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WERELDHAVE NV (WHA.AS) Stock Fundamental Analysis

Europe - AMS:WHA - NL0000289213 - REIT

18.52 EUR
-0.06 (-0.32%)
Last: 9/22/2025, 7:00:00 PM
Fundamental Rating

4

Overall WHA gets a fundamental rating of 4 out of 10. We evaluated WHA against 40 industry peers in the Diversified REITs industry. While WHA is still in line with the averages on profitability rating, there are concerns on its financial health. WHA is valued correctly, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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5

1. Profitability

1.1 Basic Checks

WHA had positive earnings in the past year.
WHA had a positive operating cash flow in the past year.
In multiple years WHA reported negative net income over the last 5 years.
In the past 5 years WHA always reported a positive cash flow from operatings.
WHA.AS Yearly Net Income VS EBIT VS OCF VS FCFWHA.AS 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 0 100M -100M -200M -300M

1.2 Ratios

WHA has a better Return On Assets (3.50%) than 72.50% of its industry peers.
WHA has a Return On Equity of 8.40%. This is amongst the best in the industry. WHA outperforms 82.50% of its industry peers.
The Return On Invested Capital of WHA (4.30%) is better than 77.50% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for WHA is in line with the industry average of 3.44%.
The 3 year average ROIC (3.94%) for WHA is below the current ROIC(4.30%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 3.5%
ROE 8.4%
ROIC 4.3%
ROA(3y)3.71%
ROA(5y)-1.36%
ROE(3y)8.68%
ROE(5y)-3.34%
ROIC(3y)3.94%
ROIC(5y)3.93%
WHA.AS Yearly ROA, ROE, ROICWHA.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 -20

1.3 Margins

With a Profit Margin value of 43.57%, WHA perfoms like the industry average, outperforming 57.50% of the companies in the same industry.
WHA has a worse Operating Margin (64.70%) than 60.00% of its industry peers.
In the last couple of years the Operating Margin of WHA has remained more or less at the same level.
WHA has a Gross Margin (71.57%) which is in line with its industry peers.
In the last couple of years the Gross Margin of WHA has remained more or less at the same level.
Industry RankSector Rank
OM 64.7%
PM (TTM) 43.57%
GM 71.57%
OM growth 3Y5.31%
OM growth 5Y0.19%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y3.3%
GM growth 5Y0.24%
WHA.AS Yearly Profit, Operating, Gross MarginsWHA.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50 -50 -100

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2

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), WHA is destroying value.
The number of shares outstanding for WHA remains at a similar level compared to 1 year ago.
The number of shares outstanding for WHA has been increased compared to 5 years ago.
Compared to 1 year ago, WHA has an improved debt to assets ratio.
WHA.AS Yearly Shares OutstandingWHA.AS Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M 40M
WHA.AS Yearly Total Debt VS Total AssetsWHA.AS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

2.2 Solvency

WHA has an Altman-Z score of 0.07. This is a bad value and indicates that WHA is not financially healthy and even has some risk of bankruptcy.
WHA has a worse Altman-Z score (0.07) than 92.50% of its industry peers.
The Debt to FCF ratio of WHA is 10.91, which is on the high side as it means it would take WHA, 10.91 years of fcf income to pay off all of its debts.
WHA's Debt to FCF ratio of 10.91 is fine compared to the rest of the industry. WHA outperforms 65.00% of its industry peers.
WHA has a Debt/Equity ratio of 0.90. This is a neutral value indicating WHA is somewhat dependend on debt financing.
With a Debt to Equity ratio value of 0.90, WHA is not doing good in the industry: 75.00% of the companies in the same industry are doing better.
Industry RankSector Rank
Debt/Equity 0.9
Debt/FCF 10.91
Altman-Z 0.07
ROIC/WACC0.88
WACC4.9%
WHA.AS Yearly LT Debt VS Equity VS FCFWHA.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B

2.3 Liquidity

WHA has a Current Ratio of 0.28. This is a bad value and indicates that WHA is not financially healthy enough and could expect problems in meeting its short term obligations.
WHA has a Current ratio of 0.28. This is in the lower half of the industry: WHA underperforms 70.00% of its industry peers.
WHA has a Quick Ratio of 0.28. This is a bad value and indicates that WHA is not financially healthy enough and could expect problems in meeting its short term obligations.
WHA has a Quick ratio of 0.28. This is in the lower half of the industry: WHA underperforms 65.00% of its industry peers.
Industry RankSector Rank
Current Ratio 0.28
Quick Ratio 0.28
WHA.AS Yearly Current Assets VS Current LiabilitesWHA.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

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2

3. Growth

3.1 Past

WHA shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -15.97%.
WHA shows a small growth in Revenue. In the last year, the Revenue has grown by 7.35%.
WHA shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -4.42% yearly.
EPS 1Y (TTM)-15.97%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-39.52%
Revenue 1Y (TTM)7.35%
Revenue growth 3Y0.24%
Revenue growth 5Y-4.42%
Sales Q2Q%11.89%

3.2 Future

The Earnings Per Share is expected to grow by 3.01% on average over the next years.
Based on estimates for the next years, WHA will show a small growth in Revenue. The Revenue will grow by 3.54% on average per year.
EPS Next Y2.58%
EPS Next 2Y2.62%
EPS Next 3Y3.01%
EPS Next 5YN/A
Revenue Next Year7.05%
Revenue Next 2Y4.51%
Revenue Next 3Y3.54%
Revenue Next 5YN/A

3.3 Evolution

The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
WHA.AS Yearly Revenue VS EstimatesWHA.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 50M 100M 150M 200M 250M
WHA.AS Yearly EPS VS EstimatesWHA.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1 2 3

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6

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 9.31, the valuation of WHA can be described as reasonable.
Based on the Price/Earnings ratio, WHA is valued cheaper than 85.00% of the companies in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 27.41, WHA is valued rather cheaply.
A Price/Forward Earnings ratio of 9.98 indicates a reasonable valuation of WHA.
75.00% of the companies in the same industry are more expensive than WHA, based on the Price/Forward Earnings ratio.
The average S&P500 Price/Forward Earnings ratio is at 22.87. WHA is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 9.31
Fwd PE 9.98
WHA.AS Price Earnings VS Forward Price EarningsWHA.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of WHA indicates a somewhat cheap valuation: WHA is cheaper than 77.50% of the companies listed in the same industry.
75.00% of the companies in the same industry are more expensive than WHA, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 8.65
EV/EBITDA 14.15
WHA.AS Per share dataWHA.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates WHA does not grow enough to justify the current Price/Earnings ratio.
PEG (NY)3.61
PEG (5Y)N/A
EPS Next 2Y2.62%
EPS Next 3Y3.01%

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6

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 6.71%, WHA is a good candidate for dividend investing.
WHA's Dividend Yield is rather good when compared to the industry average which is at 5.58. WHA pays more dividend than 82.50% of the companies in the same industry.
Compared to an average S&P500 Dividend Yield of 2.38, WHA pays a better dividend.
Industry RankSector Rank
Dividend Yield 6.71%

5.2 History

The dividend of WHA decreases each year by -13.76%.
Dividend Growth(5Y)-13.76%
Div Incr Years4
Div Non Decr Years4
WHA.AS Yearly Dividends per shareWHA.AS Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5 2 2.5

5.3 Sustainability

WHA pays out 75.72% of its income as dividend. This is not a sustainable payout ratio.
DP75.72%
EPS Next 2Y2.62%
EPS Next 3Y3.01%
WHA.AS Yearly Income VS Free CF VS DividendWHA.AS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100M -100M -200M -300M
WHA.AS Dividend Payout.WHA.AS Dividend Payout, showing the Payout Ratio.WHA.AS Dividend Payout.PayoutRetained Earnings

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WERELDHAVE NV

AMS:WHA (9/22/2025, 7:00:00 PM)

18.52

-0.06 (-0.32%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)07-22 2025-07-22
Earnings (Next)11-04 2025-11-04
Inst Owners26.7%
Inst Owner ChangeN/A
Ins Owners18.27%
Ins Owner ChangeN/A
Market Cap859.33M
Analysts71.11
Price Target17.56 (-5.18%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 6.71%
Yearly Dividend1.2
Dividend Growth(5Y)-13.76%
DP75.72%
Div Incr Years4
Div Non Decr Years4
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)1.77%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)1.47%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)12.39%
Valuation
Industry RankSector Rank
PE 9.31
Fwd PE 9.98
P/S 4.22
P/FCF 8.65
P/OCF 8.64
P/B 0.81
P/tB 0.81
EV/EBITDA 14.15
EPS(TTM)1.99
EY10.75%
EPS(NY)1.86
Fwd EY10.02%
FCF(TTM)2.14
FCFY11.56%
OCF(TTM)2.14
OCFY11.58%
SpS4.39
BVpS22.74
TBVpS22.74
PEG (NY)3.61
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 3.5%
ROE 8.4%
ROCE 5.84%
ROIC 4.3%
ROICexc 4.35%
ROICexgc 4.35%
OM 64.7%
PM (TTM) 43.57%
GM 71.57%
FCFM 48.8%
ROA(3y)3.71%
ROA(5y)-1.36%
ROE(3y)8.68%
ROE(5y)-3.34%
ROIC(3y)3.94%
ROIC(5y)3.93%
ROICexc(3y)3.98%
ROICexc(5y)3.99%
ROICexgc(3y)3.98%
ROICexgc(5y)3.99%
ROCE(3y)5.37%
ROCE(5y)5.39%
ROICexcg growth 3Y0.66%
ROICexcg growth 5Y1.46%
ROICexc growth 3Y0.66%
ROICexc growth 5Y1.46%
OM growth 3Y5.31%
OM growth 5Y0.19%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y3.3%
GM growth 5Y0.24%
F-Score5
Asset Turnover0.08
Health
Industry RankSector Rank
Debt/Equity 0.9
Debt/FCF 10.91
Debt/EBITDA 7.11
Cap/Depr 15.49%
Cap/Sales 0.09%
Interest Coverage 3.75
Cash Conversion 74.88%
Profit Quality 112.02%
Current Ratio 0.28
Quick Ratio 0.28
Altman-Z 0.07
F-Score5
WACC4.9%
ROIC/WACC0.88
Cap/Depr(3y)34.35%
Cap/Depr(5y)27.26%
Cap/Sales(3y)0.25%
Cap/Sales(5y)0.21%
Profit Quality(3y)99.41%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-15.97%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-39.52%
EPS Next Y2.58%
EPS Next 2Y2.62%
EPS Next 3Y3.01%
EPS Next 5YN/A
Revenue 1Y (TTM)7.35%
Revenue growth 3Y0.24%
Revenue growth 5Y-4.42%
Sales Q2Q%11.89%
Revenue Next Year7.05%
Revenue Next 2Y4.51%
Revenue Next 3Y3.54%
Revenue Next 5YN/A
EBIT growth 1Y13.86%
EBIT growth 3Y5.56%
EBIT growth 5Y-4.24%
EBIT Next Year11.46%
EBIT Next 3Y5.34%
EBIT Next 5YN/A
FCF growth 1Y21.84%
FCF growth 3Y4.84%
FCF growth 5Y-4.2%
OCF growth 1Y21.6%
OCF growth 3Y4.72%
OCF growth 5Y-4.26%