Company Valuation: VGP NV

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 5,589 2,123 2,866 1,949 2,688 2,167 - -
Change - -62.01% 34.96% -32% 37.96% -19.4% - -
Enterprise Value (EV) 1 6,748 3,792 4,644 3,514 4,524 4,403 4,572 4,695
Change - -43.8% 22.45% -24.33% 28.76% -2.68% 3.83% 2.69%
P/E 8.15x -14.2x 32.8x 6.79x 9.26x 7.24x 6.34x 6.13x
PBR 2.57x 0.79x 1.29x 0.81x 1.03x 0.7x 0.62x 0.55x
PEG - 0x -0x 0x 8.12x -0.99x 0.4x 1.82x
Capitalization / Revenue 126x 25x 25.2x 9.22x 10.9x 8.18x 7.52x 6.89x
EV / Revenue 152x 44.7x 40.8x 16.6x 18.3x 16.6x 15.9x 14.9x
EV / EBITDA 10.6x 271x 21.5x 9.91x 9.95x 20.6x 19.3x 17x
EV / EBIT 10.8x 583x 39.1x 11.1x 12.5x 11.2x 10.6x 11.8x
EV / FCF -9.4x -4.11x -131x 11.2x -7.66x 648x 51.4x 39x
FCF Yield -10.6% -24.3% -0.76% 8.95% -13.1% 0.15% 1.95% 2.56%
Dividend per Share 2 6.85 2.75 2.95 3.3 3.4 3.594 3.691 3.883
Rate of return 2.68% 3.53% 2.81% 4.62% 3.45% 5.03% 5.17% 5.44%
EPS 2 31.41 -5.49 3.2 10.52 10.64 9.862 11.26 11.64
Distribution rate 21.8% -50.1% 92.2% 31.4% 32% 36.4% 32.8% 33.3%
Net sales 1 44.26 84.78 113.7 211.3 247.4 264.8 288 314.3
EBITDA 1 634.1 13.99 215.9 354.5 454.7 213.4 236.4 275.5
EBIT 1 626.7 6.51 118.8 317.1 362.3 391.9 429.7 396.3
Net income 1 650.1 -122.5 87.29 287 290.4 266.5 323.5 327
Net Debt 1 1,159 1,669 1,778 1,565 1,836 2,236 2,405 2,528
Reference price 2 256.00 77.80 105.00 71.40 98.50 71.40 71.40 71.40
Nbr of stocks (in thousands) 21,833 27,291 27,291 27,291 27,291 30,348 - -
Announcement Date 2/23/22 2/23/23 2/22/24 2/20/25 2/19/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
7.24x16.63x20.63x5.03% 2.51B
14.04x4.51x12.17x3.61% 39.98B
17.8x3.94x15.85x1.38% 28.22B
7.88x1.42x7.8x4.49% 26.51B
5.45x0.65x1.36x9.17% 26.23B
13.78x3.08x14.74x2.54% 26.13B
10.63x2.15x9.15x3.95% 21.37B
7.85x0.87x3.17x2.85% 20.08B
13.11x6.41x16.85x1.66% 19.31B
37.44x13.73x34.11x3.16% 18.14B
Average 13.52x 5.34x 13.58x 3.78% 22.85B
Weighted average by Cap. 13.61x 3.96x 12.33x 3.73%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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