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WERELDHAVE NV (WHA.AS) Stock Fundamental Analysis

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

17.17  +0.09 (+0.53%)

Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to WHA. WHA was compared to 40 industry peers in the Diversified REITs industry. There are concerns on the financial health of WHA while its profitability can be described as average. WHA is valued correctly, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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6

1. Profitability

1.1 Basic Checks

In the past year WHA was profitable.
WHA had a positive operating cash flow in the past year.
The reported net income has been mixed in the past 5 years: WHA reported negative net income in multiple years.
WHA had a positive operating cash flow in each of the past 5 years.
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.
The Return On Invested Capital of WHA (4.32%) is better than 77.50% of its industry peers.
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 3.63%.
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.
With a Operating Margin value of 64.63%, WHA is not doing good in the industry: 62.50% of the companies in the same industry are doing better.
WHA's Operating Margin has been stable in the last couple of years.
With a Gross Margin value of 72.05%, WHA perfoms like the industry average, outperforming 42.50% of the companies in the same industry.
WHA's Gross Margin has been stable in the last couple of years.
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

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), WHA is destroying value.
WHA has about the same amout of shares outstanding than it did 1 year ago.
WHA has more shares outstanding than it did 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 10.56, 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.
With a Debt to Equity ratio value of 0.85, WHA is not doing good in the industry: 67.50% of the companies in the same industry are doing better.
Industry RankSector Rank
Debt/Equity 0.85
Debt/FCF 10.56
Altman-Z 0.07
ROIC/WACC0.91
WACC4.76%
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 0.33. 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 worse Current ratio (0.33) than 67.50% of its industry peers.
WHA has a Quick Ratio of 0.33. 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's Quick ratio of 0.33 is on the low side compared to the rest of the industry. WHA is outperformed by 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

WHA shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 34.46%, which is quite impressive.
The Revenue has been growing slightly by 4.32% in the past 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.
Based on estimates for the next years, WHA will show a decrease in Revenue. The Revenue will decrease by -0.15% on average per year.
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

When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
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 6.48, the valuation of WHA can be described as very cheap.
Based on the Price/Earnings ratio, WHA is valued cheaply inside the industry as 97.50% of the companies are valued more expensively.
WHA's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 27.15.
With a Price/Forward Earnings ratio of 9.64, the valuation of WHA can be described as very reasonable.
Based on the Price/Forward Earnings ratio, WHA is valued a bit cheaper than 75.00% of the companies in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 21.60. WHA is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 6.48
Fwd PE 9.64
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

80.00% of the companies in the same industry are more expensive than WHA, based on the Enterprise Value to EBITDA ratio.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of WHA indicates a somewhat cheap valuation: WHA is cheaper than 80.00% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 8.64
EV/EBITDA 13.65
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.
The decent profitability rating of WHA may justify a higher PE ratio.
PEG (NY)5.95
PEG (5Y)N/A
EPS Next 2Y2.24%
EPS Next 3Y2.73%

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6

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 7.31%, WHA is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 5.53, WHA pays a better dividend. On top of this WHA pays more dividend than 90.00% of the companies listed in the same industry.
Compared to an average S&P500 Dividend Yield of 2.42, WHA pays a better dividend.
Industry RankSector Rank
Dividend Yield 7.31%

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

45.29% of the earnings are spent on dividend by WHA. 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 (7/1/2025, 9:35:07 AM)

17.17

+0.09 (+0.53%)

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 Cap796.69M
Analysts71.11
Price Target17.26 (0.52%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 7.31%
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)4.57%
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 6.48
Fwd PE 9.64
P/S 4.15
P/FCF 8.64
P/OCF 8.63
P/B 0.78
P/tB 0.78
EV/EBITDA 13.65
EPS(TTM)2.65
EY15.43%
EPS(NY)1.78
Fwd EY10.38%
FCF(TTM)1.99
FCFY11.57%
OCF(TTM)1.99
OCFY11.59%
SpS4.14
BVpS22.02
TBVpS22.02
PEG (NY)5.95
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 0.07
F-Score6
WACC4.76%
ROIC/WACC0.91
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%