WAREHOUSES ESTATES BELGIUM (WEB.BR) Stock Fundamental Analysis
Europe - Euronext Brussels - EBR:WEB - BE0003734481 - REIT
38.4 EUR
+1.6 (+4.35%)
WEB gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 42 industry peers in the Diversified REITs industry. While WEB belongs to the best of the industry regarding profitability, there are concerns on its financial health. WEB is valued correctly, but it does not seem to be growing.
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.
WEB had positive earnings in each of the past 5 years.
Each year in the past 5 years WEB had a positive operating cash flow.
1.2 Ratios
Looking at the Return On Assets, with a value of 3.22%, WEB is in the better half of the industry, outperforming 66.67% of the companies in the same industry.
WEB's Return On Equity of 6.36% is fine compared to the rest of the industry. WEB outperforms 69.05% of its industry peers.
The Return On Invested Capital of WEB (4.70%) is better than 83.33% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for WEB is in line with the industry average of 3.53%.
The last Return On Invested Capital (4.70%) for WEB is above the 3 year average (4.53%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.22% | ||
| ROE | 6.36% | ||
| ROIC | 4.7% |
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
WEB's Profit Margin of 44.23% is in line compared to the rest of the industry. WEB outperforms 57.14% of its industry peers.
WEB's Profit Margin has declined in the last couple of years.
With a decent Operating Margin value of 79.69%, WEB is doing good in the industry, outperforming 78.57% of the companies in the same industry.
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 97.60%, WEB belongs to the best of the industry, outperforming 95.24% of the companies in the same industry.
In the last couple of years the Gross Margin of WEB has remained more or less at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 79.69% | ||
| PM (TTM) | 44.23% | ||
| GM | 97.6% |
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%
2. Health
2.1 Basic Checks
With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), WEB is destroying value.
Compared to 1 year ago, WEB has more shares outstanding
WEB has more shares outstanding than it did 5 years ago.
Compared to 1 year ago, WEB has an improved debt to assets ratio.
2.2 Solvency
Based on the Altman-Z score of 0.80, we must say that WEB is in the distress zone and has some risk of bankruptcy.
WEB's Altman-Z score of 0.80 is in line compared to the rest of the industry. WEB outperforms 40.48% of its industry peers.
The Debt to FCF ratio of WEB is 11.77, which is on the high side as it means it would take WEB, 11.77 years of fcf income to pay off all of its debts.
WEB has a Debt to FCF ratio (11.77) which is comparable to the rest of the industry.
A Debt/Equity ratio of 0.82 indicates that WEB is somewhat dependend on debt financing.
WEB has a worse Debt to Equity ratio (0.82) than 69.05% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.82 | ||
| Debt/FCF | 11.77 | ||
| Altman-Z | 0.8 |
ROIC/WACC0.93
WACC5.06%
2.3 Liquidity
WEB has a Current Ratio of 0.33. This is a bad value and indicates that WEB is not financially healthy enough and could expect problems in meeting its short term obligations.
WEB has a Current ratio (0.33) which is in line with its industry peers.
A Quick Ratio of 0.33 indicates that WEB may have some problems paying its short term obligations.
WEB has a Quick ratio (0.33) which is in line with its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.33 | ||
| Quick Ratio | 0.33 |
3. Growth
3.1 Past
The Earnings Per Share has grown by an impressive 57.18% over the past year.
The Earnings Per Share has been decreasing by -0.07% on average over the past years.
The Revenue has been growing slightly by 4.55% in the past year.
The Revenue has been growing slightly by 5.96% on average over the past years.
EPS 1Y (TTM)57.18%
EPS 3Y-10.85%
EPS 5Y-0.07%
EPS Q2Q%3.01%
Revenue 1Y (TTM)4.55%
Revenue growth 3Y10.18%
Revenue growth 5Y5.96%
Sales Q2Q%2.62%
3.2 Future
Based on estimates for the next years, WEB will show a decrease in Earnings Per Share. The EPS will decrease by -2.53% on average per year.
The Revenue is expected to grow by 1.01% on average over the next years.
EPS Next Y-5.1%
EPS Next 2Y-4.7%
EPS Next 3Y-2.53%
EPS Next 5YN/A
Revenue Next Year3.4%
Revenue Next 2Y2.47%
Revenue Next 3Y2.15%
Revenue Next 5Y1.01%
3.3 Evolution
When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
4. Valuation
4.1 Price/Earnings Ratio
A Price/Earnings ratio of 12.04 indicates a correct valuation of WEB.
Compared to the rest of the industry, the Price/Earnings ratio of WEB indicates a somewhat cheap valuation: WEB is cheaper than 71.43% of the companies listed in the same industry.
WEB's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 26.11.
A Price/Forward Earnings ratio of 10.68 indicates a reasonable valuation of WEB.
Based on the Price/Forward Earnings ratio, WEB is valued a bit cheaper than 71.43% of the companies in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 36.21. WEB is valued rather cheaply when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 12.04 | ||
| Fwd PE | 10.68 |
4.2 Price Multiples
WEB's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. WEB is cheaper than 76.19% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 9.69 | ||
| EV/EBITDA | N/A |
4.3 Compensation for Growth
The decent profitability rating of WEB may justify a higher PE ratio.
WEB's earnings are expected to decrease with -2.53% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-4.7%
EPS Next 3Y-2.53%
5. Dividend
5.1 Amount
WEB has a Yearly Dividend Yield of 6.34%, which is a nice return.
Compared to an average industry Dividend Yield of 5.80, WEB pays a bit more dividend than its industry peers.
Compared to an average S&P500 Dividend Yield of 2.32, WEB pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.34% |
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
105.09% 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.
DP105.09%
EPS Next 2Y-4.7%
EPS Next 3Y-2.53%
EBR:WEB (12/2/2025, 9:42:01 AM)
38.4
+1.6 (+4.35%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners2.94%
Inst Owner ChangeN/A
Ins Owners2.32%
Ins Owner ChangeN/A
Market Cap134.40M
Revenue(TTM)25.24M
Net Income(TTM)11.17M
Analysts47.5
Price Target40.8 (6.25%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.34% |
Yearly Dividend3.18
Dividend Growth(5Y)1.51%
DP105.09%
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)0%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)-1.33%
EPS NY rev (3m)-1.33%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.58%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 12.04 | ||
| Fwd PE | 10.68 | ||
| P/S | 5.32 | ||
| P/FCF | 9.69 | ||
| P/OCF | 7.43 | ||
| P/B | 0.77 | ||
| P/tB | 0.77 | ||
| EV/EBITDA | N/A |
EPS(TTM)3.19
EY8.31%
EPS(NY)3.6
Fwd EY9.36%
FCF(TTM)3.96
FCFY10.32%
OCF(TTM)5.17
OCFY13.46%
SpS7.21
BVpS50.17
TBVpS50.17
PEG (NY)N/A
PEG (5Y)N/A
Graham Number60.01
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.22% | ||
| ROE | 6.36% | ||
| ROCE | 6.27% | ||
| ROIC | 4.7% | ||
| ROICexc | 4.71% | ||
| ROICexgc | 4.71% | ||
| OM | 79.69% | ||
| PM (TTM) | 44.23% | ||
| GM | 97.6% | ||
| FCFM | 54.96% |
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%
ROICexgc growth 3Y1.91%
ROICexgc 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-Score5
Asset Turnover0.07
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.82 | ||
| Debt/FCF | 11.77 | ||
| Debt/EBITDA | N/A | ||
| Cap/Depr | N/A | ||
| Cap/Sales | 16.68% | ||
| Interest Coverage | 4.17 | ||
| Cash Conversion | N/A | ||
| Profit Quality | 124.25% | ||
| Current Ratio | 0.33 | ||
| Quick Ratio | 0.33 | ||
| Altman-Z | 0.8 |
F-Score5
WACC5.06%
ROIC/WACC0.93
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)57.18%
EPS 3Y-10.85%
EPS 5Y-0.07%
EPS Q2Q%3.01%
EPS Next Y-5.1%
EPS Next 2Y-4.7%
EPS Next 3Y-2.53%
EPS Next 5YN/A
Revenue 1Y (TTM)4.55%
Revenue growth 3Y10.18%
Revenue growth 5Y5.96%
Sales Q2Q%2.62%
Revenue Next Year3.4%
Revenue Next 2Y2.47%
Revenue Next 3Y2.15%
Revenue Next 5Y1.01%
EBIT growth 1Y3.29%
EBIT growth 3Y7.48%
EBIT growth 5Y5.88%
EBIT Next Year12.43%
EBIT Next 3Y3.98%
EBIT Next 5YN/A
FCF growth 1Y19.35%
FCF growth 3Y7.44%
FCF growth 5Y103.09%
OCF growth 1Y13.02%
OCF growth 3Y7.75%
OCF growth 5Y13.41%
WAREHOUSES ESTATES BELGIUM / WEB.BR FAQ
What is the ChartMill fundamental rating of WAREHOUSES ESTATES BELGIUM (WEB.BR) stock?
ChartMill assigns a fundamental rating of 4 / 10 to WEB.BR.
What is the valuation status for WEB stock?
ChartMill assigns a valuation rating of 5 / 10 to WAREHOUSES ESTATES BELGIUM (WEB.BR). This can be considered as Fairly Valued.
What is the profitability of WEB stock?
WAREHOUSES ESTATES BELGIUM (WEB.BR) has a profitability rating of 7 / 10.
What are the PE and PB ratios of WAREHOUSES ESTATES BELGIUM (WEB.BR) stock?
The Price/Earnings (PE) ratio for WAREHOUSES ESTATES BELGIUM (WEB.BR) is 12.04 and the Price/Book (PB) ratio is 0.77.
What is the expected EPS growth for WAREHOUSES ESTATES BELGIUM (WEB.BR) stock?
The Earnings per Share (EPS) of WAREHOUSES ESTATES BELGIUM (WEB.BR) is expected to decline by -5.1% in the next year.