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WAREHOUSES ESTATES BELGIUM (WEB.BR) Stock Fundamental Analysis

EBR:WEB - Euronext Brussels - BE0003734481 - REIT - Currency: EUR

37.1  +0.1 (+0.27%)

Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to WEB. WEB was compared to 43 industry peers in the Diversified REITs industry. WEB has an excellent profitability rating, but there are concerns on its financial health. WEB has a decent growth rate and is not valued too expensively.


Dividend Valuation Growth Profitability Health

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7

1. Profitability

1.1 Basic Checks

In the past year WEB was profitable.
WEB had a positive operating cash flow in the past year.
In the past 5 years WEB has always been profitable.
Each year in the past 5 years WEB had a positive operating cash flow.
WEB.BR Yearly Net Income VS EBIT VS OCF VS FCFWEB.BR 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 5M 10M 15M 20M

1.2 Ratios

WEB has a Return On Assets of 1.95%. This is in the better half of the industry: WEB outperforms 65.00% of its industry peers.
WEB has a better Return On Equity (3.76%) than 65.00% of its industry peers.
The Return On Invested Capital of WEB (4.80%) is better than 77.50% 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 3.77%.
The 3 year average ROIC (4.45%) for WEB is below the current ROIC(4.80%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 1.95%
ROE 3.76%
ROIC 4.8%
ROA(3y)3.74%
ROA(5y)3.62%
ROE(3y)6.98%
ROE(5y)6.73%
ROIC(3y)4.45%
ROIC(5y)4.34%
WEB.BR Yearly ROA, ROE, ROICWEB.BR Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 5 10 15

1.3 Margins

The Profit Margin of WEB (27.45%) is better than 65.00% of its industry peers.
In the last couple of years the Profit Margin of WEB has declined.
Looking at the Operating Margin, with a value of 80.66%, WEB is in the better half of the industry, outperforming 77.50% 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.
Looking at the Gross Margin, with a value of 99.06%, WEB belongs to the top of the industry, outperforming 97.50% 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 RankSector Rank
OM 80.66%
PM (TTM) 27.45%
GM 99.06%
OM growth 3Y1.14%
OM growth 5Y0.39%
PM growth 3Y-13.34%
PM growth 5Y-19.35%
GM growth 3Y0.49%
GM growth 5Y0.48%
WEB.BR Yearly Profit, Operating, Gross MarginsWEB.BR Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 20 40 60 80 100

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2

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), WEB is creating some value.
Compared to 1 year ago, WEB has about the same amount of shares outstanding.
The number of shares outstanding for WEB remains at a similar level compared to 5 years ago.
Compared to 1 year ago, WEB has a worse debt to assets ratio.
WEB.BR Yearly Shares OutstandingWEB.BR Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 1M 2M 3M
WEB.BR Yearly Total Debt VS Total AssetsWEB.BR Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M

2.2 Solvency

WEB has an Altman-Z score of 0.80. This is a bad value and indicates that WEB is not financially healthy and even has some risk of bankruptcy.
The Altman-Z score of WEB (0.80) is worse than 65.00% of its industry peers.
WEB has a debt to FCF ratio of 11.80. This is a negative value and a sign of low solvency as WEB would need 11.80 years to pay back of all of its debts.
WEB has a Debt to FCF ratio of 11.80. This is comparable to the rest of the industry: WEB outperforms 57.50% of its industry peers.
WEB has a Debt/Equity ratio of 0.73. This is a neutral value indicating WEB is somewhat dependend on debt financing.
The Debt to Equity ratio of WEB (0.73) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.73
Debt/FCF 11.8
Altman-Z 0.8
ROIC/WACC1.01
WACC4.77%
WEB.BR Yearly LT Debt VS Equity VS FCFWEB.BR Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M 150M

2.3 Liquidity

A Current Ratio of 0.46 indicates that WEB may have some problems paying its short term obligations.
WEB's Current ratio of 0.46 is in line compared to the rest of the industry. WEB outperforms 45.00% of its industry peers.
WEB has a Quick Ratio of 0.46. 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 Quick ratio (0.46) which is comparable to the rest of the industry.
Industry RankSector Rank
Current Ratio 0.46
Quick Ratio 0.46
WEB.BR Yearly Current Assets VS Current LiabilitesWEB.BR Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 20M 40M 60M

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4

3. Growth

3.1 Past

The earnings per share for WEB have decreased strongly by -44.01% in the last year.
The earnings per share for WEB have been decreasing by -18.68% on average. This is quite bad
WEB shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 10.33%.
The Revenue has been growing slightly by 0.81% on average over the past years.
EPS 1Y (TTM)-44.01%
EPS 3Y-4.96%
EPS 5Y-18.68%
EPS Q2Q%-29.9%
Revenue 1Y (TTM)10.33%
Revenue growth 3Y9.64%
Revenue growth 5Y0.81%
Sales Q2Q%11.08%

3.2 Future

Based on estimates for the next years, WEB will show a small growth in Earnings Per Share. The EPS will grow by 2.36% on average per year.
The Revenue is expected to grow by 3.86% on average over the next years.
EPS Next Y-0.78%
EPS Next 2Y1.86%
EPS Next 3Y2.36%
EPS Next 5YN/A
Revenue Next Year10.13%
Revenue Next 2Y7.13%
Revenue Next 3Y3.86%
Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
WEB.BR Yearly Revenue VS EstimatesWEB.BR Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 5M 10M 15M 20M 25M
WEB.BR Yearly EPS VS EstimatesWEB.BR Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1 2 3 4

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4

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 18.28, the valuation of WEB can be described as rather expensive.
WEB's Price/Earnings is on the same level as the industry average.
WEB's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 29.63.
WEB is valuated reasonably with a Price/Forward Earnings ratio of 9.17.
70.00% of the companies in the same industry are more expensive than WEB, based on the Price/Forward Earnings ratio.
When comparing the Price/Forward Earnings ratio of WEB to the average of the S&P500 Index (22.68), we can say WEB is valued rather cheaply.
Industry RankSector Rank
PE 18.28
Fwd PE 9.17
WEB.BR Price Earnings VS Forward Price EarningsWEB.BR Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

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 65.00% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 9.76
EV/EBITDA N/A
WEB.BR Per share dataWEB.BR EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30 40 50

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 2Y1.86%
EPS Next 3Y2.36%

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4

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 6.34%, WEB is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 8.20, WEB has a dividend in line with its industry peers.
Compared to an average S&P500 Dividend Yield of 2.29, WEB pays a better dividend.
Industry RankSector Rank
Dividend Yield 6.34%

5.2 History

The dividend of WEB decreases each year by -0.88%.
Dividend Growth(5Y)-0.88%
Div Incr Years2
Div Non Decr Years2
WEB.BR Yearly Dividends per shareWEB.BR Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 1 2 3

5.3 Sustainability

WEB pays out 160.03% of its income as dividend. This is not a sustainable payout ratio.
DP160.03%
EPS Next 2Y1.86%
EPS Next 3Y2.36%
WEB.BR Yearly Income VS Free CF VS DividendWEB.BR Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 5M 10M 15M 20M
WEB.BR Dividend Payout.WEB.BR Dividend Payout, showing the Payout Ratio.WEB.BR Dividend Payout.PayoutRetained Earnings

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WAREHOUSES ESTATES BELGIUM

EBR:WEB (2/21/2025, 7:00:00 PM)

37.1

+0.1 (+0.27%)

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 Cap129.85M
Analysts47.5
Price Target41.82 (12.72%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 6.34%
Yearly Dividend3.29
Dividend Growth(5Y)-0.88%
DP160.03%
Div Incr Years2
Div Non Decr Years2
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)0%
EPS NY rev (3m)0%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.02%
Valuation
Industry RankSector Rank
PE 18.28
Fwd PE 9.17
P/S 5.38
P/FCF 9.76
P/OCF 7.82
P/B 0.74
P/tB 0.74
EV/EBITDA N/A
EPS(TTM)2.03
EY5.47%
EPS(NY)4.05
Fwd EY10.9%
FCF(TTM)3.8
FCFY10.25%
OCF(TTM)4.74
OCFY12.78%
SpS6.9
BVpS50.33
TBVpS50.33
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 1.95%
ROE 3.76%
ROCE 6.4%
ROIC 4.8%
ROICexc 4.8%
ROICexgc 4.8%
OM 80.66%
PM (TTM) 27.45%
GM 99.06%
FCFM 55.12%
ROA(3y)3.74%
ROA(5y)3.62%
ROE(3y)6.98%
ROE(5y)6.73%
ROIC(3y)4.45%
ROIC(5y)4.34%
ROICexc(3y)4.45%
ROICexc(5y)4.35%
ROICexgc(3y)4.45%
ROICexgc(5y)4.35%
ROCE(3y)5.93%
ROCE(5y)5.79%
ROICexcg growth 3Y5.9%
ROICexcg growth 5Y-2.02%
ROICexc growth 3Y5.9%
ROICexc growth 5Y-2.02%
OM growth 3Y1.14%
OM growth 5Y0.39%
PM growth 3Y-13.34%
PM growth 5Y-19.35%
GM growth 3Y0.49%
GM growth 5Y0.48%
F-Score6
Asset Turnover0.07
Health
Industry RankSector Rank
Debt/Equity 0.73
Debt/FCF 11.8
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales 13.62%
Interest Coverage 3.33
Cash Conversion N/A
Profit Quality 200.8%
Current Ratio 0.46
Quick Ratio 0.46
Altman-Z 0.8
F-Score6
WACC4.77%
ROIC/WACC1.01
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)18.78%
Cap/Sales(5y)25.89%
Profit Quality(3y)103.06%
Profit Quality(5y)76.01%
High Growth Momentum
Growth
EPS 1Y (TTM)-44.01%
EPS 3Y-4.96%
EPS 5Y-18.68%
EPS Q2Q%-29.9%
EPS Next Y-0.78%
EPS Next 2Y1.86%
EPS Next 3Y2.36%
EPS Next 5YN/A
Revenue 1Y (TTM)10.33%
Revenue growth 3Y9.64%
Revenue growth 5Y0.81%
Sales Q2Q%11.08%
Revenue Next Year10.13%
Revenue Next 2Y7.13%
Revenue Next 3Y3.86%
Revenue Next 5YN/A
EBIT growth 1Y15.36%
EBIT growth 3Y10.9%
EBIT growth 5Y1.2%
EBIT Next Year27.84%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y16.58%
FCF growth 3Y22.39%
FCF growth 5Y-5.17%
OCF growth 1Y9.97%
OCF growth 3Y13.57%
OCF growth 5Y-5.75%