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WERELDHAVE NV (WHA.AS) Stock Fundamental Analysis

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

15.28  +0.18 (+1.19%)

Fundamental Rating

5

Taking everything into account, WHA scores 5 out of 10 in our fundamental rating. WHA was compared to 41 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 may be a bit undervalued, certainly considering the very reasonable score on growth Finally WHA also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

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6

1. Profitability

1.1 Basic Checks

WHA had positive earnings in the past year.
In the past year WHA had a positive cash flow from operations.
The reported net income has been mixed in the past 5 years: WHA reported negative net income in multiple years.
Each year in the past 5 years WHA had a positive operating cash flow.
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

Looking at the Return On Assets, with a value of 8.03%, WHA belongs to the top of the industry, outperforming 97.67% of the companies in the same industry.
WHA has a Return On Equity of 18.51%. This is amongst the best in the industry. WHA outperforms 100.00% of its industry peers.
The Return On Invested Capital of WHA (6.42%) is better than 86.05% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for WHA is in line with the industry average of 4.05%.
The 3 year average ROIC (3.94%) for WHA is below the current ROIC(6.42%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 8.03%
ROE 18.51%
ROIC 6.42%
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

WHA's Profit Margin of 65.74% is amongst the best of the industry. WHA outperforms 81.40% of its industry peers.
With a Operating Margin value of 64.04%, WHA is not doing good in the industry: 62.79% of the companies in the same industry are doing better.
In the last couple of years the Operating Margin of WHA has remained more or less at the same level.
WHA has a Gross Margin (71.74%) which is comparable to the rest of the industry.
WHA's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 64.04%
PM (TTM) 65.74%
GM 71.74%
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

The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so WHA is still creating some value.
Compared to 1 year ago, WHA has about the same amount of shares outstanding.
WHA has more shares outstanding than it did 5 years ago.
The debt/assets ratio for WHA has been reduced compared to a year ago.
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 0.15. This is a bad value and indicates that WHA is not financially healthy and even has some risk of bankruptcy.
WHA's Altman-Z score of 0.15 is on the low side compared to the rest of the industry. WHA is outperformed by 88.37% of its industry peers.
WHA has a debt to FCF ratio of 10.34. This is a negative value and a sign of low solvency as WHA would need 10.34 years to pay back of all of its debts.
WHA's Debt to FCF ratio of 10.34 is fine compared to the rest of the industry. WHA outperforms 72.09% of its industry peers.
WHA has a Debt/Equity ratio of 0.83. This is a neutral value indicating WHA is somewhat dependend on debt financing.
WHA has a worse Debt to Equity ratio (0.83) than 60.47% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.83
Debt/FCF 10.34
Altman-Z 0.15
ROIC/WACC1.39
WACC4.63%
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

A Current Ratio of 0.33 indicates that WHA may have some problems paying its short term obligations.
WHA's Current ratio of 0.33 is on the low side compared to the rest of the industry. WHA is outperformed by 65.12% of its industry peers.
A Quick Ratio of 0.33 indicates that WHA may have some problems paying its short term obligations.
The Quick ratio of WHA (0.33) is worse than 62.79% 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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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 119.90%, which is quite impressive.
WHA shows a strong growth in Revenue. In the last year, the Revenue has grown by 56.26%.
The Revenue has been decreasing by -4.42% on average over the past years.
EPS 1Y (TTM)119.9%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%288.09%
Revenue 1Y (TTM)56.26%
Revenue growth 3Y0.24%
Revenue growth 5Y-4.42%
Sales Q2Q%104.56%

3.2 Future

WHA is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 3.15% yearly.
WHA is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 3.46% yearly.
EPS Next Y14.96%
EPS Next 2Y8.23%
EPS Next 3Y3.15%
EPS Next 5YN/A
Revenue Next Year0.63%
Revenue Next 2Y1.21%
Revenue Next 3Y3.46%
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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9

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 3.52, the valuation of WHA can be described as very cheap.
Based on the Price/Earnings ratio, WHA is valued cheaper than 100.00% of the companies in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 29.35, WHA is valued rather cheaply.
WHA is valuated cheaply with a Price/Forward Earnings ratio of 7.54.
Based on the Price/Forward Earnings ratio, WHA is valued cheaper than 90.70% of the companies in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 22.10. WHA is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 3.52
Fwd PE 7.54
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 25

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, WHA is valued cheaper than 97.67% of the companies in the same industry.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of WHA indicates a rather cheap valuation: WHA is cheaper than 88.37% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 7.64
EV/EBITDA 8.64
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

WHA's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
WHA has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)0.24
PEG (5Y)N/A
EPS Next 2Y8.23%
EPS Next 3Y3.15%

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7

5. Dividend

5.1 Amount

WHA has a Yearly Dividend Yield of 8.28%, which is a nice return.
WHA's Dividend Yield is rather good when compared to the industry average which is at 8.71. WHA pays more dividend than 83.72% of the companies in the same industry.
WHA's Dividend Yield is rather good when compared to the S&P500 average which is at 2.33.
Industry RankSector Rank
Dividend Yield 8.28%

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

27.73% of the earnings are spent on dividend by WHA. This is a low number and sustainable payout ratio.
DP27.73%
EPS Next 2Y8.23%
EPS Next 3Y3.15%
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 (3/7/2025, 7:00:00 PM)

15.28

+0.18 (+1.19%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)02-11 2025-02-11/amc
Earnings (Next)04-17 2025-04-17
Inst Owners25.32%
Inst Owner ChangeN/A
Ins Owners18.28%
Ins Owner ChangeN/A
Market Cap704.10M
Analysts71.11
Price Target16.2 (6.02%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 8.28%
Yearly Dividend1.2
Dividend Growth(5Y)-13.76%
DP27.73%
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)-0.59%
PT rev (3m)0.38%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)16.49%
EPS NY rev (3m)17.45%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)1.32%
Revenue NY rev (3m)1.58%
Valuation
Industry RankSector Rank
PE 3.52
Fwd PE 7.54
P/S 2.45
P/FCF 7.64
P/OCF 7.62
P/B 0.69
P/tB 0.69
EV/EBITDA 8.64
EPS(TTM)4.34
EY28.4%
EPS(NY)2.03
Fwd EY13.26%
FCF(TTM)2
FCFY13.09%
OCF(TTM)2
OCFY13.12%
SpS6.24
BVpS22.18
TBVpS22.17
PEG (NY)0.24
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 8.03%
ROE 18.51%
ROCE 8.7%
ROIC 6.42%
ROICexc 6.47%
ROICexgc 6.47%
OM 64.04%
PM (TTM) 65.74%
GM 71.74%
FCFM 32.03%
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 Turnover0.12
Health
Industry RankSector Rank
Debt/Equity 0.83
Debt/FCF 10.34
Debt/EBITDA 4.56
Cap/Depr 15.03%
Cap/Sales 0.06%
Interest Coverage 5.54
Cash Conversion 49.8%
Profit Quality 48.72%
Current Ratio 0.33
Quick Ratio 0.33
Altman-Z 0.15
F-Score6
WACC4.63%
ROIC/WACC1.39
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)119.9%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%288.09%
EPS Next Y14.96%
EPS Next 2Y8.23%
EPS Next 3Y3.15%
EPS Next 5YN/A
Revenue 1Y (TTM)56.26%
Revenue growth 3Y0.24%
Revenue growth 5Y-4.42%
Sales Q2Q%104.56%
Revenue Next Year0.63%
Revenue Next 2Y1.21%
Revenue Next 3Y3.46%
Revenue Next 5YN/A
EBIT growth 1Y71.98%
EBIT growth 3Y5.56%
EBIT growth 5Y-4.24%
EBIT Next Year7.58%
EBIT Next 3YN/A
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%