VGP: Firing on all cylinders 24.09.2018
VGP delivered a solid 1H18 update, outperforming our estimates by over 20% and beating our growth projections for 2018-20. To reflect this, we have adjusted our NRI, development and earnings growth forecasts, triggering a TP increase from € 78 to € 81. The reporting also suggests that VGP might provide an update on its JV structure sooner than expected, thereby unlocking more growth. VGP has significantly expanded its workforce to 170 employees across 10 different countries, underpinning growth prospects for the years ahead. 2018 will be a year of strengthening and streamlining the management team. With a forward earnings yield of 11.2% and a exp. dividend yield of 4.5%, we believe the 24% upside implied by our € 81 Target Price is achievable.VGP NV is a Belgium-based real estate development company that constructs and develops industrial real estate and ancillary offices, which are rented out to clients on long term lease contracts. The Company operates in three business segments: the Development activities segment is focused on the identification and acquisition of the land and development of the infrastructure, the design of buildings, the coordination of architectural and engineering aspects, the administration to obtain the necessary permits, the tendering and coordination of the construction works, including site management, and the facility management of the real estate portfolio; the Property Management and Leasing services segment is responsible for managing the operation of the buildings, and the Facilities Management services segment is responsible for managing the operation of the buildings and performs all actions, such as maintenance services, waste management services and maintenance greenery, among others.
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