OTCPK:VSND.F

Stock Analysis Report

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Executive Summary

Vastned is a listed European retail property company (Euronext Amsterdam: VASTN) focusing on ‘venues for premium shopping’.


Snowflake Analysis

Very undervalued average dividend payer.


Similar Companies

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

0%

VSND.F

5.1%

US REITs

2.9%

US Market


1 Year Return

n/a

VSND.F

-10.1%

US REITs

9.5%

US Market

Return vs Industry: Insufficient data to determine how VSND.F performed against the US REITs industry.

Return vs Market: Insufficient data to determine how VSND.F performed against the US Market.


Shareholder returns

VSND.FIndustryMarket
7 Day0%5.1%2.9%
30 Day0%1.6%5.1%
90 Dayn/a-10.6%2.5%
1 Yearn/a-6.3%-10.1%12.0%9.5%
3 Yearn/a9.9%-3.7%30.8%22.1%
5 Yearn/a40.1%11.1%57.4%39.7%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

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

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: VSND.F ($15.81) is trading below our estimate of fair value ($35.84)

Significantly Below Fair Value: VSND.F is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: VSND.F is good value based on its PE Ratio (13.8x) compared to the REITs industry average (27.3x).

PE vs Market: VSND.F is good value based on its PE Ratio (13.8x) compared to the US market (15.8x).


Price to Earnings Growth Ratio

PEG Ratio: VSND.F is good value based on its PEG Ratio (0.3x)


Price to Book Ratio

PB vs Industry: VSND.F is good value based on its PB Ratio (0.4x) compared to the US REITs industry average (1.4x).


Next Steps

Future Growth

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

51.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: VSND.F's forecast earnings growth (51.8% per year) is above the savings rate (2.2%).

Earnings vs Market: VSND.F's earnings (51.8% per year) are forecast to grow faster than the US market (22% per year).

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

Revenue vs Market: VSND.F's revenue (0.9% per year) is forecast to grow slower than the US market (8.8% per year).

High Growth Revenue: VSND.F's revenue (0.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: VSND.F's Return on Equity is forecast to be low in 3 years time (7.5%).


Next Steps

Past Performance

How has Vastned Retail performed over the past 5 years?

-7.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: VSND.F has a large one-off loss of €12.8M impacting its December 31 2019 financial results.

Growing Profit Margin: VSND.F's current net profit margins (32.3%) are lower than last year (53.1%).


Past Earnings Growth Analysis

Earnings Trend: VSND.F's earnings have declined by -7.1% per year over the past 5 years.

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

Earnings vs Industry: VSND.F had negative earnings growth (-45.4%) over the past year, making it difficult to compare to the REITs industry average (5.3%).


Return on Equity

High ROE: VSND.F's Return on Equity (2.7%) is considered low.


Next Steps

Financial Health

How is Vastned Retail's financial position?


Financial Position Analysis

Short Term Liabilities: VSND.F's short term assets (€11.8M) do not cover its short term liabilities (€92.2M).

Long Term Liabilities: VSND.F's short term assets (€11.8M) do not cover its long term liabilities (€612.1M).


Debt to Equity History and Analysis

Debt Level: VSND.F's debt to equity ratio (74.1%) is considered high.

Reducing Debt: VSND.F's debt to equity ratio has increased from 72.8% to 74.1% over the past 5 years.

Debt Coverage: VSND.F's debt is not well covered by operating cash flow (5.8%).

Interest Coverage: VSND.F's interest payments on its debt are well covered by EBIT (3.1x coverage).


Balance Sheet


Next Steps

Dividend

What is Vastned Retail's current dividend yield, its reliability and sustainability?

11.41%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: VSND.F's dividend (11.41%) is higher than the bottom 25% of dividend payers in the US market (1.69%).

High Dividend: VSND.F's dividend (11.41%) is in the top 25% of dividend payers in the US market (4.52%)


Stability and Growth of Payments

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

Growing Dividend: VSND.F's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (86.2%), VSND.F's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: VSND.F's dividends in 3 years are forecast to be thoroughly covered by earnings (3.9% payout ratio).


Next Steps

  • Explore strong dividend paying companies in the Real Estate industry.

Management

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

5.6yrs

Average management tenure


CEO

Taco Tammo de Groot (56yo)

8.58yrs

Tenure

€771,716

Compensation

Mr. Taco Tammo Johannes, MRE, MRICS, LLM, has been the Chief Executive Officer of Vastned Retail Belgium NV since August 20, 2016. Mr. de Groot has been the Chief Executive Officer of Vastned Retail N.V. s ...


CEO Compensation Analysis

Compensation vs Market: Taco Tammo's total compensation ($USD857.94K) is below average for companies of similar size in the US market ($USD2.21M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Taco Tammo de Groot
Chairman of Executive Board8.58yrs€771.72k0.43% 1.5m
Reinier Walta
CFO, Member of Executive Board & Statutory Director1.33yrs€546.85k0.012% 39.9k
Rudi Taelemans
Co-Chief Executive Officer of Vastned Retail Belgium3.58yrsno datano data
Ingeborg Van 't Woud
Company Secretary & Member of the Management Team2.42yrsno data0.0058% 20.0k
Luis Barrón
Country Manager of Spain16.33yrsno datano data
Thierry Fourez
Country Manager of France7.58yrsno datano data

5.6yrs

Average Tenure

53yo

Average Age

Experienced Management: VSND.F's management team is seasoned and experienced (5.6 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Marc van Gelder
Independent Supervisory Board Chairman4yrs€54.00k0.041% 141.7k
Charlotte Insinger
Independent Supervisory Board Member5yrs€45.00kno data
Jaap Blokhuis
Independent Supervisory Board Member1yr€30.28k0.0058% 20.0k

4.0yrs

Average Tenure

58yo

Average Age

Experienced Board: VSND.F's board of directors are considered experienced (4 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

Vastned Retail N.V.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Vastned Retail N.V.
  • Ticker: VSND.F
  • Exchange: OTCPK
  • Founded: 1986
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: €308.049m
  • Listing Market Cap: €342.467m
  • Shares outstanding: 17.15m
  • Website: https://www.vastned.com

Number of Employees


Location

  • Vastned Retail N.V.
  • De Boelelaan 7
  • Amsterdam
  • Noord-Holland
  • 1083 HJ
  • Netherlands

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
VASTNENXTAM (Euronext Amsterdam)YesOrdinary SharesNLEURJan 1992
VSND.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
VB2DB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
0LNJLSE (London Stock Exchange)YesOrdinary SharesGBEURJan 1992
VASTNABATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJan 1992

Biography

Vastned is a listed European retail property company (Euronext Amsterdam: VASTN) focusing on ‘venues for premium shopping’. Vastned invests in selected cities in Europe with a clear focus on the best retail property in the most popular high streets in the bigger cities. Vastned's tenants are strong and leading international and national retail brands. The property portfolio had a size of approximately € 1.6 billion as at 31 December 2019. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/05/31 04:43
End of Day Share Price2020/04/24 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.