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WERELDHAVE NV (WHA.AS) Stock Fundamental Analysis

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

16.96  -0.04 (-0.24%)

Fundamental Rating

4

Overall WHA gets a fundamental rating of 4 out of 10. We evaluated WHA against 42 industry peers in the Diversified REITs industry. WHA has a medium profitability rating, but doesn't score so well on its financial health evaluation. WHA is cheap, but on the other hand it scores bad on growth.


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.
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's Return On Assets of 4.92% is amongst the best of the industry. WHA outperforms 83.33% of its industry peers.
With an excellent Return On Equity value of 11.34%, WHA belongs to the best of the industry, outperforming 92.86% of the companies in the same industry.
With a decent Return On Invested Capital value of 4.32%, WHA is doing good in the industry, outperforming 78.57% of the companies in the same industry.
The Average Return On Invested Capital over the past 3 years for WHA is in line with the industry average of 3.70%.
The last Return On Invested Capital (4.32%) for WHA is above the 3 year average (3.94%), which is a sign of increasing profitability.
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

The Profit Margin of WHA (60.30%) is better than 69.05% of its industry peers.
Looking at the Operating Margin, with a value of 64.63%, WHA is in line with its industry, outperforming 40.48% of the companies in the same industry.
WHA's Operating Margin has been stable in the last couple of years.
WHA has a Gross Margin of 72.05%. This is comparable to the rest of the industry: WHA outperforms 45.24% 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

WHA has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
Compared to 1 year ago, WHA has about the same amount of shares outstanding.
The number of shares outstanding for WHA has been increased compared to 5 years ago.
WHA has a better debt/assets ratio than last year.
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.
With a Altman-Z score value of 0.07, WHA is not doing good in the industry: 92.86% of the companies in the same industry are doing better.
WHA has a debt to FCF ratio of 10.56. This is a negative value and a sign of low solvency as WHA would need 10.56 years to pay back of all of its debts.
The Debt to FCF ratio of WHA (10.56) is better than 64.29% of its industry peers.
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 64.29% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.85
Debt/FCF 10.56
Altman-Z 0.07
ROIC/WACC0.9
WACC4.82%
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.
Looking at the Current ratio, with a value of 0.33, WHA is doing worse than 66.67% of the companies in the same industry.
A Quick Ratio of 0.33 indicates that WHA may have some problems paying 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 64.29% 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.
The Revenue has been decreasing by -4.42% on average over the past years.
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

The Earnings Per Share is expected to grow by 2.73% on average over the next years.
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

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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7

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 6.40, which indicates a rather cheap valuation of WHA.
Based on the Price/Earnings ratio, WHA is valued cheaper than 95.24% of the companies in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 24.21, WHA is valued rather cheaply.
With a Price/Forward Earnings ratio of 9.52, the valuation of WHA can be described as very reasonable.
76.19% of the companies in the same industry are more expensive than WHA, based on the Price/Forward Earnings ratio.
Compared to an average S&P500 Price/Forward Earnings ratio of 20.44, WHA is valued rather cheaply.
Industry RankSector Rank
PE 6.4
Fwd PE 9.52
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

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 78.57% of the companies listed in the same industry.
WHA's Price/Free Cash Flow ratio is rather cheap when compared to the industry. WHA is cheaper than 80.95% of the companies in the same industry.
Industry RankSector Rank
P/FCF 8.54
EV/EBITDA 13.62
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)5.88
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 7.42%, which is a nice return.
WHA's Dividend Yield is rather good when compared to the industry average which is at 6.89. WHA pays more dividend than 88.10% of the companies in the same industry.
WHA's Dividend Yield is rather good when compared to the S&P500 average which is at 2.41.
Industry RankSector Rank
Dividend Yield 7.42%

5.2 History

The dividend of WHA decreases each year by -13.76%.
Dividend Growth(5Y)-13.76%
Div Incr Years3
Div Non Decr Years3
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 (5/12/2025, 5:29:45 PM)

16.96

-0.04 (-0.24%)

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 Owners25.32%
Inst Owner ChangeN/A
Ins Owners18.28%
Ins Owner ChangeN/A
Market Cap786.94M
Analysts71.11
Price Target16.5 (-2.71%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 7.42%
Yearly Dividend1.2
Dividend Growth(5Y)-13.76%
DP45.29%
Div Incr Years3
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)1.89%
PT rev (3m)1.28%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)-12.06%
EPS NY rev (3m)2.44%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-5.35%
Revenue NY rev (3m)-4.1%
Valuation
Industry RankSector Rank
PE 6.4
Fwd PE 9.52
P/S 4.1
P/FCF 8.54
P/OCF 8.52
P/B 0.77
P/tB 0.77
EV/EBITDA 13.62
EPS(TTM)2.65
EY15.63%
EPS(NY)1.78
Fwd EY10.5%
FCF(TTM)1.99
FCFY11.71%
OCF(TTM)1.99
OCFY11.74%
SpS4.14
BVpS22.02
TBVpS22.02
PEG (NY)5.88
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
WACC4.82%
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 Year8.3%
EBIT Next 3Y1.29%
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%