Van Lanschot Kempen N.V. (VLK.AS) 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

+101.0%

€123.61

vs €61.50 price

Levered DCF

€283.30

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.59

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	15.11×	14×	9.98×	11.53×	6.57×	20×	8.83×	0.11×
P/B	1.76×	1.34×	0.88×	0.64×	0.64×	0.63×	0.63×	0.01×
P/S	1.84×	2.57×	1.77×	1.5×	1.46×	1.95×	1.7×	0.02×
EV / EBITDA	11.06×	7.7×	1.7×	-5.64×	-3.91×	17.96×	9.78×	0×
Gross margin	61.7%	100.0%	100.0%	94.8%	91.5%	100.0%	100.0%	100.0%
Operating margin	17.7%	25.8%	24.6%	17.5%	28.9%	8.8%	24.6%	45.1%
Net margin	12.9%	19.8%	18.8%	14.2%	23.3%	11.3%	20.3%	15.6%
Current ratio	4.07×	0.2×	0.3×	125.4×	443.78×	158.85×	109.87×	93.53×
Debt / equity	2.07×	1.74×	1.85×	1.53×	1.83×	2.22×	2.05×	2.09×
Interest coverage	0.48×	0.38×	0.5×	1.01×	2.09×	0.43×	1.28×	1.67×
Dividend yield	8.3%	5.1%	14.1%	16.7%	10.5%	0.8%	15.2%	1536.2%
Payout ratio	117.8%	66.5%	132.6%	177.4%	65.8%	14.2%	127.1%	163.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.3%	10.3%	9.3%	6.1%	10.2%	3.7%	7.5%	5.9%
Return on invested capital	0.9%	3.3%	1.7%	0.9%	1.7%	0.5%	1.6%	3.2%
Return on assets	0.9%	0.8%	0.7%	0.5%	0.9%	0.3%	0.7%	0.5%
Free cash flow yield	25.8%	3.2%	23.0%	24.6%	129.7%	132.7%	72.2%	7486.6%
Earnings yield	7.0%	7.7%	10.6%	9.4%	16.0%	5.8%	11.9%	941.4%
Enterprise value	€2.7B	€1.8B	€320.1M	-€762M	-€764.9M	€1.2B	€1.3B	€477.4M
Net debt / EBITDA	1.97×	-0.41×	-4.58×	-12.24×	-8.52×	5.56×	3.79×	0×
Cash conversion cycle (days)	-37	23	169	-12,038	-16,740	80	0	0