VGP Stock Analysis: VGP | BR
Real Estate Services | BR, Belgium | Market Cap: 1.936m EUR | 12M Return: -34.2% | BE0003878957 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 2.10M
Warnings
Tailwinds
No distinct edge detected
Seasonality
VGP is a Belgium-based developer, owner and manager of logistics and semi-industrial properties, with ancillary offices, operating across several European markets. Its business combines property development and leasing with property, asset and facility management services. Its tenants use the properties for activities such as storing, assembling and reconditioning goods, functions that support logistics and distribution networks.
VGP also operates in renewable energy, including generating solar power from rooftop panels and providing energy-management and electric-vehicle charging facilities. The company was founded in 1998 and is headquartered in Antwerp.
- Occupancy, rent indexation and tenant demand support recurring income
- Logistics park completions and pre-leasing drive development profits
- Higher financing costs and property yields pressure valuations and capital returns
| Net Income: 229.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.00 > 0.02 and ΔFCF/TA 0.12 > 1.0 |
| NWC/Revenue: 764.1% < 20% (prev 302.1%; Δ 461.9% < -1%) |
| CFO/TA 0.00 > 3% & CFO 12.7m > Net Income 229.7m |
| Net Debt (2.02b) to EBITDA (512.5m): 3.94 < 3 |
| Current Ratio: 5.21 > 1.5 & < 3 |
| Outstanding Shares: last quarter (28.1m) vs 12m ago 3.03% < -2% |
| Gross Margin: 75.05% > 18% (prev 91.69%; Δ -16.64% > 0.5%) |
| Asset Turnover: 2.58% > 50% (prev 2.89%; Δ -0.31% > 0%) |
| Interest Coverage Ratio: 6.98 > 6 (EBIT TTM 501.1m / Interest Expense TTM 71.8m) |
| A: 0.18 (Total Current Assets 1.32b - Total Current Liabilities 252.9m) / Total Assets 5.78b |
| B: 0.29 (Retained Earnings 1.68b / Total Assets 5.78b) |
| C: 0.09 (EBIT TTM 501.1m / Avg Total Assets 5.41b) |
| D: 0.99 (Book Value of Equity 2.87b / Total Liabilities 2.91b) |
| Altman-Z'' = 3.81 = AA |
| DSRI: 2.02 (Receivables 33.8m/17.5m, Revenue 139.4m/145.4m) |
| GMI: 1.22 (GM 91.69% / 75.05%) |
| AQI: 1.49 (AQ_t 0.75 / AQ_t-1 0.50) |
| SGI: 0.96 (Revenue 139.4m / 145.4m) |
| TATA: 0.04 (NI 229.7m - CFO 12.7m) / TA 5.78b) |
| Beneish M = -1.72 (Cap -4..+1) = CCC |
As of October 17, 2026, the stock is trading at EUR 62.60 with a total of 23,703 shares traded. Over the past week, the price has changed by -1.88%, over one month by -12.57%, over three months by -22.33% and over the past year by -34.21%.
Current recommended Stop Loss: 60.20 (which is 3.8% or 1.3 ATR below the current price).
VGP has no consensus analysts rating.
P/E Trailing = 7.696
P/E Forward = 16.2338
P/S = 9.2678
P/B = 0.7548
Revenue TTM = 139.4m EUR
EBIT TTM = 501.1m EUR
EBITDA TTM = 512.5m EUR
Long Term Debt = 2.37b EUR (from longTermDebt, last quarter)
Short Term Debt = 252.9m EUR (from shortTermDebt, last quarter)
Debt = 2.62b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 2.02b EUR (calculated: Debt 2.62b - CCE 598.6m)
Enterprise Value = 3.96b EUR (1.94b + Debt 2.62b - CCE 598.6m)
Interest Coverage Ratio = 6.98 (Ebit TTM 501.1m / Interest Expense TTM 71.8m)
EV/FCF = 312.4x (Enterprise Value 3.96b / FCF TTM 12.7m)
FCF Yield = 0.32% (FCF TTM 12.7m / Enterprise Value 3.96b)
FCF Margin = 9.08% (FCF TTM 12.7m / Revenue TTM 139.4m)
Net Margin = 164.7% (Net Income TTM 229.7m / Revenue TTM 139.4m)
Gross Margin = 75.05% ((Revenue TTM 139.4m - Cost of Revenue TTM 34.8m) / Revenue TTM)
Gross Margin QoQ = 92.49% (prev 57.46%)
Tobins Q-Ratio = 0.68 (Enterprise Value 3.96b / Total Assets 5.78b)
Interest Expense / Debt = 2.74% (Interest Expense 71.8m / Debt 2.62b)
Taxrate = 15.17% (41.1m / 270.8m)
NOPAT = 425.1m (EBIT 501.1m * (1 - 15.17%))
Current Ratio = 5.21 (Total Current Assets 1.32b / Total Current Liabilities 252.9m)
Debt / Equity = 0.91 (Debt 2.62b / totalStockholderEquity, last quarter 2.87b)
Debt / EBITDA = 3.94 (Net Debt 2.02b / EBITDA 512.5m)
Debt / FCF = 159.5 (Net Debt 2.02b / FCF TTM 12.7m)
Total Stockholder Equity = 2.59b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.25% (Net Income 229.7m / Total Assets 5.78b)
RoE = 8.86% (Net Income TTM 229.7m / Total Stockholder Equity 2.59b)
RoCE = 10.11% (EBIT 501.1m / Capital Employed (Equity 2.59b + L.T.Debt 2.37b))
RoIC = 7.36% (NOPAT 425.1m / Invested Capital 5.78b)
WACC = 4.01% (E(1.94b)/V(4.55b) * Re(6.28%) + D(2.62b)/V(4.55b) * Rd(2.74%) * (1-Tc(0.15)))
Discount Rate = 6.28% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 83.75 | Cagr: 14.32%
[DCF] Terminal Value 77.97% ; FCFF base≈9.55m ; Y1≈10.9m ; Y5≈16.1m
[DCF] Fair Price = N/A (negative equity: EV 242.4m - Net Debt 2.02b = -1.78b; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: 77.49 | Revenue CAGR: 17.79% | SUE: N/A | # QB: 0
EPS current Year (2026-12-31): EPS=3.80 | Chg30d=+1.05% | Revisions=+0% | GrowthEPS=-70.0% | GrowthRev=+9.3%
EPS next Year (2027-12-31): EPS=4.08 | Chg30d=-0.65% | Revisions=+0% | GrowthEPS=+7.2% | GrowthRev=+11.3%
[Analyst] Revisions Ratio: +0% (up=2, down=2)