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Van de Velde NV (0IWV) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Van de Velde NV €29.02, price €29.80, upside -2.6%, quality 74 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Consumer Cyclical · GB · Home Belgium · ISIN BE0003839561

VD Broad data Sep 24, 2026

Van de Velde NV

0IWV · LSE

NeutralThe stock looks roughly fairly valued with average quality.

·Fair value €29.02 · Fairly valued (−2.6%)
✓Quality 74/100
!Mixed Growth (revenue 5y +5.8 %/yr)
!Thin margins · 8.8% net margin (TTM)
✓generates free cash flow
!8.1% dividend yield · Watch coverage
!Moderate moat 58/100

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€32.42 €13.18 Fair Value €29.02 Jan 2020 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range €13.18 – €32.42 · fair‑value band €22.13 – €36.88 · the €29.80 price screens above the €29.02 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

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 (B2B) and Direct to Consumer (D2C). The company offers its products under the PrimaDonna, Marie Jo, Sarda brands, Rigby & Peller, Intimacy, and Lincherie brands.

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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 (B2B) and Direct to Consumer (D2C). The company offers its products under the PrimaDonna, Marie Jo, Sarda brands, Rigby & Peller, Intimacy, and Lincherie brands. It sells its products through its own store 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 operates as a subsidiary of Van de Velde Holding NV.

Stock analysis

Van de Velde NV (0IWV) currently trades at €29.80, while our model-based Fair Value estimate is €29.02, so the stock looks roughly fairly valued today (gap 2.7%).

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Valuation

Bull case: the DCF Models group reads highest at a median of €27.05 per share, and 5 of the 22 models we run sit above the €29.80 price.

Bear case: the Asset-Based group reads lowest at €7.32, and 17 of the 22 models stay below the price. Evidence for this calculation is high.

Scenario range: €22.13 (bear) to €36.88 (bull), the price of €29.80 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 74/100 (solid quality), in the Consumer Cyclical sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Van de Velde NV reported revenue of €202M in FY2025 versus €195M in FY2021, a compound +0.9%/yr. Reported net income was €17.8M in FY2025, compounding −13.7%/yr from FY2021.

Key figures

Market cap €445M · P/E ratio 0.1 · P/S ratio 0.01 · EPS (TTM) €2.43 · Dividend yield 8.1% · Net margin 8.8% · Return on equity 11.6% · Return on assets (EBIT) 19.9%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).

What moves the price

The share trades about 5% below its 52-week high and 7% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Consumer Cyclical peers we cover trades at −18% fair-value upside, at −3%, 0IWV screens cheaper than that median.

Fair Value models

Bear €22.13 Fair Value €29.02 Bull €36.88
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€0.0227 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF €21.90 €27.05 €36.50 80
Growth DCF €22.43 €27.35 €35.63 77
Residual Income €9.70 €10.84 €12.97 76
All 22 models by family
DCF Models
FCF DCF €21.90 €27.05 €36.50 80
Owner Earnings €16.50 €20.19 €26.96 75
5Y Revenue Exit €17.79 €22.96 €30.72 71
5Y EBITDA Exit €24.82 €34.89 €48.66 73
5Y P/E Exit €21.91 €29.94 €39.89 69
10Y Revenue Exit €19.17 €23.52 €28.25 66
10Y EBITDA Exit €23.39 €30.63 €38.65 67
10Y P/E Exit €21.76 €27.68 €33.57 63
Earnings-Based
Graham-Dodd €9.12 €14.27 €17.10 67
EPV €16.73 €18.63 €20.20 70
Multiples
P/E Multiple €22.13 €29.50 €36.88 63
P/S Multiple €13.72 €18.30 €22.87 58
P/B Multiple €17.10 €22.80 €28.49 55
EV/EBIT €34.10 €44.51 €54.92 63
EV/EBITDA €30.93 €40.29 €49.65 64
EV/Revenue €15.66 €21.15 €26.64 52
Asset-Based
NCAV (Graham) €5.46 €7.32 €10.92 51
Growth DCF
Growth DCF €22.43 €27.35 €35.63 77
Rev-Margin DCF €17.79 €23.45 €30.75 71
Economic Profit
Residual Income €9.70 €10.84 €12.97 76
ROIC Compounder €16.87 €19.09 €21.35 70
Growth Earnings
Growth-Adj P/E €15.60 €22.28 €28.97 67

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Quality Score breakdown

Overall quality 74/100

Of which business quality 73 · Market factors (momentum, volatility) 60

Profitability 64
Margins and returns on capital today
Quality Growth 25
Are margins and returns improving?
Cashflow 77
Earnings quality: real cash, not paper profit
Fin. Strength 94
Balance sheet, leverage, solvency risk
Investment 97
Disciplined investing over empire-building
Low Volatility 93
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 50
Distance to the 52-week high (market factor)
Net Issuance 81
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 65/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−2.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.8%
Start year 2020 (pandemic). Over 10 years: −0.3% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.3%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
+7.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.6%
Dividend (yield on the price)8.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−2.7% vs −5.8%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.13% → 15%
Start year 2020 (pandemic)

Growth Forecast

Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+0.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −2.0% a year for the price.

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Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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Cite: Fair Value Calculator (2026). "Van de Velde NV Fair Value". https://www.fairvalue-calculator.com/stock/0IWV

Frequently asked questions

Is Van de Velde NV (0IWV) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of €29.02 versus a price of €29.80, about −3% upside (fairly valued).
What is the fair value of 0IWV?
Our model-based fair value for Van de Velde NV is €29.02 (as of Sep 24, 2026), built from audited fundamentals. The current price: €29.80.
What is the quality score of 0IWV?
Van de Velde NV has a Quality Score of 74/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Van de Velde NV (0IWV)?
Our model-based price target is the fair value of €29.02 (as of Sep 24, 2026) from 22 valuation models. Cautious scenario €22.13, optimistic scenario €36.88. It is a calculation from audited fundamentals, not an analyst target.
What is the Van de Velde NV stock forecast for 2026?
Our models put fair value at €29.02, about −3% upside versus a price of €29.80 (fairly valued). Cautious scenario €22.13, optimistic scenario €36.88. The calculation is refreshed regularly with new filings.
What is the revenue of Van de Velde NV (0IWV)?
Van de Velde NV reported trailing-twelve-month revenue of about €202M (latest available figure, as of Sep 24, 2026).
Does Van de Velde NV pay a dividend?
Van de Velde NV currently shows a dividend yield of about 8.05% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Van de Velde NV (0IWV)?
For today's price to be fair in a discounted-cash-flow model, Van de Velde NV would have to grow free cash flow by +0.2 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 0IWV use?
Our models discount Van de Velde NV at 10.3 %: a base by market capitalisation (small), damped by beta 0.33, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Van de Velde NV that is +0.2 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Van de Velde NV (0IWV) delivered so far?
Over the past 5 years revenue at Van de Velde NV grew +5.9 % a year. The price currently implies +0.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Van de Velde NV (0IWV) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Van de Velde NV (+0.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Van de Velde NV (0IWV)?
The free-cash-flow yield on the price is 7.82 %: that much free cash flow Van de Velde NV produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Van de Velde NV (0IWV)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Van de Velde NV it is €29.02 per share (as of Sep 24, 2026), against a price of €29.80. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Van de Velde NV stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0IWV trades above its calculated fair value: price €29.80, fair value €29.02, a gap of about −3% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0IWV?
No. The price is what the market pays today (€29.80); the fair value is what the company's own numbers justify (€29.02). For Van de Velde NV the two are €0.7800 per share apart. That gap is exactly why we show both numbers side by side.
How much is Van de Velde NV worth?
The market values Van de Velde NV at about €445M (market capitalisation, as of Sep 24, 2026). Per share that is €29.80; our models calculate a fair value of €29.02 per share.
What do the bullish and bearish scenarios say about 0IWV?
Our models span a range for Van de Velde NV: cautious scenario €22.13, base €29.02, optimistic €36.88 per share (as of Sep 24, 2026, price €29.80). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 0IWV from its 52-week high?
Van de Velde NV trades at €29.80, about 5% below its 52-week high of €31.42 and 7% above the low of €27.96 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €29.02 is for.
Which stocks are comparable to Van de Velde NV?
From the same area (Consumer Cyclical) we also value Ralph Lauren Corporation, Moncler S.p.A, LPP SA, Levi Strauss & Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Van de Velde NV stock attractive at the current price?
The data as of Sep 24, 2026: price €29.80, calculated fair value €29.02 (−3%), Quality Score 74/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0IWV calculated?
We run Van de Velde NV through 22 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €29.02, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Van de Velde NV itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Van de Velde NV (0IWV)?
The closing price on Oct 2, 2026 was €29.80. Our model-based fair value is €29.02, about −3% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Van de Velde NV right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Van de Velde NV (0IWV) come from?
Earnings per share at Van de Velde NV grew +1.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +0.5 %, EBIT margin −3.1 %, tax rate +2.5 %, residual (interest, one-offs) +1.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Van de Velde NV

How large is the market capitalisation of Van de Velde NV (0IWV)?
The market capitalisation of Van de Velde NV is €445M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of Van de Velde NV (0IWV)?
The price-to-earnings ratio of Van de Velde NV is 0.1 (as of Jul 24, 2026). Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Van de Velde NV (0IWV)?
The price-to-sales ratio of Van de Velde NV is 0.01 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Van de Velde NV (0IWV)?
Earnings per share at Van de Velde NV are €2.43 (price ÷ EPS = P/E 0.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Van de Velde NV (0IWV)?
The dividend yield of Van de Velde NV is 8.1% (payout 98.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Van de Velde NV (0IWV)?
The net margin of Van de Velde NV is 8.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Van de Velde NV (0IWV)?
The return on equity (ROE) of Van de Velde NV is 11.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Van de Velde NV (0IWV)?
On an EBIT basis the return on assets of Van de Velde NV is 19.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Van de Velde NV (0IWV)?
The operating margin of Van de Velde NV is 15.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Van de Velde NV (0IWV)?
Revenue at Van de Velde NV is growing −6.9% versus a year earlier (3y avg −1.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Van de Velde NV (0IWV)?
Earnings per share at Van de Velde NV are growing −14.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Van de Velde NV (0IWV) hold?
Van de Velde NV holds more cash than debt, €28.8M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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