WEB Fundamental Analysis - WAREHOUSES ESTATES BELGIUM

Fundamental Rating

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

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1. Profitability

1.1 Basic Checks

WEB had positive earnings in the past year.

In the past year WEB had a positive cash flow from operations.

In the past 5 years WEB has always 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 62.50% of its industry peers.

Looking at the Return On Equity, with a value of 5.87%, WEB is in the better half of the industry, outperforming 62.50% of the companies in the same industry.

WEB's Return On Invested Capital of 4.47% is amongst the best of the industry. WEB outperforms 82.50% of its industry peers.

The Average Return On Invested Capital over the past 3 years for WEB is in line with the industry average of 3.63%.

		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 50.00% of the companies in the same industry.

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

WEB has a Operating Margin of 79.52%. This is in the better half of the industry: WEB outperforms 75.00% of its industry peers.

In the last couple of years the Operating Margin of WEB has remained more or less at the same level.

With an excellent Gross Margin value of 97.93%, WEB belongs to the best of the industry, outperforming 97.50% of the companies in the same industry.

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.

The number of shares outstanding for WEB has been increased compared to 1 year ago.

Compared to 5 years ago, WEB has more shares outstanding

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

2.2 Solvency

Based on the Altman-Z score of 0.90, we must say that WEB is in the distress zone and has some risk of bankruptcy.

WEB has a Altman-Z score (0.90) which is comparable to the rest of the industry.

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.

WEB has a Debt to FCF ratio (11.42) which is comparable to the rest of the 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 65.00% of its industry peers.

		Industry Rank	Sector Rank
Debt/Equity	0.83
Debt/FCF	11.42
Altman-Z	0.9

ROIC/WACC0.89

WACC5.03%

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 Current ratio value of 0.67, WEB perfoms like the industry average, outperforming 60.00% of the companies in the same industry.

A Quick Ratio of 0.67 indicates that WEB may have some problems paying its short term obligations.

WEB has a Quick ratio (0.67) which is in line with 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

WEB shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 14.56%, which is quite good.

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

WEB shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 8.74%.

WEB shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 5.96% yearly.

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

The Earnings Per Share is expected to decrease by -0.60% on average over the next years.

WEB is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 1.01% yearly.

EPS Next Y-3.83%

EPS Next 2Y-1.54%

EPS Next 3Y-0.6%

EPS Next 5YN/A

Revenue Next Year4%

Revenue Next 2Y1.98%

Revenue Next 3Y1.32%

Revenue Next 5Y1.01%

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.

The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.

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4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 11.85, which indicates a very decent valuation of WEB.

Based on the Price/Earnings ratio, WEB is valued a bit cheaper than 70.00% of the companies in the same industry.

WEB's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 27.45.

WEB is valuated reasonably with a Price/Forward Earnings ratio of 9.77.

Based on the Price/Forward Earnings ratio, WEB is valued a bit cheaper than the industry average as 72.50% 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 21.90.

		Industry Rank	Sector Rank
PE	11.85
Fwd PE	9.77

4.2 Price Multiples

Compared to the rest of the industry, the Price/Free Cash Flow ratio of WEB indicates a somewhat cheap valuation: WEB is cheaper than 72.50% of the companies listed in the same industry.

		Industry Rank	Sector Rank
P/FCF	9.64
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 6.37%, WEB is a good candidate for dividend investing.

WEB's Dividend Yield is a higher than the industry average which is at 5.53.

WEB's Dividend Yield is rather good when compared to the S&P500 average which is at 2.42.

		Industry Rank	Sector Rank
Dividend Yield	6.37%

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 (7/3/2025, 7:00:00 PM)

37.2

-0.2 (-0.53%)

Chartmill FA Rating

GICS SectorReal Estate

GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)

GICS IndustryDiversified REITs

Earnings (Last)09-30 2024-09-30

Earnings (Next)N/A N/A

Inst Owners2.94%

Inst Owner ChangeN/A

Ins Owners2.32%

Ins Owner ChangeN/A

Market Cap130.20M

Analysts47.5

Price Target40.8 (9.68%)

Short Float %N/A

Short RatioN/A

Dividend

		Industry Rank	Sector Rank
Dividend Yield	6.37%

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)-2.44%

EPS NQ rev (1m)N/A

EPS NQ rev (3m)N/A

EPS NY rev (1m)0%

EPS NY rev (3m)-3.83%

Revenue NQ rev (1m)N/A

Revenue NQ rev (3m)N/A

Revenue NY rev (1m)0%

Revenue NY rev (3m)-0.19%

Valuation

		Industry Rank	Sector Rank
PE	11.85
Fwd PE	9.77
P/S	5.22
P/FCF	9.64
P/OCF	7.27
P/B	0.72
P/tB	0.72
EV/EBITDA	N/A

EPS(TTM)3.14

EY8.44%

EPS(NY)3.81

Fwd EY10.24%

FCF(TTM)3.86

FCFY10.38%

OCF(TTM)5.12

OCFY13.76%

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	0.9

F-Score8

WACC5.03%

ROIC/WACC0.89

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 Year4%

Revenue Next 2Y1.98%

Revenue Next 3Y1.32%

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

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5. Dividend

5.1 Amount

5.2 History

5.3 Sustainability

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