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Van de Velde N.V. logo

Van de Velde N.V.

VAN.BR
56
Apparel - Footwear & Accessories · Consumer Cyclical
Price
€29.80
-0.20 (-0.67%)
Market Cap
€371.7M
Exchange
Euronext Brussels
Winston Score
56
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Jul 26, 2026 · filings through Dec 31, 2025

Share count falling — buybacks

2.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 13.2M (2021) → 12.8M (2025)

Van de Velde NV, together with its subsidiaries, designs, produces, and sells women’s lingerie and swimwear in Europe and North America. It operates through two segments, Business to Business and Direct to Consumer. The company offers its products under the PrimaDonna, Marie Jo, and Sarda brands, as well as Rigby & Peller and Lincherie brands. It provides its products through its own retail network and website, independent retail partners, e-tail partners, franchisees, marketplaces, and department stores. The company was founded in 1919 and is headquartered in Schellebelle, Belgium. Van de Velde NV is a subsidiary of Van de Velde Holding NV.

Winston Score History

Score breakdown

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Quality

Gross Margin
131.6%
Premium pricing power — 131.6% gross margin
Operating Margin
15.2%
Healthy — 15.2% operating margin
ROCE
9.7%
Below par — 9.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY
-2.0%
Shrinking sales (-2.0% YoY)
EPS YoY
-43.4%
Earnings shrinking (-43.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
207%
Turns 207% of profit into real cash
FCF Margin
14.8%
Converts sales into free cash efficiently (14.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity
N/A
Data not available
Interest Cover
37.98x
Comfortably covers interest (38.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
21.1x
Growth-priced — P/E 21.1

P/E above the market average. People are paying up for expected growth.

P/E vs Forward
+7.1
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (21.1 → 14.1)

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Dividends

Dividend Yield
8.05%
Healthy income — 8.05% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth
+98.5%
Dividend growing fast (98.5% YoY)

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