Vgp N.V. (VGP.BR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+379.9%

€297.05

vs €61.90 price

Levered DCF

-€295.71

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.33

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	9.26×	6.79×	32.81×	-14.17×	8.15×	6.6×	7.94×	8.56×
P/B	1.03×	0.81×	1.29×	0.79×	2.44×	1.87×	2.33×	1.91×
P/S	15.37×	15.52×	23.84×	19.66×	114.18×	77.78×	58.69×	14.44×
EV / EBITDA	11.26×	9.47×	47.52×	106.37×	-360.03×	-365.64×	478.71×	9.44×
Gross margin	80.5%	79.9%	75.2%	68.0%	73.9%	66.5%	66.1%	98.4%
Operating margin	207.2%	252.7%	98.8%	31.2%	1673.4%	1333.0%	-5.4%	73.1%
Net margin	166.0%	228.6%	72.6%	-138.8%	1400.8%	1179.0%	739.6%	168.6%
Current ratio	1.77×	3.39×	4.75×	2.01×	3.93×	3.11×	3.33×	5.3×
Debt / equity	0.91×	0.86×	0.9×	1.08×	0.64×	0.6×	1.1×	1.07×
Interest coverage	6.86×	7.4×	3.44×	0.73×	37.22×	0×	-0.06×	2.41×
Dividend yield	3.4%	5.2%	2.6%	8.6%	1.4%	2.5%	2.5%	3.4%
Payout ratio	31.0%	35.2%	86.0%	-122.0%	11.6%	16.3%	19.9%	29.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.2%	12.0%	3.9%	-5.6%	29.9%	28.4%	29.4%	22.3%
Return on invested capital	6.1%	6.3%	2.2%	0.6%	22.0%	24.0%	-0.1%	5.2%
Return on assets	5.6%	6.2%	2.0%	-2.5%	16.7%	16.7%	12.7%	10.0%
Free cash flow yield	1.9%	-0.9%	-1.0%	9.8%	11.9%	3.4%	5.9%	27.3%
Earnings yield	10.8%	14.7%	3.0%	-7.1%	12.3%	15.2%	12.6%	11.7%
Enterprise value	€4.5B	€3.5B	€4.7B	€3.4B	€6.5B	€3B	€2.2B	€1.5B
Net debt / EBITDA	4.57×	4.22×	18.25×	52.23×	-64.78×	-68.18×	127.57×	2.71×
Cash conversion cycle (days)	-671	-928	-772	-1,202	-2,206	-1,921	-2,102	-12,564