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WERELDHAVE NV (WHA.AS) Stock Fundamental Analysis

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

14.7  +0.16 (+1.1%)

Fundamental Rating

4

Taking everything into account, WHA scores 4 out of 10 in our fundamental rating. WHA was compared to 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 scores decently on growth, while it is valued quite cheap. This could make an interesting combination.


Dividend Valuation Growth Profitability Health

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5

1. Profitability

1.1 Basic Checks

WHA had positive earnings in the past year.
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 0 100M -100M -200M -300M

1.2 Ratios

WHA's Return On Assets of 4.31% is amongst the best of the industry. WHA outperforms 87.50% of its industry peers.
WHA has a Return On Equity of 10.29%. This is amongst the best in the industry. WHA outperforms 92.50% of its industry peers.
With a decent Return On Invested Capital value of 4.13%, WHA is doing good in the industry, outperforming 75.00% of the companies in the same industry.
Measured over the past 3 years, the Average Return On Invested Capital for WHA is in line with the industry average of 3.65%.
The 3 year average ROIC (3.90%) for WHA is below the current ROIC(4.13%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 4.31%
ROE 10.29%
ROIC 4.13%
ROA(3y)-1.63%
ROA(5y)-4.5%
ROE(3y)-3.8%
ROE(5y)-10.59%
ROIC(3y)3.9%
ROIC(5y)3.87%
WHA.AS Yearly ROA, ROE, ROICWHA.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 -10 -20

1.3 Margins

Looking at the Profit Margin, with a value of 53.39%, WHA is in the better half of the industry, outperforming 80.00% of the companies in the same industry.
Looking at the Operating Margin, with a value of 61.00%, WHA is doing worse than 67.50% of the companies in the same industry.
WHA's Operating Margin has declined in the last couple of years.
WHA's Gross Margin of 69.39% is on the low side compared to the rest of the industry. WHA is outperformed by 65.00% of its industry peers.
WHA's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 61%
PM (TTM) 53.39%
GM 69.39%
OM growth 3Y2.62%
OM growth 5Y-1.82%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y4.38%
GM growth 5Y-0.87%
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 0 50 -50 -100

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1

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 more shares outstanding than it did 1 year ago.
The number of shares outstanding for WHA has been increased compared to 5 years ago.
Compared to 1 year ago, WHA has a worse debt to assets ratio.
WHA.AS Yearly Shares OutstandingWHA.AS Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 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 1B 2B 3B

2.2 Solvency

WHA has an Altman-Z score of -0.08. This is a bad value and indicates that WHA is not financially healthy and even has some risk of bankruptcy.
The Altman-Z score of WHA (-0.08) is worse than 97.50% of its industry peers.
WHA has a debt to FCF ratio of 12.10. This is a negative value and a sign of low solvency as WHA would need 12.10 years to pay back of all of its debts.
Looking at the Debt to FCF ratio, with a value of 12.10, WHA is in line with its industry, outperforming 52.50% of the companies in the same industry.
A Debt/Equity ratio of 0.84 indicates that WHA is somewhat dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.84, WHA is doing worse than 65.00% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.84
Debt/FCF 12.1
Altman-Z -0.08
ROIC/WACC0.95
WACC4.35%
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 500M 1B 1.5B 2B

2.3 Liquidity

WHA has a Current Ratio of 0.27. 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 Current ratio of 0.27. This is in the lower half of the industry: WHA underperforms 75.00% of its industry peers.
A Quick Ratio of 0.27 indicates that WHA may have some problems paying its short term obligations.
The Quick ratio of WHA (0.27) is worse than 72.50% of its industry peers.
Industry RankSector Rank
Current Ratio 0.27
Quick Ratio 0.27
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 100M 200M 300M 400M

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4

3. Growth

3.1 Past

WHA shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 25.75%, which is quite impressive.
WHA shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 10.45%.
Measured over the past years, WHA shows a decrease in Revenue. The Revenue has been decreasing by -4.52% on average per year.
EPS 1Y (TTM)25.75%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%30.52%
Revenue 1Y (TTM)10.45%
Revenue growth 3Y-5.81%
Revenue growth 5Y-4.52%
Sales Q2Q%5.99%

3.2 Future

The Earnings Per Share is expected to grow by 1.04% on average over the next years.
The Revenue is expected to grow by 5.09% on average over the next years.
EPS Next Y1.86%
EPS Next 2Y0.06%
EPS Next 3Y1.04%
EPS Next 5YN/A
Revenue Next Year8.42%
Revenue Next 2Y4.94%
Revenue Next 3Y5.09%
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 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 1 2 3

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7

4. Valuation

4.1 Price/Earnings Ratio

WHA is valuated cheaply with a Price/Earnings ratio of 6.23.
Based on the Price/Earnings ratio, WHA is valued cheaply inside the industry as 97.50% of the companies are valued more expensively.
WHA is valuated cheaply when we compare the Price/Earnings ratio to 28.47, which is the current average of the S&P500 Index.
Based on the Price/Forward Earnings ratio of 8.45, the valuation of WHA can be described as reasonable.
Compared to the rest of the industry, the Price/Forward Earnings ratio of WHA indicates a rather cheap valuation: WHA is cheaper than 90.00% of the companies listed in the same industry.
When comparing the Price/Forward Earnings ratio of WHA to the average of the S&P500 Index (92.74), we can say WHA is valued rather cheaply.
Industry RankSector Rank
PE 6.23
Fwd PE 8.45
WHA.AS Price Earnings VS Forward Price EarningsWHA.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60 80

4.2 Price Multiples

WHA's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. WHA is cheaper than 72.50% of the companies in the same industry.
Based on the Price/Free Cash Flow ratio, WHA is valued cheaply inside the industry as 90.00% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 7.93
EV/EBITDA 13.08
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.
PEG (NY)3.35
PEG (5Y)N/A
EPS Next 2Y0.06%
EPS Next 3Y1.04%

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6

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 8.25%, WHA is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 7.06, WHA pays a better dividend. On top of this WHA pays more dividend than 87.50% of the companies listed in the same industry.
Compared to an average S&P500 Dividend Yield of 2.28, WHA pays a better dividend.
Industry RankSector Rank
Dividend Yield 8.25%

5.2 History

The dividend of WHA decreases each year by -12.78%.
Dividend Growth(5Y)-12.78%
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 0.5 1 1.5 2 2.5

5.3 Sustainability

64.07% of the earnings are spent on dividend by WHA. This is not a sustainable payout ratio.
DP64.07%
EPS Next 2Y0.06%
EPS Next 3Y1.04%
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 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 (2/5/2025, 5:29:53 PM)

14.7

+0.16 (+1.1%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)10-25 2024-10-25
Earnings (Next)02-11 2025-02-11/amc
Inst Owners28.05%
Inst Owner ChangeN/A
Ins Owners19.2%
Ins Owner ChangeN/A
Market Cap645.04M
Analysts75.56
Price Target16.29 (10.82%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 8.25%
Yearly Dividend1.41
Dividend Growth(5Y)-12.78%
DP64.07%
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)-1.27%
PT rev (3m)0.98%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)-1.24%
EPS NY rev (3m)1.15%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0.13%
Revenue NY rev (3m)-0.11%
Valuation
Industry RankSector Rank
PE 6.23
Fwd PE 8.45
P/S 3.4
P/FCF 7.93
P/OCF 7.84
P/B 0.66
P/tB 0.66
EV/EBITDA 13.08
EPS(TTM)2.36
EY16.05%
EPS(NY)1.74
Fwd EY11.83%
FCF(TTM)1.85
FCFY12.6%
OCF(TTM)1.87
OCFY12.75%
SpS4.32
BVpS22.4
TBVpS22.4
PEG (NY)3.35
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 4.31%
ROE 10.29%
ROCE 5.71%
ROIC 4.13%
ROICexc 4.17%
ROICexgc 4.17%
OM 61%
PM (TTM) 53.39%
GM 69.39%
FCFM 42.89%
ROA(3y)-1.63%
ROA(5y)-4.5%
ROE(3y)-3.8%
ROE(5y)-10.59%
ROIC(3y)3.9%
ROIC(5y)3.87%
ROICexc(3y)3.95%
ROICexc(5y)3.93%
ROICexgc(3y)3.95%
ROICexgc(5y)3.93%
ROCE(3y)5.36%
ROCE(5y)5.33%
ROICexcg growth 3Y1.47%
ROICexcg growth 5Y0.56%
ROICexc growth 3Y1.47%
ROICexc growth 5Y0.56%
OM growth 3Y2.62%
OM growth 5Y-1.82%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y4.38%
GM growth 5Y-0.87%
F-Score6
Asset Turnover0.08
Health
Industry RankSector Rank
Debt/Equity 0.84
Debt/FCF 12.1
Debt/EBITDA 7.11
Cap/Depr 82.96%
Cap/Sales 0.51%
Interest Coverage 3.44
Cash Conversion 70.44%
Profit Quality 80.34%
Current Ratio 0.27
Quick Ratio 0.27
Altman-Z -0.08
F-Score6
WACC4.35%
ROIC/WACC0.95
Cap/Depr(3y)37%
Cap/Depr(5y)30.25%
Cap/Sales(3y)0.29%
Cap/Sales(5y)0.24%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)25.75%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%30.52%
EPS Next Y1.86%
EPS Next 2Y0.06%
EPS Next 3Y1.04%
EPS Next 5YN/A
Revenue 1Y (TTM)10.45%
Revenue growth 3Y-5.81%
Revenue growth 5Y-4.52%
Sales Q2Q%5.99%
Revenue Next Year8.42%
Revenue Next 2Y4.94%
Revenue Next 3Y5.09%
Revenue Next 5YN/A
EBIT growth 1Y17.16%
EBIT growth 3Y-3.35%
EBIT growth 5Y-6.25%
EBIT Next Year16.21%
EBIT Next 3Y6.61%
EBIT Next 5YN/A
FCF growth 1Y4.3%
FCF growth 3Y-5.75%
FCF growth 5Y-11.68%
OCF growth 1Y5.23%
OCF growth 3Y-5.38%
OCF growth 5Y-11.5%