Van Lanschot Kempen shares jump as ING initiates stock with 'buy'

Van Lanschot Kempen NV

28/06/2023 09:30

** Shares in Dutch asset manager Van Lanschot Kempen
 VLAN.AS  rise 6.4% after ING initiates coverage with "buy",
saying current consensus misprices the company's wealth unit
    ** Consensus forecasts 2023 price-to-earning ratio of below
7x for Van Lanschot Kempen's wealth unit, vs above 12x for
peers, the broker says
    ** "A high cost base (C/I ratio >70%) could be the reason:
improve this and the value gap should shrink," it adds
    ** Though Van Lanschot Kempen mostly operates as an asset
manager now, its remaining banking operations offer a higher net
interest income than other sector actors, ING notes
    ** "Looking ahead, VLK could become an attractive M&A
target" -ING
    ** The stock is on track for best day in six months
    

 (Reporting by Victor Goury-Laffont)
 ((Victor.goury-laffont@tr.com))