WAREHOUSES ESTATES BELGIUM (WEB.BR) Stock Fundamental Analysis
EBR:WEB - BE0003734481 - REIT
39 EUR
+0.4 (+1.04%)
We assign a fundamental rating of 4 out of 10 to WEB. WEB was compared to 42 industry peers in the Diversified REITs industry. While WEB is still in line with the averages on profitability rating, there are concerns on its financial health. WEB has a valuation in line with the averages, but it does not seem to be growing.
1. Profitability
1.1 Basic Checks
In the past year WEB was profitable.
In the past year WEB had a positive cash flow from operations.
Each year in the past 5 years WEB has been profitable.
In the past 5 years WEB always reported a positive cash flow from operatings.
1.2 Ratios
Looking at the Return On Assets, with a value of 3.12%, WEB is in the better half of the industry, outperforming 69.05% of the companies in the same industry.
The Return On Equity of WEB (5.87%) is better than 61.90% of its industry peers.
WEB has a better Return On Invested Capital (4.47%) than 85.71% 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 3.38%.
| Industry Rank | Sector 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%
1.3 Margins
WEB has a Profit Margin of 42.69%. This is comparable to the rest of the industry: WEB outperforms 57.14% of its industry peers.
WEB's Profit Margin has declined in the last couple of years.
WEB has a better Operating Margin (79.52%) than 78.57% of its industry peers.
WEB's Operating Margin has been stable in the last couple of years.
WEB has a Gross Margin of 97.93%. This is amongst the best in the industry. WEB outperforms 97.62% of its industry peers.
WEB's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector 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%
2. Health
2.1 Basic Checks
The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so WEB is destroying value.
The number of shares outstanding for WEB has been increased compared to 1 year ago.
WEB has more shares outstanding than it did 5 years ago.
WEB has a better debt/assets ratio than last year.
2.2 Solvency
Based on the Altman-Z score of 0.92, we must say that WEB is in the distress zone and has some risk of bankruptcy.
WEB's Altman-Z score of 0.92 is in line compared to the rest of the industry. WEB outperforms 57.14% of its industry peers.
The Debt to FCF ratio of WEB is 11.42, which is on the high side as it means it would take WEB, 11.42 years of fcf income to pay off 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 57.14% of its industry peers.
A Debt/Equity ratio of 0.83 indicates that WEB is somewhat dependend on debt financing.
The Debt to Equity ratio of WEB (0.83) is worse than 66.67% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.83 | ||
| Debt/FCF | 11.42 | ||
| Altman-Z | 0.92 |
ROIC/WACC0.87
WACC5.13%
2.3 Liquidity
WEB has a Current Ratio of 0.67. This is a bad value and indicates that WEB is not financially healthy enough and could expect problems in meeting its short term obligations.
WEB has a Current ratio (0.67) which is in line with its industry peers.
A Quick Ratio of 0.67 indicates that WEB may have some problems paying its short term obligations.
With a Quick ratio value of 0.67, WEB perfoms like the industry average, outperforming 59.52% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.67 | ||
| Quick Ratio | 0.67 |
3. Growth
3.1 Past
WEB shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 14.56%, which is quite good.
WEB shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -0.07% yearly.
Looking at the last year, WEB shows a quite strong growth in Revenue. The Revenue has grown by 8.74% in the last year.
WEB shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 5.96% yearly.
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
When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
The Price/Earnings ratio is 12.42, which indicates a correct valuation of WEB.
WEB's Price/Earnings ratio is a bit cheaper when compared to the industry. WEB is cheaper than 71.43% of the companies in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 27.07, WEB is valued rather cheaply.
WEB is valuated reasonably with a Price/Forward Earnings ratio of 10.24.
Based on the Price/Forward Earnings ratio, WEB is valued a bit cheaper than the industry average as 76.19% of the companies are valued more expensively.
WEB is valuated cheaply when we compare the Price/Forward Earnings ratio to 22.59, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 12.42 | ||
| Fwd PE | 10.24 |
4.2 Price Multiples
WEB's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. WEB is cheaper than 69.05% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 10.1 | ||
| EV/EBITDA | N/A |
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%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 5.95%, WEB is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 5.48, WEB pays a bit more dividend than its industry peers.
WEB's Dividend Yield is rather good when compared to the S&P500 average which is at 2.46.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.95% |
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
5.3 Sustainability
99.70% of the earnings are spent on dividend by WEB. 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%
EBR:WEB (9/10/2025, 12:54:42 PM)
39
+0.4 (+1.04%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners2.94%
Inst Owner ChangeN/A
Ins Owners2.32%
Ins Owner ChangeN/A
Market Cap136.50M
Analysts47.5
Price Target40.8 (4.62%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.95% |
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)0%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)0%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 12.42 | ||
| Fwd PE | 10.24 | ||
| P/S | 5.48 | ||
| P/FCF | 10.1 | ||
| P/OCF | 7.62 | ||
| P/B | 0.75 | ||
| P/tB | 0.75 | ||
| EV/EBITDA | N/A |
EPS(TTM)3.14
EY8.05%
EPS(NY)3.81
Fwd EY9.76%
FCF(TTM)3.86
FCFY9.9%
OCF(TTM)5.12
OCFY13.12%
SpS7.12
BVpS51.81
TBVpS51.81
PEG (NY)N/A
PEG (5Y)N/A
Profitability
| Industry Rank | Sector 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 Rank | Sector 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 | 0.92 |
F-Score8
WACC5.13%
ROIC/WACC0.87
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%