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VASTNED NV (VASTB.BR) Stock Fundamental Analysis

EBR:VASTB - Euronext Brussels - BE0003754687 - REIT - Currency: EUR

29.3  +0.2 (+0.69%)

Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to VASTB. VASTB was compared to 41 industry peers in the Diversified REITs industry. Both the health and profitability get an excellent rating, making VASTB a very profitable company, without any liquidiy or solvency issues. While showing a medium growth rate, VASTB is valued expensive at the moment.


Dividend Valuation Growth Profitability Health

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8

1. Profitability

1.1 Basic Checks

In the past year VASTB was profitable.
VASTB had a positive operating cash flow in the past year.
VASTB had positive earnings in 4 of the past 5 years.
VASTB had a positive operating cash flow in each of the past 5 years.
VASTB.BR Yearly Net Income VS EBIT VS OCF VS FCFVASTB.BR Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 10M 20M 30M

1.2 Ratios

VASTB has a Return On Assets of 4.00%. This is in the better half of the industry: VASTB outperforms 73.17% of its industry peers.
VASTB's Return On Equity of 5.57% is fine compared to the rest of the industry. VASTB outperforms 65.85% of its industry peers.
With a decent Return On Invested Capital value of 3.95%, VASTB is doing good in the industry, outperforming 63.41% of the companies in the same industry.
Measured over the past 3 years, the Average Return On Invested Capital for VASTB is in line with the industry average of 3.99%.
The last Return On Invested Capital (3.95%) for VASTB is above the 3 year average (3.69%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 4%
ROE 5.57%
ROIC 3.95%
ROA(3y)3.14%
ROA(5y)1.61%
ROE(3y)4.3%
ROE(5y)2.19%
ROIC(3y)3.69%
ROIC(5y)3.56%
VASTB.BR Yearly ROA, ROE, ROICVASTB.BR Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 5 10

1.3 Margins

VASTB's Profit Margin of 68.87% is amongst the best of the industry. VASTB outperforms 82.93% of its industry peers.
In the last couple of years the Profit Margin of VASTB has grown nicely.
VASTB's Operating Margin of 88.83% is amongst the best of the industry. VASTB outperforms 85.37% of its industry peers.
VASTB's Operating Margin has been stable in the last couple of years.
Looking at the Gross Margin, with a value of 97.35%, VASTB belongs to the top of the industry, outperforming 92.68% of the companies in the same industry.
In the last couple of years the Gross Margin of VASTB has remained more or less at the same level.
Industry RankSector Rank
OM 88.83%
PM (TTM) 68.87%
GM 97.35%
OM growth 3Y0.24%
OM growth 5Y0.55%
PM growth 3YN/A
PM growth 5Y10.09%
GM growth 3Y0.69%
GM growth 5Y0.33%
VASTB.BR Yearly Profit, Operating, Gross MarginsVASTB.BR Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50 -50 100 150

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7

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), VASTB is destroying value.
Compared to 1 year ago, VASTB has about the same amount of shares outstanding.
Compared to 5 years ago, VASTB has about the same amount of shares outstanding.
The debt/assets ratio for VASTB has been reduced compared to a year ago.
VASTB.BR Yearly Shares OutstandingVASTB.BR Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 1M 2M 3M 4M 5M
VASTB.BR Yearly Total Debt VS Total AssetsVASTB.BR Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M

2.2 Solvency

An Altman-Z score of 4.57 indicates that VASTB is not in any danger for bankruptcy at the moment.
VASTB has a Altman-Z score of 4.57. This is amongst the best in the industry. VASTB outperforms 100.00% of its industry peers.
VASTB has a debt to FCF ratio of 6.28. This is a slightly negative value and a sign of low solvency as VASTB would need 6.28 years to pay back of all of its debts.
VASTB has a Debt to FCF ratio of 6.28. This is amongst the best in the industry. VASTB outperforms 95.12% of its industry peers.
VASTB has a Debt/Equity ratio of 0.36. This is a healthy value indicating a solid balance between debt and equity.
VASTB has a Debt to Equity ratio of 0.36. This is amongst the best in the industry. VASTB outperforms 92.68% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.36
Debt/FCF 6.28
Altman-Z 4.57
ROIC/WACC0.57
WACC6.9%
VASTB.BR Yearly LT Debt VS Equity VS FCFVASTB.BR Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M 150M 200M 250M

2.3 Liquidity

A Current Ratio of 0.97 indicates that VASTB may have some problems paying its short term obligations.
VASTB's Current ratio of 0.97 is fine compared to the rest of the industry. VASTB outperforms 68.29% of its industry peers.
A Quick Ratio of 0.97 indicates that VASTB may have some problems paying its short term obligations.
VASTB has a better Quick ratio (0.97) than 70.73% of its industry peers.
The current and quick ratio evaluation for VASTB is rather negative, while it does have excellent solvency and profitability. These ratios do not necessarly indicate liquidity issues and need to be evaluated against the specifics of the business.
Industry RankSector Rank
Current Ratio 0.97
Quick Ratio 0.97
VASTB.BR Yearly Current Assets VS Current LiabilitesVASTB.BR Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 10M 20M 30M

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4

3. Growth

3.1 Past

VASTB shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 1.72%.
The Earnings Per Share has been growing by 9.29% on average over the past years. This is quite good.
VASTB shows a decrease in Revenue. In the last year, the revenue decreased by -0.57%.
VASTB shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -0.73% yearly.
EPS 1Y (TTM)1.72%
EPS 3YN/A
EPS 5Y9.29%
EPS Q2Q%-27.97%
Revenue 1Y (TTM)-0.57%
Revenue growth 3Y4.41%
Revenue growth 5Y-0.73%
Sales Q2Q%-5.44%

3.2 Future

No EPS estimates are available, so we could not analyze the future EPS growth and evolution.
Based on estimates for the next years, VASTB will show a very strong growth in Revenue. The Revenue will grow by 53.39% on average per year.
EPS Next YN/A
EPS Next 2YN/A
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year274%
Revenue Next 2Y87.99%
Revenue Next 3Y53.39%
Revenue Next 5YN/A

3.3 Evolution

No EPS estimates are available, so we could not analyze the future EPS growth and evolution.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
VASTB.BR Yearly Revenue VS EstimatesVASTB.BR Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 20M 40M 60M
VASTB.BR Yearly EPS VS EstimatesVASTB.BR Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.5 1 1.5 2 2.5

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2

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 12.21 indicates a correct valuation of VASTB.
Compared to the rest of the industry, the Price/Earnings ratio of VASTB indicates a somewhat cheap valuation: VASTB is cheaper than 63.41% of the companies listed in the same industry.
When comparing the Price/Earnings ratio of VASTB to the average of the S&P500 Index (28.81), we can say VASTB is valued rather cheaply.
Industry RankSector Rank
PE 12.21
Fwd PE N/A
VASTB.BR Price Earnings VS Forward Price EarningsVASTB.BR Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 0 0 0 0

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, VASTB is valued a bit more expensive than 73.17% of the companies in the same industry.
75.61% of the companies in the same industry are cheaper than VASTB, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 43.22
EV/EBITDA 38.77
VASTB.BR Per share dataVASTB.BR EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 2 4 6 8 10

4.3 Compensation for Growth

VASTB has an outstanding profitability rating, which may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)1.31
EPS Next 2YN/A
EPS Next 3YN/A

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0

5. Dividend

5.1 Amount

VASTB does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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VASTNED NV

EBR:VASTB (3/27/2025, 7:00:00 PM)

29.3

+0.2 (+0.69%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)10-21 2024-10-21
Earnings (Next)N/A N/A
Inst Owners4.5%
Inst Owner ChangeN/A
Ins Owners37.4%
Ins Owner ChangeN/A
Market Cap570.47M
Analysts40
Price Target27.54 (-6.01%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly Dividend2.25
Dividend Growth(5Y)-3%
DP91.57%
Div Incr Years2
Div Non Decr Years2
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)N/A
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)N/A
EPS NY rev (3m)N/A
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)N/A
Revenue NY rev (3m)N/A
Valuation
Industry RankSector Rank
PE 12.21
Fwd PE N/A
P/S 30.8
P/FCF 43.22
P/OCF 42.94
P/B 2.49
P/tB 2.49
EV/EBITDA 38.77
EPS(TTM)2.4
EY8.19%
EPS(NY)N/A
Fwd EYN/A
FCF(TTM)0.68
FCFY2.31%
OCF(TTM)0.68
OCFY2.33%
SpS0.95
BVpS11.76
TBVpS11.75
PEG (NY)N/A
PEG (5Y)1.31
Profitability
Industry RankSector Rank
ROA 4%
ROE 5.57%
ROCE 5.27%
ROIC 3.95%
ROICexc 3.96%
ROICexgc 3.96%
OM 88.83%
PM (TTM) 68.87%
GM 97.35%
FCFM 71.26%
ROA(3y)3.14%
ROA(5y)1.61%
ROE(3y)4.3%
ROE(5y)2.19%
ROIC(3y)3.69%
ROIC(5y)3.56%
ROICexc(3y)3.7%
ROICexc(5y)3.56%
ROICexgc(3y)3.7%
ROICexgc(5y)3.56%
ROCE(3y)4.93%
ROCE(5y)4.74%
ROICexcg growth 3Y6.81%
ROICexcg growth 5Y3.17%
ROICexc growth 3Y6.82%
ROICexc growth 5Y3.17%
OM growth 3Y0.24%
OM growth 5Y0.55%
PM growth 3YN/A
PM growth 5Y10.09%
GM growth 3Y0.69%
GM growth 5Y0.33%
F-Score6
Asset Turnover0.06
Health
Industry RankSector Rank
Debt/Equity 0.36
Debt/FCF 6.28
Debt/EBITDA 4.95
Cap/Depr 31.5%
Cap/Sales 0.46%
Interest Coverage 7.53
Cash Conversion 79.42%
Profit Quality 103.47%
Current Ratio 0.97
Quick Ratio 0.97
Altman-Z 4.57
F-Score6
WACC6.9%
ROIC/WACC0.57
Cap/Depr(3y)26.92%
Cap/Depr(5y)73.66%
Cap/Sales(3y)0.33%
Cap/Sales(5y)0.5%
Profit Quality(3y)187.96%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)1.72%
EPS 3YN/A
EPS 5Y9.29%
EPS Q2Q%-27.97%
EPS Next YN/A
EPS Next 2YN/A
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)-0.57%
Revenue growth 3Y4.41%
Revenue growth 5Y-0.73%
Sales Q2Q%-5.44%
Revenue Next Year274%
Revenue Next 2Y87.99%
Revenue Next 3Y53.39%
Revenue Next 5YN/A
EBIT growth 1Y6.44%
EBIT growth 3Y4.66%
EBIT growth 5Y-0.18%
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y3.52%
FCF growth 3Y7.4%
FCF growth 5Y-1.17%
OCF growth 1Y4.12%
OCF growth 3Y7.58%
OCF growth 5Y-1.06%