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For (ex)entrepreneurs, families, wealthy individuals, business professionals,
healthcare professionals and executives.

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For corporates, institutional investors and private equity.

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   +31 (0800) 17 37

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   (+41) 43 377 11 11

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For Investment Management and Investment Banking

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 1. 
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    Research
    
 5. 
    Valuation methodology


Equity Research


VALUATION METHODOLOGY

Equity Research uses a variety of valuation methodologies to reach our Price
Targets that include residual value, DCF, dividend discount and other. We
encourage investors that would like to discuss the individual stock method with
your Sales contact at Van Lanschot Kempen Equities. For reference we show the
key methodologies used per covered niche:




LIFE SCIENCES
We estimate a 12-month forward fair value for all of our companies under
coverage using a discounted cash flow methodology (DCF) approach (10 year
projections and terminal value) or sum-of-the-parts (SOTP) DCF approach. We use
set WACC values in accordance with the risk profile of the investment case.




SUSTAINABLE OPPORTUNITIES
We use multiple methodologies: We estimate a 12-month forward fair value for our
companies under coverage using DCF, peer multiples and historical valuation
multiples. Some companies are active in different businesses for which we use a
sum-of-the-parts (SOTP) approach. 

For the Infrastructure and renewables subsegment we estimate a 12-month forward
fair value for our companies under coverage using the discounted cash flow
methodology (DCF; 10 year projections + TV or actual duration for concessions)
and multiples approach. We compute the Cost of Equity using the Capital Asset
Pricing Model (CAPM). For companies active in different businesses concessions/
contracting), we use a Sum-of-the-parts (SOTP) approach to capture the different
duration and discount rates. For the REIFs, we value the current portfolio and
the value creation from acquisitions over a five year period using the spread
earned over the cost of capital. 




REAL ESTATE
We estimate a 12-month forward fair value for all of our companies under
coverage using a residual value methodology. We assess the returns to
shareholders (RoE) over the hurdle rate (Cost of Equity) on a five-year forecast
horizon in relation to its last reported Kempen adjusted Net Tangible Asset
(NTA), which adjusts IFRS NAV for, among others, deferred taxes, derivatives,
intangibles and goodwill. For a small number of companies we additionally assess
a discounted value of future development gains or land appreciation or a
Sum-of-the-parts (SOTP) analysis.


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