Stock

Vgp N.V.

0HM0.L
48
Real Estate - Services · Real Estate
Price
63.20 GBp
-1.10 (-1.71%)
Market Cap
£1.72B
Exchange
London Stock Exchange
Winston Score
48
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 9, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
21/30
Growth
Mixed
5/20
Cash Flow
Weak
0/10
Stability
Mixed
4/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Mixed
2/5

48 of 100 counted points = Winston Score 48.

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)

§Winston Score History

The full picture

VGP N.V. is a European real estate company that builds and rents out large warehouse and logistics parks. Its main customers are businesses that need space to store goods and run distribution operations — think e-commerce companies, manufacturers, and logistics firms. VGP owns and manages these industrial properties across more than a dozen countries in Europe, with a strong presence in Germany, Central Europe, and Southern Europe.

The company makes money primarily by collecting rent from long-term tenant leases, and it also earns fees by co-managing properties through joint ventures with large institutional investors like Allianz Real Estate. This joint venture model lets VGP recycle capital by selling stakes in completed buildings while keeping management fees. Its competitive edge comes from developing properties in strategic locations near major transport routes and from its vertically integrated approach — handling development, leasing, and management in-house. The main risk is rising interest rates, which increase borrowing costs and can compress property valuations across the real estate sector.

Score breakdown

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Quality

Profit per sale
Gross Margin
92.5%
Premium pricing power — 92.5% gross margin
Profit after running costs
Operating Margin
57.0%
Excellent — 57.0% operating margin
Return on the money invested
ROCE
1.7%
Weak — 1.7% 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 growth
Sales YoY
-0.6%
Shrinking sales (-0.6% YoY)
Profit growth
EPS YoY
-30.6%
Earnings shrinking (-30.6% YoY)

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

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
-15%
Weak — only -15% of profit becomes cash
Spare cash per sale
FCF Margin
-22.4%
Burning cash (-22.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.91
Moderate — manageable debt (0.91)
Covers its interest
Interest Cover
1.27x
Dangerous — barely covers interest (1.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
7.6x
Attractive valuation — P/E 7.6

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

Cheaper or dearer next year
P/E vs Forward
-4.1
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
3.21%
Moderate income — 3.21% yield

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

Dividend record
Dividend Growth
-24.1%
Dividend cut (-24.1% YoY) — warning sign

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