Stock VASTB VASTNED BELGIUM
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Financials Vastned Belgium

Equities

VASTB

BE0003754687

Commercial REITs

Market Closed - Euronext Bruxelles
Other stock markets
 11:35:05 2024-04-26 am EDT 		5-day change 1st Jan Change
30.1 EUR +0.33% Intraday chart for Vastned Belgium +2.38% -2.27%
Feb. 12 Vastned Belgium NV Reports Earnings Results for the Full Year Ended December 31, 2023 CI
Feb. 12 Vastned Belgium Proposes Dividend for the Year 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 207.7 227 121.9 146.3 150.8 156.4
Enterprise Value (EV) 1 309.3 328.3 216.9 230.4 231.7 234.2
P/E ratio 28.7 x 52.6 x -14.3 x 35.7 x 10.4 x 13.9 x
Yield 6.97% 6.49% 8.54% 7.64% 7.58% 7.47%
Capitalization / Revenue 10.7 x 11.8 x 7.21 x 8.71 x 8.61 x 8.24 x
EV / Revenue 15.9 x 17 x 12.8 x 13.7 x 13.2 x 12.3 x
EV / EBITDA 18.5 x 19.8 x 15.5 x 15 x 14.9 x 14.3 x
EV / FCF 32.4 x 41.5 x 30 x 21.6 x 21.5 x 39.2 x
FCF Yield 3.09% 2.41% 3.33% 4.63% 4.65% 2.55%
Price to Book 0.77 x 0.88 x 0.52 x 0.64 x 0.65 x 0.67 x
Nbr of stocks (in thousands) 5,079 5,079 5,079 5,079 5,079 5,079
Reference price 2 40.90 44.70 24.00 28.80 29.70 30.80
Announcement Date 3/21/19 3/27/20 3/26/21 3/25/22 3/24/23 3/22/24
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 19.42 19.26 16.91 16.79 17.51 18.98
EBITDA 1 16.68 16.59 13.96 15.4 15.5 16.4
EBIT 1 16.57 16.5 13.69 14.76 15.19 16.23
Operating Margin 85.33% 85.67% 80.96% 87.9% 86.78% 85.5%
Earnings before Tax (EBT) 1 7.26 4.357 -8.517 4.092 14.58 11.38
Net income 1 7.24 4.317 -8.524 4.092 14.49 11.29
Net margin 37.28% 22.41% -50.42% 24.37% 82.76% 59.48%
EPS 2 1.426 0.8500 -1.680 0.8057 2.850 2.220
Free Cash Flow 1 9.542 7.921 7.22 10.66 10.78 5.968
FCF margin 49.13% 41.11% 42.71% 63.49% 61.57% 31.45%
FCF Conversion (EBITDA) 57.21% 47.73% 51.74% 69.2% 69.52% 36.4%
FCF Conversion (Net income) 131.8% 183.48% - 260.52% 74.39% 52.86%
Dividend per Share 2 2.850 2.900 2.050 2.200 2.250 2.300
Announcement Date 3/21/19 3/27/20 3/26/21 3/25/22 3/24/23 3/22/24
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 102 101 95.1 84.1 80.9 77.8
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 6.09 x 6.107 x 6.812 x 5.46 x 5.218 x 4.745 x
Free Cash Flow 1 9.54 7.92 7.22 10.7 10.8 5.97
ROE (net income / shareholders' equity) 2.67% 1.64% -3.46% 1.76% 6.29% 4.87%
ROA (Net income/ Total Assets) 2.74% 2.8% 2.46% 2.83% 2.99% 3.2%
Assets 1 263.9 154.4 -347.2 144.4 485.3 352.9
Book Value Per Share 2 52.90 50.90 46.30 45.00 45.70 45.70
Cash Flow per Share 2 0.1000 0.1100 0.0800 0.0400 0.0300 0.0800
Capex 1 0.04 0.22 0.04 0.05 0.01 0.12
Capex / Sales 0.22% 1.12% 0.22% 0.28% 0.05% 0.63%
Announcement Date 3/21/19 3/27/20 3/26/21 3/25/22 3/24/23 3/22/24
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Commercial REITs

1st Jan change Capi.
VASTNED BELGIUM Stock Vastned Belgium
-2.27% 163M
REALTY INCOME CORPORATION Stock Realty Income Corporation
-6.46% 46.25B
ALEXANDRIA REAL ESTATE EQUITIES, INC. Stock Alexandria Real Estate Equities, Inc.
-8.31% 20.33B
SEGRO PLC Stock SEGRO plc
-3.56% 13.07B
UNIBAIL-RODAMCO-WESTFIELD SE Stock Unibail-Rodamco-Westfield SE
+16.05% 11.53B
CAPITALAND INTEGRATED COMMERCIAL TRUST Stock CapitaLand Integrated Commercial Trust
-4.85% 9.68B
FEDERAL REALTY INVESTMENT TRUST Stock Federal Realty Investment Trust
-0.83% 8.48B
CAPITALAND ASCENDAS REIT Stock CapitaLand Ascendas REIT
-14.19% 8.38B
KLÉPIERRE Stock Klépierre
+1.38% 7.63B
FIBRA UNO Stock Fibra UNO
-18.42% 5.53B
Other Commercial REITs
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