ENXTAM:VLK

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Van Lanschot Kempen

Executive Summary

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


Snowflake Analysis

Adequate balance sheet with moderate growth potential.


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 is not significantly more volatile than the rest of Dutch stocks over the past 3 months, typically moving +/- 4% a week.

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


Market Performance


7 Day Return

-3.4%

VLK

0.9%

NL Banks

0.6%

NL Market


1 Year Return

-4.5%

VLK

-19.2%

NL Banks

0.3%

NL Market

Return vs Industry: VLK exceeded the Dutch Banks industry which returned -18.1% over the past year.

Return vs Market: VLK underperformed the Dutch Market which returned 0.2% over the past year.


Shareholder returns

VLKIndustryMarket
7 Day-3.4%0.9%0.6%
30 Day16.6%27.2%13.3%
90 Day18.4%15.8%9.7%
1 Year2.3%-4.5%-18.3%-19.2%2.7%0.3%
3 Year4.9%-22.4%-28.9%-36.1%8.2%-2.7%
5 Year36.7%-6.1%-16.2%-35.3%42.7%17.2%

Long-Term 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?

47.37x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: VLK (€20.35) is trading above our estimate of fair value (€12.74)

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


Price To Earnings Ratio

PE vs Industry: VLK is poor value based on its PE Ratio (48.1x) compared to the XE Banks industry average (11x).

PE vs Market: VLK is poor value based on its PE Ratio (48.1x) compared to the Dutch market (24.3x).


Price to Earnings Growth Ratio

PEG Ratio: VLK is poor value based on its PEG Ratio (1.1x)


Price to Book Ratio

PB vs Industry: VLK's PB Ratio (0.6x) is in line with the XE Banks industry average.


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?

43.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: VLK's forecast earnings growth (43.7% per year) is above the savings rate (0.4%).

Earnings vs Market: VLK's earnings (43.7% per year) are forecast to grow faster than the Dutch market (28.3% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: VLK's revenue (5.9% per year) is forecast to grow slower than the Dutch market (9.9% per year).

High Growth Revenue: VLK's revenue (5.9% 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 (6.2%).


Next Steps

Past Performance

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

6.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: VLK has a large one-off loss of €48.9M impacting its June 30 2020 financial results.

Growing Profit Margin: VLK's current net profit margins (3.7%) are lower than last year (20.5%).


Past Earnings Growth Analysis

Earnings Trend: VLK's earnings have grown by 6.6% per year over the past 5 years.

Accelerating Growth: VLK's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: VLK had negative earnings growth (-84.7%) over the past year, making it difficult to compare to the Banks industry average (-16.5%).


Return on Equity

High ROE: VLK's Return on Equity (1.8%) 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 (11.2x) is moderate.

Allowance for Bad Loans: VLK has a low allowance for bad loans (35%).

Low Risk Liabilities: 73% 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 (57%).

Low Risk Deposits: VLK's Loans to Deposits ratio (86%) is appropriate.

Level of Bad Loans: VLK has a high level of bad loans (2.2%).


Next Steps

Dividend

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

7.23%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: VLK's dividend (7.13%) is higher than the bottom 25% of dividend payers in the Dutch market (1.87%).

High Dividend: VLK's dividend (7.13%) is in the top 25% of dividend payers in the Dutch market (4.93%)


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (342.5%), VLK's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: VLK's dividends in 3 years are not forecast to be well covered by earnings (101.6% payout ratio).


Next Steps

Management

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

6.7yrs

Average management tenure


CEO

Karl Guha (56 yo)

7.83yrs

Tenure

€1,538,000

Compensation

Mr. Karl K. Guha is Chairman of Executive Board at Van Lanschot Kempen NV since January 2, 2013. Mr. Guha is Chairman of Executive Board and Chief Executive Officer of Van Lanschot Kempen Wealth Management...


CEO Compensation Analysis

Compensation vs Market: Karl's total compensation ($USD1.84M) is above average for companies of similar size in the Dutch market ($USD994.74K).

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 Board7.83yrs€1.54m0.19%
€ 1.5m
Constant Theodorus Korthout
CFO, Chief Risk Officer & Member of the Executive Board10.08yrs€994.00k0.18%
€ 1.4m
Arjan Huisman
COO & Member of the Executive Board10.5yrs€994.00k0.13%
€ 1.0m
Richard Bruens
MD of Private Banking & Member of Executive Board6.5yrs€994.00k0.17%
€ 1.4m
Erik van Houwelingen
Member of Executive Boardno datano datano data
Ingrid Rombouts
Investor Relationsno datano datano data
Robin Boon
Director of Communications2.25yrsno datano data
Willem Oosten
Head of Treasury6.67yrsno datano data
Jeroen Berns
Head of Merchant Banking0.17yrno datano data
Erwin Schoeters
Chairman of the Management Committee - Van Lanschot Belgiumno datano datano data
Wim Meiss
Company Secretaryno datano datano data
J. Meijer Thijssen
Secretary to the Boardno datano datano data

6.7yrs

Average Tenure

55yo

Average Age

Experienced Management: VLK's management team is seasoned and experienced (6.7 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Johanna Geziena Helthuis
Member of the Supervisory Board7.33yrsno datano data
Manfred Schepers
Vice-Chairman of the Supervisory Board3.5yrsno datano data
Karin T. Bergstein
Supervisory Board Member0.50yrno datano data
Francis Blom
Chairman of the Supervisory Board0.50yrno datano data
Alexander van Overmeire
Member of the Supervisory Board3.83yrsno datano data
Bernadette J. Langius
Member of Supervisory Board5.5yrs€73.00kno data
Maarten Muller
Member of the Supervisory board2.5yrsno datano data

3.5yrs

Average Tenure

60yo

Average Age

Experienced Board: VLK's board of directors are considered experienced (3.5 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: €819.015m
  • Shares outstanding: 40.85m
  • 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 segm...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/11/30 20:21
End of Day Share Price2020/11/30 00:00
Earnings2020/06/30
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.