Vgp N.V.

VGP.BR

REIT - Industrial · Real Estate

Price

€82.00

-1.30 (-1.56%)

Market Cap

€2.49B

Exchange

Euronext Brussels

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 9, 2026 · filings through Dec 31, 2025

Share count rising — dilution

+23.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 22.0M (2021) → 27.3M (2025)

VGP N.V. is a Belgian real estate company that builds and rents out large warehouse and logistics parks across Europe. Its main customers are companies that need space to store goods, run distribution centers, or handle manufacturing — including retailers, e-commerce businesses, and industrial firms. VGP is one of the larger developers of semi-industrial real estate in Europe, with a strong presence in Germany, Central Europe, and Southern Europe.

VGP makes money primarily by collecting rent from long-term tenant leases, and it also earns fees by managing joint ventures with institutional investors like Allianz Real Estate. The company operates across roughly 15 European countries, giving it broad geographic diversification. Its competitive edge comes from owning land in strategic locations near highways and cities, which are hard to replicate quickly. The key growth driver is rising demand for logistics space tied to e-commerce expansion, while rising construction costs and higher interest rates remain the main risks to profitability and development activity.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+73.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-24.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

51.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$4.3B cash & investments

Quarterly Free Cash Flow

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Vgp N.V. grew revenue 74% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

57.5%

Premium pricing power — 57.5% gross margin

Operating Margin

216.9%

Excellent — 216.9% operating margin

ROCE

3.0%

Weak — 3.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+39.3%

Fast-growing sales (+39.3% YoY)

EPS YoY

+1.1%

Flat earnings

Single-digit earnings growth — steady but not exciting.

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion

18%

Weak — only 18% of profit becomes cash

FCF Margin

29.1%

Converts sales into free cash efficiently (29.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.91

Moderate — manageable debt (0.91)

Interest Cover

5.99x

Adequate interest coverage (6.0x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

7.7x

Attractive valuation — P/E 7.7

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-7.7

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

3.96%

Moderate income — 3.96% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

-18.4%

Dividend cut (-18.4% YoY) — warning sign

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