3 yrs

Jeanine Helthuis

TITLE
Member of the Supervisory Board
AGE
56
TENURE
5.8 yrs

Maarten Muller

TITLE
Member of the Supervisory board
AGE
64
TENURE
1 yrs

Frans Blom

TITLE
Member of the Supervisory Board
AGE
56
TENURE
0.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
07. Jun 18 Buy Arjan Huisman Individual 07. Jun 18 07. Jun 18 2,553 €24.53 €62,625
07. Jun 18 Buy Karl Guha Individual 07. Jun 18 07. Jun 18 3,743 €24.53 €91,816
07. Jun 18 Buy Constant Theodorus Korthout Individual 07. Jun 18 07. Jun 18 2,553 €24.53 €62,625
07. Jun 18 Buy Richard Bruens Individual 07. Jun 18 07. Jun 18 2,553 €24.53 €62,625
X
Management checks
We assess Van Lanschot Kempen's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Van Lanschot Kempen has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

How Should Investors Feel About Van Lanschot Kempen N.V.'s (AMS:VLK) CEO Pay?

First, this article will compare CEO compensation with compensation at similar sized companies. … View our latest analysis for Van Lanschot Kempen How Does Karl Guha's Compensation Compare With Similar Sized Companies? … I think that the total shareholder return of 59%, over three years, would leave most Van Lanschot Kempen N.V.

Simply Wall St -

Will Van Lanschot Kempen N.V.'s (AMS:VLK) Earnings Grow In The Years Ahead?

Want to participate in a short research study? … Help shape the future of investing tools and you could win a $250 gift card! … (AMS:VLK) released its most recent earnings announcement, which

Simply Wall St -

Should You Buy Van Lanschot Kempen N.V. (AMS:VLK) For Its Dividend?

Owning a strong dividend company and reinvesting the dividends is widely seen as an attractive way of growing your wealth. … Yet sometimes, investors buy a stock for its dividend and lose money because the share price falls by more than they earned in dividend payments. … With Van Lanschot Kempen yielding 6.7% and having paid a dividend for over 10 years, many investors likely find the company quite interesting.

Simply Wall St -

Who Has Been Buying Van Lanschot Kempen N.V. (AMS:VLK) Shares?

Van Lanschot Kempen Insider Transactions Over The Last Year. … Over the last year, we can see that insiders have bought 11.40k shares worth €280k … In total, Van Lanschot Kempen insiders bought more than they sold over the last year

Simply Wall St -

Are You Considering All The Risks For Van Lanschot Kempen N.V.’s (AMS:VLK)?

Since bad debt is written off as an expense, it impacts Van Lanschot Kempen’s bottom line and shareholders’ value. … I will take you through some useful measures of bad debt and liabilities in order to properly analyse Van Lanschot Kempen’s risk level before you invest in the stock. … View our latest analysis for Van Lanschot Kempen

Simply Wall St -

Did You Manage To Avoid Van Lanschot Kempen's (AMS:VLK) 22% Share Price Drop?

(AMS:VLK) have tasted that bitter downside in the last year, as the share price dropped 22%. … By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … This proportional reduction in earnings per share isn't far from the 22% decrease in the share price.

Simply Wall St -

Should We Worry About Van Lanschot Kempen N.V.'s (AMS:VLK) P/E Ratio?

The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). … Van Lanschot Kempen has a price to earnings ratio of 13.27, based on the last twelve months. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

Should You Worry About Van Lanschot Kempen N.V.'s (AMS:VLK) CEO Pay Cheque?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … View our latest analysis for Van Lanschot Kempen … How Does Karl Guha's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Van Lanschot Kempen N.V. (AMS:VLK): What We Can Expect From This Growth Stock

(AMS:VLK) released its earnings update. … analyst consensus outlook appear cautiously optimistic, … as a 23% increase in profits is expected in the upcoming year,

Simply Wall St -

Financial Metrics For Van Lanschot Kempen N.V. (AMS:VLK)

As a small-cap bank stock with a market capitalisation of €838m, Van Lanschot Kempen N.V.’s (AMS:VLK) risk and profitability are largely determined by the underlying economic growth of the NL regions in which it operates. … Basel III target banking regulations to improve the sector’s ability to absorb shocks resulting from economic stress which may expose financial institutions like Van Lanschot Kempen to vulnerabilities. … Low levels of leverage coupled with sufficient liquidity may place Van Lanschot Kempen in a safe position in the face of adverse headwinds.

Simply Wall St -

Company Info

Description

Van Lanschot Kempen N.V. provides financial services in the Netherlands and internationally. The company operates through Private Banking, Evi, Asset Management, Merchant Banking, Corporate Banking, and Other Activities segments. It offers guidance for clients; personal services; and specialist services for entrepreneurs, family businesses, high net-worth individuals, business professionals and executives, healthcare professionals, foundations, and associations. The company also provides online savings and investment services; investment, pension, and savings solutions; and private banking services for people with smaller assets for savings and investments. In addition, it offers asset management services focusing on various asset classes, such as small caps, property, high-dividend equities, fixed-income securities, and funds of hedge funds; and asset management solutions based on clients’ specific needs, including strategic advice, manager selection, monitoring, and integral risk management to institutional investors, such as pension funds, insurance companies, banks and wealth managers, foundations, and family offices. Further, Van Lanschot Kempen N.V. provides specialist services in areas, such as securities, mergers and acquisitions, capital market transactions, and debt advisory services; and analyst research for listed companies and liquidity to international institutional investors. 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.

Details
Name: Van Lanschot Kempen N.V.
VLK
Exchange: ENXTAM
Founded: 1737
€852,955,995
40,713,890
Website: http://www.vanlanschotkempen.com
Address: Van Lanschot Kempen N.V.
Hooge Steenweg 29,
‘s-Hertogenbosch,
Noord-Brabant, 5211 JN,
Netherlands
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTAM VLK Ordinary Shares A Euronext Amsterdam NL EUR 29. Jun 1999
OTCPK VLNV.F Ordinary Shares A Pink Sheets LLC US USD 29. Jun 1999
DB VA3 Ordinary Shares A Deutsche Boerse AG DE EUR 29. Jun 1999
BST VA3 Ordinary Shares A Boerse-Stuttgart DE EUR 29. Jun 1999
LSE 0O4B Ordinary Shares A London Stock Exchange GB EUR 29. Jun 1999
Number of employees
Current staff
Staff numbers
1,621
Van Lanschot Kempen employees.
Industry
Diversified Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/26 20:52
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/04/24
Last earnings filing: 2019/02/28
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.