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WERELDHAVE NV (WHA.AS) Stock Fundamental Analysis

AMS:WHA - Euronext Amsterdam - NL0000289213 - REIT - Currency: EUR

17.5  +0.1 (+0.57%)

Fundamental Rating

4

Taking everything into account, WHA scores 4 out of 10 in our fundamental rating. WHA was compared to 42 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 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

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

Looking at the Return On Assets, with a value of 4.92%, WHA belongs to the top of the industry, outperforming 82.50% of the companies in the same industry.
WHA's Return On Equity of 11.34% is amongst the best of the industry. WHA outperforms 92.50% of its industry peers.
Looking at the Return On Invested Capital, with a value of 4.32%, WHA is in the better half of the industry, outperforming 77.50% of the companies in the same industry.
WHA had an Average Return On Invested Capital over the past 3 years of 3.94%. This is in line with the industry average of 3.57%.
The 3 year average ROIC (3.94%) for WHA is below the current ROIC(4.32%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 4.92%
ROE 11.34%
ROIC 4.32%
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

WHA has a Profit Margin of 60.30%. This is in the better half of the industry: WHA outperforms 67.50% of its industry peers.
WHA has a worse Operating Margin (64.63%) than 62.50% of its industry peers.
WHA's Operating Margin has been stable in the last couple of years.
WHA's Gross Margin of 72.05% is in line compared to the rest of the industry. WHA outperforms 42.50% of 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 64.63%
PM (TTM) 60.3%
GM 72.05%
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

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so WHA is destroying value.
Compared to 1 year ago, WHA has about the same amount of shares outstanding.
Compared to 5 years ago, WHA has more shares outstanding
The debt/assets ratio for WHA has been reduced compared to a year ago.
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 0.08. This is a bad value and indicates that WHA is not financially healthy and even has some risk of bankruptcy.
The Altman-Z score of WHA (0.08) is worse than 92.50% of its industry peers.
The Debt to FCF ratio of WHA is 10.56, which is on the high side as it means it would take WHA, 10.56 years of fcf income to pay off all of its debts.
Looking at the Debt to FCF ratio, with a value of 10.56, WHA is in the better half of the industry, outperforming 62.50% of the companies in the same industry.
A Debt/Equity ratio of 0.85 indicates that WHA is somewhat dependend on debt financing.
WHA has a Debt to Equity ratio of 0.85. This is in the lower half of the industry: WHA underperforms 67.50% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.85
Debt/FCF 10.56
Altman-Z 0.08
ROIC/WACC0.9
WACC4.8%
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

A Current Ratio of 0.33 indicates that WHA may have some problems paying its short term obligations.
WHA has a Current ratio of 0.33. This is in the lower half of the industry: WHA underperforms 67.50% of its industry peers.
A Quick Ratio of 0.33 indicates that WHA may have some problems paying its short term obligations.
WHA has a worse Quick ratio (0.33) than 65.00% of its industry peers.
Industry RankSector Rank
Current Ratio 0.33
Quick Ratio 0.33
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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3

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 34.46% over the past year.
Looking at the last year, WHA shows a small growth in Revenue. The Revenue has grown by 4.32% in the last year.
WHA shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -4.42% yearly.
EPS 1Y (TTM)34.46%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%41.87%
Revenue 1Y (TTM)4.32%
Revenue growth 3Y0.24%
Revenue growth 5Y-4.42%
Sales Q2Q%2.73%

3.2 Future

Based on estimates for the next years, WHA will show a small growth in Earnings Per Share. The EPS will grow by 2.73% on average per year.
The Revenue is expected to decrease by -0.15% on average over the next years.
EPS Next Y1.09%
EPS Next 2Y2.24%
EPS Next 3Y2.73%
EPS Next 5YN/A
Revenue Next Year-4.76%
Revenue Next 2Y-1.65%
Revenue Next 3Y-0.15%
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 6.60, the valuation of WHA can be described as very cheap.
92.50% of the companies in the same industry are more expensive than WHA, based on the Price/Earnings ratio.
WHA is valuated cheaply when we compare the Price/Earnings ratio to 27.41, which is the current average of the S&P500 Index.
The Price/Forward Earnings ratio is 9.82, which indicates a very decent valuation of WHA.
Based on the Price/Forward Earnings ratio, WHA is valued a bit cheaper than 70.00% of the companies in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 35.19, WHA is valued rather cheaply.
Industry RankSector Rank
PE 6.6
Fwd PE 9.82
WHA.AS Price Earnings VS Forward Price EarningsWHA.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, WHA is valued a bit cheaper than the industry average as 77.50% of the companies are valued more expensively.
Based on the Price/Free Cash Flow ratio, WHA is valued a bit cheaper than the industry average as 80.00% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 8.81
EV/EBITDA 13.81
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 an expensive valuation of the company.
The decent profitability rating of WHA may justify a higher PE ratio.
PEG (NY)6.07
PEG (5Y)N/A
EPS Next 2Y2.24%
EPS Next 3Y2.73%

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6

5. Dividend

5.1 Amount

WHA has a Yearly Dividend Yield of 7.18%, which is a nice return.
Compared to an average industry Dividend Yield of 5.56, WHA pays a better dividend. On top of this WHA pays more dividend than 87.50% of the companies listed in the same industry.
Compared to an average S&P500 Dividend Yield of 2.35, WHA pays a better dividend.
Industry RankSector Rank
Dividend Yield 7.18%

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 45.29% of its income as dividend. This is a bit on the high side, but may be sustainable.
DP45.29%
EPS Next 2Y2.24%
EPS Next 3Y2.73%
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 (7/11/2025, 7:00:00 PM)

17.5

+0.1 (+0.57%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)04-17 2025-04-17
Earnings (Next)07-22 2025-07-22
Inst Owners26.7%
Inst Owner ChangeN/A
Ins Owners18.27%
Ins Owner ChangeN/A
Market Cap812.00M
Analysts71.11
Price Target17.26 (-1.37%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 7.18%
Yearly Dividend1.2
Dividend Growth(5Y)-13.76%
DP45.29%
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)6.55%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-12.06%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-5.35%
Valuation
Industry RankSector Rank
PE 6.6
Fwd PE 9.82
P/S 4.23
P/FCF 8.81
P/OCF 8.79
P/B 0.79
P/tB 0.79
EV/EBITDA 13.81
EPS(TTM)2.65
EY15.14%
EPS(NY)1.78
Fwd EY10.18%
FCF(TTM)1.99
FCFY11.35%
OCF(TTM)1.99
OCFY11.37%
SpS4.14
BVpS22.02
TBVpS22.02
PEG (NY)6.07
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 4.92%
ROE 11.34%
ROCE 5.86%
ROIC 4.32%
ROICexc 4.36%
ROICexgc 4.36%
OM 64.63%
PM (TTM) 60.3%
GM 72.05%
FCFM 47.98%
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-Score6
Asset Turnover0.08
Health
Industry RankSector Rank
Debt/Equity 0.85
Debt/FCF 10.56
Debt/EBITDA 6.91
Cap/Depr 15.03%
Cap/Sales 0.09%
Interest Coverage 3.73
Cash Conversion 73.68%
Profit Quality 79.57%
Current Ratio 0.33
Quick Ratio 0.33
Altman-Z 0.08
F-Score6
WACC4.8%
ROIC/WACC0.9
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)34.46%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%41.87%
EPS Next Y1.09%
EPS Next 2Y2.24%
EPS Next 3Y2.73%
EPS Next 5YN/A
Revenue 1Y (TTM)4.32%
Revenue growth 3Y0.24%
Revenue growth 5Y-4.42%
Sales Q2Q%2.73%
Revenue Next Year-4.76%
Revenue Next 2Y-1.65%
Revenue Next 3Y-0.15%
Revenue Next 5YN/A
EBIT growth 1Y15.88%
EBIT growth 3Y5.56%
EBIT growth 5Y-4.24%
EBIT Next Year11.46%
EBIT Next 3Y5.34%
EBIT Next 5YN/A
FCF growth 1Y13.23%
FCF growth 3Y4.84%
FCF growth 5Y-4.2%
OCF growth 1Y11.88%
OCF growth 3Y4.72%
OCF growth 5Y-4.26%