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WAREHOUSES ESTATES BELGIUM (WEB.BR) Stock Fundamental Analysis

EBR:WEB - Euronext Brussels - BE0003734481 - REIT - Currency: EUR

37.2  +0.6 (+1.64%)

Fundamental Rating

4

WEB gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 42 industry peers in the Diversified REITs industry. WEB has a medium profitability rating, but doesn't score so well on its financial health evaluation. WEB has a valuation in line with the averages, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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6

1. Profitability

1.1 Basic Checks

WEB had positive earnings in the past year.
WEB had a positive operating cash flow in the past year.
WEB had positive earnings in each of the past 5 years.
WEB had a positive operating cash flow in each of the past 5 years.
WEB.BR Yearly Net Income VS EBIT VS OCF VS FCFWEB.BR Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5M 10M 15M 20M

1.2 Ratios

The Return On Assets of WEB (3.12%) is better than 62.50% of its industry peers.
The Return On Equity of WEB (5.87%) is better than 62.50% of its industry peers.
WEB has a better Return On Invested Capital (4.47%) than 82.50% of its industry peers.
The Average Return On Invested Capital over the past 3 years for WEB is in line with the industry average of 3.57%.
Industry RankSector Rank
ROA 3.12%
ROE 5.87%
ROIC 4.47%
ROA(3y)3.25%
ROA(5y)3.53%
ROE(3y)6.07%
ROE(5y)6.63%
ROIC(3y)4.53%
ROIC(5y)4.35%
WEB.BR Yearly ROA, ROE, ROICWEB.BR Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15

1.3 Margins

WEB has a Profit Margin (42.69%) which is in line with its industry peers.
In the last couple of years the Profit Margin of WEB has declined.
Looking at the Operating Margin, with a value of 79.52%, WEB is in the better half of the industry, outperforming 75.00% of the companies in the same industry.
WEB's Operating Margin has been stable in the last couple of years.
WEB has a better Gross Margin (97.93%) than 97.50% of its industry peers.
WEB's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 79.52%
PM (TTM) 42.69%
GM 97.93%
OM growth 3Y-2.45%
OM growth 5Y-0.08%
PM growth 3Y-17.16%
PM growth 5Y-4.35%
GM growth 3Y0.85%
GM growth 5Y0.33%
WEB.BR Yearly Profit, Operating, Gross MarginsWEB.BR Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60 80 100

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2

2. Health

2.1 Basic Checks

WEB has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
Compared to 1 year ago, WEB has more shares outstanding
The number of shares outstanding for WEB has been increased compared to 5 years ago.
The debt/assets ratio for WEB has been reduced compared to a year ago.
WEB.BR Yearly Shares OutstandingWEB.BR Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1M 2M 3M
WEB.BR Yearly Total Debt VS Total AssetsWEB.BR Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M

2.2 Solvency

WEB has an Altman-Z score of 0.90. This is a bad value and indicates that WEB is not financially healthy and even has some risk of bankruptcy.
With a Altman-Z score value of 0.90, WEB perfoms like the industry average, outperforming 50.00% of the companies in the same industry.
WEB has a debt to FCF ratio of 11.42. This is a negative value and a sign of low solvency as WEB would need 11.42 years to pay back of all of its debts.
WEB's Debt to FCF ratio of 11.42 is in line compared to the rest of the industry. WEB outperforms 57.50% of its industry peers.
WEB has a Debt/Equity ratio of 0.83. This is a neutral value indicating WEB is somewhat dependend on debt financing.
WEB's Debt to Equity ratio of 0.83 is on the low side compared to the rest of the industry. WEB is outperformed by 65.00% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.83
Debt/FCF 11.42
Altman-Z 0.9
ROIC/WACC0.88
WACC5.05%
WEB.BR Yearly LT Debt VS Equity VS FCFWEB.BR Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M

2.3 Liquidity

A Current Ratio of 0.67 indicates that WEB may have some problems paying its short term obligations.
WEB has a Current ratio of 0.67. This is comparable to the rest of the industry: WEB outperforms 60.00% of its industry peers.
A Quick Ratio of 0.67 indicates that WEB may have some problems paying its short term obligations.
WEB's Quick ratio of 0.67 is in line compared to the rest of the industry. WEB outperforms 60.00% of its industry peers.
Industry RankSector Rank
Current Ratio 0.67
Quick Ratio 0.67
WEB.BR Yearly Current Assets VS Current LiabilitesWEB.BR Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M

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3

3. Growth

3.1 Past

The Earnings Per Share has grown by an nice 14.56% over the past year.
Measured over the past years, WEB shows a decrease in Earnings Per Share. The EPS has been decreasing by -0.07% on average per year.
Looking at the last year, WEB shows a quite strong growth in Revenue. The Revenue has grown by 8.74% in the last year.
Measured over the past years, WEB shows a small growth in Revenue. The Revenue has been growing by 5.96% on average per year.
EPS 1Y (TTM)14.56%
EPS 3Y-10.85%
EPS 5Y-0.07%
EPS Q2Q%306.07%
Revenue 1Y (TTM)8.74%
Revenue growth 3Y10.18%
Revenue growth 5Y5.96%
Sales Q2Q%6.56%

3.2 Future

Based on estimates for the next years, WEB will show a decrease in Earnings Per Share. The EPS will decrease by -0.60% on average per year.
WEB is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 1.01% yearly.
EPS Next Y-3.83%
EPS Next 2Y-1.54%
EPS Next 3Y-0.6%
EPS Next 5YN/A
Revenue Next Year4%
Revenue Next 2Y1.98%
Revenue Next 3Y1.32%
Revenue Next 5Y1.01%

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
WEB.BR Yearly Revenue VS EstimatesWEB.BR Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 5M 10M 15M 20M 25M
WEB.BR Yearly EPS VS EstimatesWEB.BR Yearly EPS VS EstimatesYearly EPS VS Estimates 2023 2024 2025 2026 2027 1 2 3

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5

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 11.85 indicates a reasonable valuation of WEB.
Based on the Price/Earnings ratio, WEB is valued a bit cheaper than the industry average as 72.50% of the companies are valued more expensively.
WEB's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 27.41.
The Price/Forward Earnings ratio is 9.77, which indicates a very decent valuation of WEB.
WEB's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. WEB is cheaper than 72.50% of the companies in the same industry.
When comparing the Price/Forward Earnings ratio of WEB to the average of the S&P500 Index (35.19), we can say WEB is valued rather cheaply.
Industry RankSector Rank
PE 11.85
Fwd PE 9.77
WEB.BR Price Earnings VS Forward Price EarningsWEB.BR Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

70.00% of the companies in the same industry are more expensive than WEB, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 9.64
EV/EBITDA N/A
WEB.BR Per share dataWEB.BR EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30 40 50

4.3 Compensation for Growth

WEB has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-1.54%
EPS Next 3Y-0.6%

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5

5. Dividend

5.1 Amount

WEB has a Yearly Dividend Yield of 6.41%, which is a nice return.
Compared to an average industry Dividend Yield of 5.56, WEB pays a bit more dividend than its industry peers.
Compared to an average S&P500 Dividend Yield of 2.35, WEB pays a better dividend.
Industry RankSector Rank
Dividend Yield 6.41%

5.2 History

The dividend of WEB has a limited annual growth rate of 1.51%.
Dividend Growth(5Y)1.51%
Div Incr Years2
Div Non Decr Years3
WEB.BR Yearly Dividends per shareWEB.BR Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 2025 1 2 3

5.3 Sustainability

WEB pays out 99.70% of its income as dividend. This is not a sustainable payout ratio.
WEB's earnings are declining while the Dividend Rate has been growing. This means the dividend growth is most likely not sustainable.
DP99.7%
EPS Next 2Y-1.54%
EPS Next 3Y-0.6%
WEB.BR Yearly Income VS Free CF VS DividendWEB.BR Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5M 10M 15M 20M
WEB.BR Dividend Payout.WEB.BR Dividend Payout, showing the Payout Ratio.WEB.BR Dividend Payout.PayoutRetained Earnings

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WAREHOUSES ESTATES BELGIUM

EBR:WEB (7/11/2025, 7:00:00 PM)

37.2

+0.6 (+1.64%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)N/A N/A
Earnings (Next)09-26 2025-09-26
Inst Owners2.94%
Inst Owner ChangeN/A
Ins Owners2.32%
Ins Owner ChangeN/A
Market Cap130.20M
Analysts47.5
Price Target40.8 (9.68%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 6.41%
Yearly Dividend3.18
Dividend Growth(5Y)1.51%
DP99.7%
Div Incr Years2
Div Non Decr Years3
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-3.83%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.19%
Valuation
Industry RankSector Rank
PE 11.85
Fwd PE 9.77
P/S 5.22
P/FCF 9.64
P/OCF 7.27
P/B 0.72
P/tB 0.72
EV/EBITDA N/A
EPS(TTM)3.14
EY8.44%
EPS(NY)3.81
Fwd EY10.24%
FCF(TTM)3.86
FCFY10.38%
OCF(TTM)5.12
OCFY13.76%
SpS7.12
BVpS51.81
TBVpS51.81
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 3.12%
ROE 5.87%
ROCE 5.96%
ROIC 4.47%
ROICexc 4.49%
ROICexgc 4.49%
OM 79.52%
PM (TTM) 42.69%
GM 97.93%
FCFM 54.21%
ROA(3y)3.25%
ROA(5y)3.53%
ROE(3y)6.07%
ROE(5y)6.63%
ROIC(3y)4.53%
ROIC(5y)4.35%
ROICexc(3y)4.54%
ROICexc(5y)4.36%
ROICexgc(3y)4.54%
ROICexgc(5y)4.36%
ROCE(3y)6.04%
ROCE(5y)5.8%
ROICexcg growth 3Y1.91%
ROICexcg growth 5Y0.31%
ROICexc growth 3Y1.91%
ROICexc growth 5Y0.31%
OM growth 3Y-2.45%
OM growth 5Y-0.08%
PM growth 3Y-17.16%
PM growth 5Y-4.35%
GM growth 3Y0.85%
GM growth 5Y0.33%
F-Score8
Asset Turnover0.07
Health
Industry RankSector Rank
Debt/Equity 0.83
Debt/FCF 11.42
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales 17.67%
Interest Coverage 3.59
Cash Conversion N/A
Profit Quality 126.98%
Current Ratio 0.67
Quick Ratio 0.67
Altman-Z 0.9
F-Score8
WACC5.05%
ROIC/WACC0.88
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)18.54%
Cap/Sales(5y)19.6%
Profit Quality(3y)119.43%
Profit Quality(5y)100.63%
High Growth Momentum
Growth
EPS 1Y (TTM)14.56%
EPS 3Y-10.85%
EPS 5Y-0.07%
EPS Q2Q%306.07%
EPS Next Y-3.83%
EPS Next 2Y-1.54%
EPS Next 3Y-0.6%
EPS Next 5YN/A
Revenue 1Y (TTM)8.74%
Revenue growth 3Y10.18%
Revenue growth 5Y5.96%
Sales Q2Q%6.56%
Revenue Next Year4%
Revenue Next 2Y1.98%
Revenue Next 3Y1.32%
Revenue Next 5Y1.01%
EBIT growth 1Y8.24%
EBIT growth 3Y7.48%
EBIT growth 5Y5.88%
EBIT Next Year12.43%
EBIT Next 3Y3.98%
EBIT Next 5YN/A
FCF growth 1Y8.88%
FCF growth 3Y7.44%
FCF growth 5Y103.09%
OCF growth 1Y11.76%
OCF growth 3Y7.75%
OCF growth 5Y13.41%