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Van de Velde NV (VAN) Fair Value & Analysis

Consumer Cyclical · BE · Market cap €370M

VD Van de Velde NV VAN · BR
Price€29.70
Fair Value€31.51
Upside+6.1%
Quality77/100
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Mixed Growth
Thin margins · 8.8% net margin
generates free cash flow
8.03% dividend yield
Mixed vs. peers (7/14)
Moderate moat 56/100
Evidence: High Range €23.63 – €39.39 Share as image

Fair value as of: Aug 6, 2026

From 24 valuation models · updated 5 days ago

Fair value updated Aug 6, 2026, revised from €31.47 to €31.51 (+0.1%) since Jul 21, 2026. Share price −0.7% over the past month.

A strong business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Our model range runs from €23.63 (bear) to €39.39 (bull), base €31.51. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 77/100 (high quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

€32.74 €17.84 Fair Value €31.51 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 6, 2026.

How to read this chart

60‑month range €17.84 – €32.74 · fair‑value band €23.63 – €39.39 · the €29.70 price screens below the €31.51 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 6, 2026.

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Analysis

Van de Velde NV (VAN) currently trades at €29.70, while our model-based Fair Value estimate is €31.51, implying the stock looks roughly 6.1% fairly valued today. The Quality Score stands at 77/100 (high quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Van de Velde NV generated revenue of €202M at a net margin of 8.8%. Revenue declined 6.9% year over year. It earns a return on equity of 11.6%. The balance sheet holds a net cash position of €40.4M. Fundamentals as of Aug 6, 2026

Our scenario range runs from €23.63 (bear case) to €39.39 (bull case); at €29.70, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 9% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 1% fair-value upside, at 6%, VAN screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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. Evidence
Highest evidence
Residual Income €10.33 €11.57 €15.98 76
Growth DCF €24.63 €29.81 €38.52 72
Gordon GGM €18.84 €21.70 €24.75 70
All 24 models by family
DCF Models
FCF DCF €24.07 €29.48 €39.43 38
Owner Earnings €18.30 €22.16 €29.24 31
5Y Revenue Exit €19.86 €25.36 €33.64 39
5Y EBITDA Exit €29.13 €41.11 €57.47 41
5Y P/E Exit €24.25 €32.82 €43.43 38
10Y Revenue Exit €21.25 €25.88 €30.92 36
10Y EBITDA Exit €26.75 €35.26 €44.74 37
10Y P/E Exit €24.02 €30.33 €36.60 35
Earnings-Based
Graham-Dodd €9.74 €15.24 €18.27 54
EPV €22.06 €24.52 €26.57 59
Dividend Discount
Gordon GGM €18.84 €21.70 €24.75 70
DDM Multi-Stage €18.84 €23.56 €28.90 61
Multiples
P/E Multiple €23.63 €31.51 €39.39 63
P/S Multiple €14.66 €19.54 €24.43 58
P/B Multiple €18.26 €24.35 €30.43 55
EV/EBIT €42.81 €55.73 €68.66 53
EV/EBITDA €37.62 €48.82 €60.02 54
EV/Revenue €17.71 €23.57 €29.43 43
Asset-Based
NCAV (Graham) €5.83 €7.82 €11.67 50
Growth DCF
Growth DCF €24.63 €29.81 €38.52 72
Rev-Margin DCF €19.86 €25.88 €33.66 67
Economic Profit
Residual Income €10.33 €11.57 €15.98 76
ROIC Compounder €22.24 €25.08 €27.91 67
Growth Earnings
Growth-Adj P/E €16.66 €23.80 €30.94 68

Widest divergence: DCF Models (€29.48) versus Asset-Based (€7.82). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) €202M
Revenue growth (YoY) -6.9%
Net margin 8.8%
Return on equity 11.6%
Free cash flow €29.9M FY2025
P/E ratio 21.1
More key figures
Operating margin 15.6%
EPS (TTM) €1.42
Dividend yield 8.0%
EPS growth (YoY) -14.8%
Net cash €40.4M FY2025

Figures from reported company fundamentals · as of Aug 6, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 77/100

Of which business quality 78 · Market factors (momentum, volatility) 55

Profitability 67
Margins and returns on capital today
Quality Growth 45
Are margins and returns improving?
Cashflow 77
Earnings quality: real cash, not paper profit
Fin. Strength 98
Balance sheet, leverage, solvency risk
Investment 97
Disciplined investing over empire-building
Low Volatility 99
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 34
Distance to the 52-week high (market factor)
Net Issuance 81
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

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.

Growth Quality 65/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€202M
Latest YoY
−2.0%
Avg. growth/yr (3Y) 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.
−1.5%
Avg. growth/yr (5Y) 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.
+5.8%
Avg. growth/yr (21Y) 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.
+3.3%
Revenue +0.9%/yr
FY21 €195M
FY22 €212M
FY23 €211M
FY24 €206M
FY25 €202M
Net income −13.7%/yr
FY21 €32.0M
FY22 €36.8M
FY23 €33.6M
FY24 €32.0M
FY25 €17.8M
Character of growth · EPS growth decomposed (2014-2025) +1.3 % p.a.
Revenue per share +0.5 pp

of which total revenue +0.1 pp · buybacks/dilution +0.4 pp

EBIT margin −2.9 pp
Tax rate +2.5 pp
Residual (interest, one-offs) +1.2 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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

Peer Group

Apparel Manufacturing · 212 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 77 · Top 25%
Fair Value upside +6% · Above median
Return on equity (TTM) 12% · Above median
Return on assets 11% · Top 25%
Net margin (TTM) 9% · Top 25%
Operating margin (TTM) 16% · Top 25%
Revenue growth -7% · Below median
Dividend yield (TTM) 8.0% · Top 25%

Valuation Multiples vs Apparel Manufacturing median · lower = cheaper

P/E (TTM) 21.1× · Pricier than median
P/B 2.95× · Pricier than 75% of peers
P/S (TTM) 2.12× · Pricier than 75% of peers
P/FCF 14.3× · Pricier than 75% of peers
EV/EBITDA 9.5× · Pricier than median
PEG 17.99× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 41 · sector 32
FUTURE 0 · sector 4
PAST 46 · sector 21
HEALTH 0 · sector 98
DIVIDEND 100 · sector 49

Insider activity: 40/100

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Apparel Manufacturing stocks, each showing price versus our Fair Value estimate (as of Aug 6, 2026).

Stock Price Fair Value vs Fair Value
H & M Hennes & Mauritz AB HMB kr 163.45 kr 165.47 +1%
Ralph Lauren Corporation RL $374.08 $224.21 -40%
Moncler S.p.A MONC €52.08 €50.69 -3%
LPP SA LPP 19,380 PLN 17,754 PLN -8%
Bosideng International Holdings 3998 HK$4.88 HK$5.92 +21%
Youngor Fashion Co 600177 ¥7.57 ¥5.59 -26%
Page Industries Limited PAGEIND ₹39,900 ₹12,395 -69%
Hla Group 600398 ¥6.05 ¥9.92 +64%
Eclat Textile Co 1476 333.50 TWD 357.81 TWD +7%
Youngone Corporation 111770 87,600 KRW 196,629 KRW +124%

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Frequently asked questions

Is Van de Velde NV (VAN) overvalued or undervalued?
As of Aug 6, 2026, our model estimates a fair value of €31.51 versus a price of €29.70, about +6% (fairly valued).
What is the fair value of VAN?
Our model-based fair value for Van de Velde NV is €31.51 (as of Aug 6, 2026), built from audited fundamentals. The current price is €29.70.
What is the quality score of VAN?
Van de Velde NV has a Quality Score of 77/100. 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 revenue of Van de Velde NV (VAN)?
Van de Velde NV reported trailing-twelve-month revenue of about €202M (latest available figure, as of Aug 6, 2026).
What is the net profit margin of VAN?
The net profit margin of Van de Velde NV is about 8.8%, meaning it keeps roughly 8.8% of revenue as net income. Based on the latest reported figures.
Does Van de Velde NV pay a dividend?
Van de Velde NV currently shows a dividend yield of about 7.87% relative to its recent price (as of Aug 6, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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