VGP NV (VGP.BR) | Investment Case

1. Company Snapshot

1.a. Company Description

VGP NV, together with its subsidiaries, develops, owns, and manages logistics and semi-industrial real estate, and ancillary offices.It leases its properties to tenants in the logistic sector, including storing, assembling, re-conditioning, and final treatment of the goods.The company also provides property management services; asset management services related to corporate administration, financing, business planning, reporting, budgeting, management of tax and legal affairs, controlling, etc.; project management and leasing services; and facility management services, such as maintenance, waste management, and greenery maintenance services.

It operates in Germany, Spain, France, Italy, the Netherlands, Austria, Portugal, the Czech Republic, Slovakia, Hungary, Romania, Serbia, and Latvia.The company was founded in 1998 and is headquartered in Antwerp, Belgium.

Show Full description

1.b. Last Insights on VGP

VGP NV's recent performance was driven by strong half-year results, with a 35% increase in pre-tax profit to €208.6 million. The company's net rental and renewable energy income rose 24.3% to €40.9 million, while joint venture management fee income increased 2.6% to €16.1 million. Additionally, VGP achieved a record net valuation gain on its portfolio of €141.5 million, up 42.8%. The company also announced sustainability milestones, including the highest industrial new construction BREEAM score ever globally. Furthermore, VGP acquired a site in Hagen, Germany, to develop a modern business and industrial park.

1.c. Company Highlights

Last Price	101.6
Change Percentage	0.59%
Open	101.6
Previous Close	101
Market Cap ( Millions)	2773
Volume	23362
Year High	108.4
Year Low	66.8
M A 50	101.04
M A 200	89.03

FCF Yield	0.18%
Dividend Yield	3.25%
ROE	13.33%
Debt / Equity	93.51%
Net Debt / EBIDTA	1945.70%
Price To Book	1.11
Price Earnings Ratio	8.51
Price To FCF	569.48
Price To sales	19.07
EV / EBITDA	47.77

2. Transcript Summary

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3. NewsRoom

VGP (ENXTBR:VGP): Exploring Valuation After a Strong Year-to-Date Rally

Nov -30

Source:

VGP and Areim Agree on Third Closing in 50:50 ‘SAGA’ Joint Venture

Nov -28

Source:

VGP Trading Update

Nov -06

Source:

VGP Acquires Site of Former Paper Mill in Hagen, Near Dortmund, to Develop Business Park

Oct -13

Source:

VGP Announces Sustainability Milestones With Highest Industrial New Construction Breeam Score Ever Globally

Sep -29

Source:

Does VGP’s 29% Rally in 2025 Signal More Growth Ahead?

Sep -15

Source:

VGP’s Half Year Results 2025

Aug -21

Source:

VGP Announces Webcast to Review 1H 2025 Financial Results

Aug -06

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.77%)

6. Segments

Investment

Expected Growth: 5.5%

Growing demand for sustainable and high-quality logistics and semi-industrial properties in Europe, driven by e-commerce growth, urbanization, and increasing focus on environmental sustainability, will drive VGP NV's investment in the sector.

Renewable Energy

Expected Growth: 10.2%

Increasing global demand for clean energy, government incentives for renewable energy projects, and decreasing costs of solar and wind power generation drive growth in VGP NV's renewable energy segment.

Intersegment Eliminations

Expected Growth: 4.5%

The elimination of intersegment transactions between Volkswagen Group and its subsidiaries/joint ventures drives consolidated financial position. Growing demand for automotive products, increasing global presence, and strategic partnerships fuel growth.

7. Detailed Products

Universal C-Peptide

A diagnostic tool for measuring C-peptide levels in blood, aiding in the diagnosis and monitoring of diabetes and insulinoma.

Vitamin D Controls

Quality control materials for vitamin D assays, ensuring accurate and reliable test results.

Calprotectin ELISA

An enzyme-linked immunosorbent assay (ELISA) for measuring fecal calprotectin levels, aiding in the diagnosis and monitoring of inflammatory bowel disease.

CRP Latex Kit

A latex-based kit for measuring C-reactive protein (CRP) levels, aiding in the diagnosis and monitoring of inflammation and infection.

Rheumatoid Factor (RF) Kit

A diagnostic kit for measuring rheumatoid factor (RF) levels, aiding in the diagnosis and monitoring of rheumatoid arthritis.

8. VGP NV's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for VGP NV is medium due to the presence of alternative products and services in the market.

Bargaining Power Of Customers

The bargaining power of customers for VGP NV is high due to the concentration of customers and the availability of alternative products.

Bargaining Power Of Suppliers

The bargaining power of suppliers for VGP NV is low due to the presence of multiple suppliers and the company's ability to negotiate prices.

Threat Of New Entrants

The threat of new entrants for VGP NV is medium due to the presence of barriers to entry and the company's established market position.

Intensity Of Rivalry

The intensity of rivalry for VGP NV is high due to the presence of several competitors and the company's need to differentiate itself.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	46.99%
Debt Cost	3.95%
Equity Weight	53.01%
Equity Cost	8.52%
WACC	6.37%
Leverage	88.65%

11. Quality Control: VGP NV passed 3 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Allreal Holding

A-Score: 6.1/10

Value: 3.6

Growth: 2.1

Quality: 6.4

Yield: 6.9

Momentum: 7.5

Volatility: 10.0

1-Year Total Return ->

VGP

A-Score: 5.8/10

Value: 3.1

Growth: 6.2

Quality: 7.0

Yield: 5.6

Momentum: 6.0

Volatility: 7.0

1-Year Total Return ->

Aroundtown

A-Score: 5.0/10

Value: 7.7

Growth: 4.1

Quality: 5.8

Yield: 3.1

Momentum: 6.0

Volatility: 3.3

1-Year Total Return ->

Grainger

A-Score: 4.8/10

Value: 5.4

Growth: 3.4

Quality: 5.7

Yield: 5.0

Momentum: 1.0

Volatility: 8.0

1-Year Total Return ->

Wihlborgs Fastigheter

A-Score: 4.2/10

Value: 4.3

Growth: 4.8

Quality: 5.8

Yield: 7.5

Momentum: 1.0

Volatility: 2.0

1-Year Total Return ->

Fabege

A-Score: 4.0/10

Value: 2.8

Growth: 3.7

Quality: 4.9

Yield: 4.4

Momentum: 2.5

Volatility: 6.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

69.93%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.37%

VGP NV - BE0003878957

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on VGP

1.c. Company Highlights

Expensive

Average Yield

Average Growth

Fairly Valued

Average Quality

Medium Volatility

Revenues Beats

Earnings Beats

Weak Momentum

Stable Momentum

Higher Growth

Revenues Miss

Better Quality

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.77%)

6. Segments

Investment

Expected Growth: 5.5%

Renewable Energy

Expected Growth: 10.2%

Intersegment Eliminations

Expected Growth: 4.5%

7. Detailed Products

Universal C-Peptide

Vitamin D Controls

Calprotectin ELISA

CRP Latex Kit

Rheumatoid Factor (RF) Kit

8. VGP NV's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: VGP NV passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

101.6$

Current Price

101.6$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA