WEB Fundamental Analysis - WAREHOUSES ESTATES BELGIUM

Fundamental Rating

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 is valued correctly, but it does not seem to be growing.

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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.

Each year in the past 5 years WEB had a positive operating cash flow.

1.2 Ratios

WEB has a Return On Assets of 3.12%. This is in the better half of the industry: WEB outperforms 69.05% of its industry peers.

The Return On Equity of WEB (5.87%) is better than 61.90% of its industry peers.

With an excellent Return On Invested Capital value of 4.47%, WEB belongs to the best of the industry, outperforming 85.71% of the companies in the same industry.

Measured over the past 3 years, the Average Return On Invested Capital for WEB is in line with the industry average of 3.40%.

		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

With a Profit Margin value of 42.69%, WEB perfoms like the industry average, outperforming 54.76% of the companies in the same industry.

WEB's Profit Margin has declined in the last couple of years.

Looking at the Operating Margin, with a value of 79.52%, WEB is in the better half of the industry, outperforming 76.19% of the companies in the same industry.

WEB's Operating Margin has been stable in the last couple of years.

The Gross Margin of WEB (97.93%) is better than 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%

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ROA

ROE

ROIC

Operating and Profit Margin

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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.

WEB has more shares outstanding than it did 1 year ago.

The number of shares outstanding for WEB has been increased compared to 5 years ago.

WEB has a better debt/assets ratio than last year.

2.2 Solvency

Based on the Altman-Z score of 0.91, we must say that WEB is in the distress zone and has some risk of bankruptcy.

WEB has a Altman-Z score of 0.91. This is comparable to the rest of the industry: WEB outperforms 59.52% 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.

Looking at the Debt to FCF ratio, with a value of 11.42, WEB is in line with its industry, outperforming 57.14% of the companies in the same industry.

A Debt/Equity ratio of 0.83 indicates that WEB is somewhat dependend on debt financing.

WEB has a worse Debt to Equity ratio (0.83) than 66.67% of its industry peers.

		Industry Rank	Sector Rank
Debt/Equity	0.83
Debt/FCF	11.42
Altman-Z	0.91

ROIC/WACC0.87

WACC5.12%

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.

With a decent Current ratio value of 0.67, WEB is doing good in the industry, outperforming 61.90% of the companies in the same industry.

WEB has a Quick 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 Quick ratio of 0.67. This is in the better half of the industry: WEB outperforms 64.29% of its industry peers.

		Industry Rank	Sector Rank
Current Ratio	0.67
Quick Ratio	0.67

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WACC

Debt/Equity

How to determine the health of a company

Altman-Z score

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3. Growth

3.1 Past

The Earnings Per Share has grown by an nice 14.56% over the past year.

WEB shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -0.07% yearly.

The Revenue has grown by 8.74% in the past year. This is quite good.

The Revenue has been growing slightly by 5.96% on average over the past years.

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.

The Revenue is expected to grow by 1.01% on average over the next years.

EPS Next Y-3.83%

EPS Next 2Y-1.54%

EPS Next 3Y-0.6%

EPS Next 5YN/A

Revenue Next Year3.4%

Revenue Next 2Y2.47%

Revenue Next 3Y2.15%

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.

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.

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4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 12.04 indicates a correct valuation of WEB.

Compared to the rest of the industry, the Price/Earnings ratio of WEB indicates a somewhat cheap valuation: WEB is cheaper than 66.67% of the companies listed in the same industry.

WEB's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 27.91.

WEB is valuated reasonably with a Price/Forward Earnings ratio of 9.93.

Based on the Price/Forward Earnings ratio, WEB is valued a bit cheaper than the industry average as 73.81% of the companies are valued more expensively.

WEB's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 23.30.

		Industry Rank	Sector Rank
PE	12.04
Fwd PE	9.93

4.2 Price Multiples

Based on the Price/Free Cash Flow ratio, WEB is valued a bit cheaper than 69.05% of the companies in the same industry.

		Industry Rank	Sector Rank
P/FCF	9.79
EV/EBITDA	N/A

4.3 Compensation for Growth

The decent profitability rating of WEB 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. Dividend

5.1 Amount

With a Yearly Dividend Yield of 6.24%, WEB is a good candidate for dividend investing.

Compared to an average industry Dividend Yield of 5.55, WEB pays a bit more dividend than its industry peers.

Compared to an average S&P500 Dividend Yield of 2.44, WEB pays a better dividend.

		Industry Rank	Sector Rank
Dividend Yield	6.24%

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%

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WAREHOUSES ESTATES BELGIUM

EBR:WEB (10/9/2025, 1:59:48 PM)

37.8

-0.2 (-0.53%)

Chartmill FA Rating

GICS SectorReal Estate

GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)

GICS IndustryDiversified REITs

Earnings (Last)09-26 2025-09-26

Earnings (Next)N/A N/A

Inst Owners2.94%

Inst Owner ChangeN/A

Ins Owners2.32%

Ins Owner ChangeN/A

Market Cap132.30M

Analysts47.5

Price Target40.8 (7.94%)

Short Float %N/A

Short RatioN/A

Dividend

		Industry Rank	Sector Rank
Dividend Yield	6.24%

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)-0.58%

Revenue NY rev (3m)-0.58%

Valuation

		Industry Rank	Sector Rank
PE	12.04
Fwd PE	9.93
P/S	5.31
P/FCF	9.79
P/OCF	7.39
P/B	0.73
P/tB	0.73
EV/EBITDA	N/A

EPS(TTM)3.14

EY8.31%

EPS(NY)3.81

Fwd EY10.07%

FCF(TTM)3.86

FCFY10.21%

OCF(TTM)5.12

OCFY13.54%

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	0.91

F-Score8

WACC5.12%

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 Year3.4%

Revenue Next 2Y2.47%

Revenue Next 3Y2.15%

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%

WAREHOUSES ESTATES BELGIUM (WEB.BR) Stock Fundamental Analysis

1. Profitability

1.1 Basic Checks

1.2 Ratios

1.3 Margins

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2. Health

2.1 Basic Checks

2.2 Solvency

2.3 Liquidity

More info and screens

3. Growth

3.1 Past

3.2 Future

3.3 Evolution

More info and screens

4. Valuation

4.1 Price/Earnings Ratio

4.2 Price Multiples

4.3 Compensation for Growth

More info and screens

5. Dividend

5.1 Amount

5.2 History

5.3 Sustainability

More info and screens