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VASTNED NV (VASTB.BR) Stock Fundamental Analysis

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

27.6  +0.1 (+0.36%)

Fundamental Rating

6

We assign a fundamental rating of 6 out of 10 to VASTB. VASTB was compared to 41 industry peers in the Diversified REITs industry. VASTB scores excellent points on both the profitability and health parts. This is a solid base for a good stock. 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

VASTB had positive earnings in the past year.
VASTB had a positive operating cash flow in the past year.
Of the past 5 years VASTB 4 years were profitable.
Each year in the past 5 years VASTB had a positive operating cash flow.
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

With a decent Return On Assets value of 4.00%, VASTB is doing good in the industry, outperforming 74.42% of the companies in the same industry.
Looking at the Return On Equity, with a value of 5.57%, VASTB is in the better half of the industry, outperforming 67.44% of the companies in the same industry.
VASTB's Return On Invested Capital of 3.95% is fine compared to the rest of the industry. VASTB outperforms 65.12% of its industry peers.
The Average Return On Invested Capital over the past 3 years for VASTB is in line with the industry average of 4.05%.
The 3 year average ROIC (3.69%) for VASTB is below the current ROIC(3.95%), indicating increased profibility in the last year.
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

With an excellent Profit Margin value of 68.87%, VASTB belongs to the best of the industry, outperforming 83.72% of the companies in the same industry.
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 86.05% of its industry peers.
In the last couple of years the Operating Margin of VASTB has remained more or less at the same level.
Looking at the Gross Margin, with a value of 97.35%, VASTB belongs to the top of the industry, outperforming 93.02% 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

VASTB has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
The number of shares outstanding for VASTB remains at a similar level compared to 1 year ago.
The number of shares outstanding for VASTB remains at a similar level compared to 5 years ago.
Compared to 1 year ago, VASTB has an improved debt to assets ratio.
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

VASTB has an Altman-Z score of 4.38. This indicates that VASTB is financially healthy and has little risk of bankruptcy at the moment.
The Altman-Z score of VASTB (4.38) is better than 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.
The Debt to FCF ratio of VASTB (6.28) is better than 95.35% 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 93.02% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.36
Debt/FCF 6.28
Altman-Z 4.38
ROIC/WACC0.57
WACC6.94%
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

VASTB has a Current Ratio of 0.97. This is a bad value and indicates that VASTB is not financially healthy enough and could expect problems in meeting its short term obligations.
VASTB has a Current ratio of 0.97. This is in the better half of the industry: VASTB outperforms 69.77% of its industry peers.
A Quick Ratio of 0.97 indicates that VASTB may have some problems paying its short term obligations.
The Quick ratio of VASTB (0.97) is better than 72.09% of its industry peers.
VASTB does not score too well on the current and quick ratio evaluation. However, as it has 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

The Earnings Per Share has been growing slightly by 1.72% over the past year.
The Earnings Per Share has been growing by 9.29% on average over the past years. This is quite good.
Looking at the last year, VASTB shows a decrease in Revenue. The Revenue has decreased by -0.57% in the last year.
The Revenue has been decreasing by -0.73% on average over the past years.
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.
The Revenue is expected to grow by 53.39% on average over the next years. This is a very strong growth
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.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
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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3

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 11.50, the valuation of VASTB can be described as reasonable.
Based on the Price/Earnings ratio, VASTB is valued a bit cheaper than the industry average as 74.42% of the companies are valued more expensively.
The average S&P500 Price/Earnings ratio is at 29.35. VASTB is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 11.5
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

VASTB's Enterprise Value to EBITDA ratio is a bit more expensive when compared to the industry. VASTB is more expensive than 69.77% of the companies in the same industry.
VASTB's Price/Free Cash Flow ratio is a bit more expensive when compared to the industry. VASTB is more expensive than 72.09% of the companies in the same industry.
Industry RankSector Rank
P/FCF 40.72
EV/EBITDA 37.03
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

The excellent profitability rating of VASTB may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)1.24
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 (3/7/2025, 7:00:00 PM)

27.6

+0.1 (+0.36%)

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 Cap537.37M
Analysts40
Price Target27.54 (-0.22%)
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 11.5
Fwd PE N/A
P/S 29.01
P/FCF 40.72
P/OCF 40.45
P/B 2.35
P/tB 2.35
EV/EBITDA 37.03
EPS(TTM)2.4
EY8.7%
EPS(NY)N/A
Fwd EYN/A
FCF(TTM)0.68
FCFY2.46%
OCF(TTM)0.68
OCFY2.47%
SpS0.95
BVpS11.76
TBVpS11.75
PEG (NY)N/A
PEG (5Y)1.24
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 4.38
F-Score6
WACC6.94%
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%