Financials Vastned Retail N.V.

Equities

Market Closed - Euronext Amsterdam Other stock markets 11:35:02 2024-04-30 am EDT			After market 03:59:00 pm
20.95 ^EUR	-0.24%		20.85	-0.48%

Apr. 18	An unknown private investment company acquired Rokin Plaza in Netherlands from Vastned Retail N.V. for ?100 million.	CI
Feb. 15	Transcript : Vastned Retail N.V., 2023 Earnings Call, Feb 15, 2024

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	458	397.1	411.6	362.8	344.8	360.2	-	-
Enterprise Value (EV) ¹	1,112	1,033	1,031	954.2	951.5	909.2	906.2	968.2
P/E ratio	20.5 x	-9.61 x	28.6 x	11.6 x	-17.9 x	13.9 x	10.4 x	10.2 x
Yield	7.68%	7.47%	7.21%	8.75%	9.2%	7.94%	7.49%	8.21%
Capitalization / Revenue	6.61 x	6.12 x	6.62 x	5.47 x	4.78 x	5.09 x	5.07 x	4.96 x
EV / Revenue	16 x	15.9 x	16.6 x	14.4 x	13.2 x	12.8 x	12.8 x	13.3 x
EV / EBITDA	20.3 x	20.8 x	20.7 x	18.1 x	16.6 x	16.7 x	16.5 x	-
EV / FCF	31.3 x	40.6 x	17.2 x	-	22.7 x	5.72 x	37.8 x	-
FCF Yield	3.19%	2.46%	5.81%	-	4.4%	17.5%	2.65%	-
Price to Book	0.58 x	0.54 x	0.58 x	0.51 x	0.52 x	0.57 x	0.56 x	0.52 x
Nbr of stocks (in thousands)	17,152	17,152	17,152	17,152	17,152	17,152	-	-
Reference price ²	26.70	23.15	24.00	21.15	20.10	21.00	21.00	21.00
Announcement Date	2/11/20	2/11/21	2/10/22	2/16/23	2/15/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	69.29	64.92	62.22	66.38	72.14	70.8	71	72.62
EBITDA ¹	54.89	49.6	49.92	52.8	57.47	54.5	55	-
EBIT ¹	54.89	49.6	49.92	52.8	57.47	56.69	56.9	58.2
Operating Margin	79.22%	76.41%	80.23%	79.55%	79.66%	80.07%	80.13%	80.14%
Earnings before Tax (EBT) ¹	24.53	-48.5	-22.71	37.58	-14.21	29	42	-
Net income ¹	22.44	-41.34	14.4	31.34	-19.26	27	40	-
Net margin	32.38%	-63.68%	23.15%	47.22%	-26.7%	38.13%	56.33%	-
EPS ²	1.300	-2.410	0.8400	1.830	-1.120	1.513	2.020	2.060
Free Cash Flow ¹	35.52	25.44	59.86	-	41.88	159	24	-
FCF margin	51.26%	39.18%	96.21%	-	58.06%	224.56%	33.8%	-
FCF Conversion (EBITDA)	64.71%	51.28%	119.93%	-	72.88%	291.74%	43.64%	-
FCF Conversion (Net income)	158.32%	-	415.56%	-	-	588.89%	60%	-
Dividend per Share ²	2.050	1.730	1.730	1.850	1.850	1.668	1.572	1.723
Announcement Date	2/11/20	2/11/21	2/10/22	2/16/23	2/15/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	654	636	619	591	607	549	546	608
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	11.91 x	12.82 x	12.4 x	11.2 x	10.56 x	10.07 x	9.927 x	-
Free Cash Flow ¹	35.5	25.4	59.9	-	41.9	159	24	-
ROE (net income / shareholders' equity)	4.32%	4.15%	4.56%	4.39%	4.99%	4.67%	5.23%	5.85%
ROA (Net income/ Total Assets)	2.2%	2.05%	2.24%	2.16%	2.41%	2.6%	2.1%	-
Assets ¹	1,017	-2,013	644.2	1,454	-797.8	1,038	1,905	-
Book Value Per Share ²	46.30	43.00	41.60	41.70	38.80	36.90	37.50	40.10
Cash Flow per Share ²	-	-	-	2.290	2.460	1.910	1.950	1.980
Capex	-	3.13	-	-	-	-	-	-
Capex / Sales	-	4.83%	-	-	-	-	-	-
Announcement Date	2/11/20	2/11/21	2/10/22	2/16/23	2/15/24	-	-	-

¹EUR in Million²EUR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

21 EUR

Average target price

21.25 EUR

Spread / Average Target

+1.19%

	1st Jan change	Capi.
VASTNED RETAIL N.V.	+4.23%	386M
SIMON PROPERTY GROUP, INC.	-1.48%	47.18B
KIMCO REALTY CORPORATION	-12.58%	12.68B
THE LINK REAL ESTATE INVESTMENT TRUST	-22.81%	11.03B
REGENCY CENTERS CORPORATION	-11.61%	10.88B
NNN REIT, INC.	-5.96%	7.43B
BRIXMOR PROPERTY GROUP INC.	-5.03%	6.67B
AGREE REALTY CORPORATION	-9.10%	5.8B
VICINITY CENTRES	-5.64%	5.67B
KITE REALTY GROUP TRUST	-4.64%	4.77B