Financials Vastned Retail N.V.

Equities

Real-time Euronext Amsterdam Other stock markets 01:40:02 26/06/2024 pm IST			5-day change	1st Jan Change
23.15 ^EUR	-0.86%		0.00%	+15.17%

18/06	Vastned Retail to Merge with Belgian Unit	MT
16/05	Transcript : Vastned Belgium NV, Vastned Retail N.V. - M&A Call

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	458	397.1	411.6	362.8	344.8	400.5	-	-
Enterprise Value (EV) ¹	1,112	1,033	1,031	954.2	951.5	869	865	858
P/E ratio	20.5 x	-9.61 x	28.6 x	11.6 x	-17.9 x	14 x	10.5 x	10.2 x
Yield	7.68%	7.47%	7.21%	8.75%	9.2%	7.19%	6.67%	6.76%
Capitalization / Revenue	6.61 x	6.12 x	6.62 x	5.47 x	4.78 x	5.58 x	5.66 x	5.58 x
EV / Revenue	16 x	15.9 x	16.6 x	14.4 x	13.2 x	12.1 x	12.2 x	11.9 x
EV / EBITDA	20.3 x	20.8 x	20.7 x	18.1 x	16.6 x	15.1 x	15.4 x	15.1 x
EV / FCF	31.3 x	40.6 x	17.2 x	-	22.7 x	4.75 x	32.6 x	33.9 x
FCF Yield	3.19%	2.46%	5.81%	-	4.4%	21.1%	3.06%	2.95%
Price to Book	0.58 x	0.54 x	0.58 x	0.51 x	0.52 x	0.62 x	0.61 x	0.59 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	23.35	23.35	23.35
Announcement Date	11/02/20	11/02/21	10/02/22	16/02/23	15/02/24	-	-	-

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	71.8	70.76	71.81
EBITDA ¹	54.89	49.6	49.92	52.8	57.47	57.5	56	57
EBIT ¹	54.89	49.6	49.92	52.8	57.47	58.36	56.23	57.2
Operating Margin	79.22%	76.41%	80.23%	79.55%	79.66%	81.28%	79.47%	79.66%
Earnings before Tax (EBT) ¹	24.53	-48.5	-22.71	37.58	-14.21	40	44	45
Net income ¹	22.44	-41.34	14.4	31.34	-19.26	16.2	44.6	44.15
Net margin	32.38%	-63.68%	23.15%	47.22%	-26.7%	22.56%	63.03%	61.48%
EPS ²	1.300	-2.410	0.8400	1.830	-1.120	1.667	2.222	2.295
Free Cash Flow ¹	35.52	25.44	59.86	-	41.88	183	26.5	25.3
FCF margin	51.26%	39.18%	96.21%	-	58.06%	254.86%	37.45%	35.23%
FCF Conversion (EBITDA)	64.71%	51.28%	119.93%	-	72.88%	318.26%	47.32%	44.39%
FCF Conversion (Net income)	158.32%	-	415.56%	-	-	1,129.63%	59.42%	57.3%
Dividend per Share ²	2.050	1.730	1.730	1.850	1.850	1.680	1.558	1.578
Announcement Date	11/02/20	11/02/21	10/02/22	16/02/23	15/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	654	636	619	591	607	469	465	458
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	11.91 x	12.82 x	12.4 x	11.2 x	10.56 x	8.148 x	8.295 x	8.026 x
Free Cash Flow ¹	35.5	25.4	59.9	-	41.9	183	26.5	25.3
ROE (net income / shareholders' equity)	4.32%	4.15%	4.56%	4.39%	4.99%	4.45%	5.27%	5.33%
ROA (Net income/ Total Assets)	2.2%	2.05%	2.24%	2.16%	2.41%	2.5%	2.4%	2.3%
Assets ¹	1,017	-2,013	644.2	1,454	-797.8	648	1,858	1,920
Book Value Per Share ²	46.30	43.00	41.60	41.70	38.80	37.90	38.60	39.50
Cash Flow per Share	-	-	-	2.290	2.460	-	-	-
Capex	-	3.13	-	-	-	-	-	-
Capex / Sales	-	4.83%	-	-	-	-	-	-
Announcement Date	11/02/20	11/02/21	10/02/22	16/02/23	15/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

23.35 EUR

Average target price

23.67 EUR

Spread / Average Target

+1.36%

	1st Jan change	Capi.
VASTNED RETAIL N.V.	+15.17%	429M
SIMON PROPERTY GROUP, INC.	+3.67%	48.2B
KIMCO REALTY CORPORATION	-11.97%	12.65B
REGENCY CENTERS CORPORATION	-8.49%	11.3B
THE LINK REAL ESTATE INVESTMENT TRUST	-27.14%	10.32B
NNN REIT, INC.	-2.83%	7.68B
BRIXMOR PROPERTY GROUP INC.	-3.78%	6.75B
AGREE REALTY CORPORATION	-3.37%	6.11B
VICINITY CENTRES	-7.84%	5.74B
KITE REALTY GROUP TRUST	-4.33%	4.8B