Van Lanschot Kempen (VLK) | News Based Sentiment Analysis

• On October 1, 2025, Van Lanschot Kempen Investment Management (IM) announced a partnership with State Street Global Advisors (State Street IM) to enhance investment strategies, a move registered as inside information. This collaboration aims to improve investment offerings and strengthen their competitive position in the asset management space.
• Van Lanschot Kempen reported a net profit of EUR 67.8 million for the first half of 2025, as discussed on October 3, 2025, but this was a decrease from the previous year. Despite the profit decline, commission income increased by 11% due to higher Assets Under Management (AUM) and inflows, partially offsetting the impact of lower interest income resulting from reductions in European Central Bank (ECB) interest rates.
• AUM at Van Lanschot Kempen exceeded EUR 150 billion on October 3, 2025, marking a significant milestone for the company. This growth was driven by the successful integration of EVi and Robeco's online investment platforms, as well as the completion of the acquisition of Wilton Family Office, with another significant acquisition anticipated by year-end.
• Investor sentiment towards Van Lanschot Kempen improved on October 3, 2025, as an analyst upgraded the stock from a "Hold" to a "Buy" candidate. This positive assessment suggests growing confidence in the company's future prospects and potential for growth.
• However, a subsequent analysis by Simply Wall St on October 3-4, 2025, indicated the stock might be overvalued by 19.2%, estimating an intrinsic value of approximately €43.96 per share, despite a fair value assessment of €50.75. The company's P/E ratio of 17.58x is slightly below the industry average of 19.58x and peer average of 18.35x.
• Van Lanschot Kempen's stock demonstrated positive momentum in early October, with gains of +0.39% on October 1st, +1.57% on October 2nd, and +1.35% on October 3rd, closing at €52.40. This positive trend represents a 3.97% increase over the past two weeks and a 4.38% increase over the week, with a monthly performance of +3.35%.
• The firm increased its holdings in PTC Inc. significantly, purchasing an additional 303,676 shares in the first quarter of 2025, a 43.2% increase, now owning 1,006,901 shares valued at $156,019,000 as of October 3, 2025. This substantial investment in PTC Inc. demonstrates confidence in that company's future performance.

The Investment Story: October proved to be a month of mixed signals for Van Lanschot Kempen, with positive developments in AUM growth, analyst upgrades, and stock momentum offset by a decline in net profit and concerns about potential overvaluation. The strategic partnership with State Street IM continues to be a key focus for long-term growth.

What It Means for Investors: Investors should carefully weigh the positive momentum and strategic initiatives against the declining profits and potential overvaluation. While the increased AUM and analyst upgrade are encouraging, the lower net profit and valuation concerns suggest a need for cautious optimism.

Looking Ahead: Investors should monitor the progress of the partnership with State Street IM, the completion of the anticipated acquisition, and the company's ability to improve profitability in the coming quarters. Tracking AUM flows and stock performance will be crucial in assessing the true value of these developments.

The Bottom Line: Van Lanschot Kempen is navigating a complex environment with both opportunities and challenges. The company's strategic moves and AUM growth are positive signs, but investors should remain vigilant about profitability and valuation to make informed investment decisions.