VGP N.V. (0HM0.L)

Industry: Real Estate - General Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
0NC0.L	14	Immobel S.A.	705	-	-	-	-	13.55	-
0IXY.L	15	Société Foncièr	648	-	-	13.45	11.96	14.04	-
0IW3.L	16	Global Net Lease,	577	-	-	12.42	11.36	-	74.34
0GN6.L	17	Argan S.A.	560	4.34	3.20	9.30	7.39	5.36	6.78
0ZQ7.L	18	Instone Real Estat	459	15.31	17.91	7.80	8.17	22.15	14.98
0QO8.L	19	PSP Swiss Property	441	16.23	15.39	16.30	14.01	12.76	15.42
0RHV.L	20	Investis Holding S	388	4.69	4.69	22.83	22.83	5.89	9.21
0HM0.L	21	VGP N.V.	326	4.49	3.21	24.16	16.25	5.01	11.11
0QU6.L	22	HIAG Immobilien Ho	314	7.73	7.66	15.28	14.30	13.47	10.37
0NUT.L	23	Nextensa NV/SA	289	26.13	33.84	11.60	11.02	10.87	11.12
AOX.DE	24	alstria office REI	282	-	-	15.79	19.40	25.31	23.47
0R6M.L	25	Intershop Holding	264	4.05	3.34	9.94	9.94	1.73	3.91
0R43.L	26	NP3 Fastigheter AB	238	13.14	12.09	16.73	15.24	16.00	15.57
0JSP.L	27	LTC Properties, In	231	50.21	61.09	24.10	26.02	20.12	25.77
5280.T	28	Yoshicon Co.,Ltd.	171	4.81	4.81	5.08	5.08	265.17	5.38
0Q76.L	29	CBo Territoria S.A	159	5.00	4.88	5.60	5.02	5.23	5.41

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	5.00	4.88	12.01	11.19	13.11	10.37
Full Range Median Multiple	7.73	7.66	12.93	11.66	13.51	11.12
Industry Multiple	13.78	15.35	13.30	12.98	30.83	17.06
Market Implied Multiple	5.51	3.94	27.19	18.29	5.64	12.50
Company (0HM0.L) Multiple	4.49	3.21	24.16	16.25	5.01	11.11
(*) Net Income / EBITDA / Revenue	611	855	206	306	995	448
Winsorized Enterprise Value	N/A	N/A	2,475	3,428	13,041	4,647
Full Range Median Enterprise Value	N/A	N/A	2,665	3,572	13,437	4,983
(-) Net Debt	2,238	2,238	2,238	2,238	2,238	2,238
Winsorized Equity Value	3,051	4,176	238	1,191	10,804	2,410
Full Range Median Equity Value	4,720	6,548	428	1,335	11,199	2,746
(/) Shares Outstanding	32	32	32	32	32	32
Winsorized Fair Value	$95.15	$130.21	$7.41	$37.14	$336.89	$75.14
Full Range Median Fair Value	$147.20	$204.19	$13.34	$41.62	$349.22	$85.62
Current Price	$105.00	$105.00	$105.00	$105.00	$105.00	$105.00
Upside / Downside	-9.38%	24.01%	-92.95%	-64.63%	220.85%	-28.44%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$66.60	$91.15	$5.18	$26.00	$235.83	$52.60
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY	Don’t Buy