(WHA) Wereldhave - Overview
Exchange: AS •
Country: Netherlands •
Currency: EUR •
Type: Common Stock •
ISIN: NL0000289213
Stock: Shopping Centers, Offices, Belgium, France, Netherlands
Total Rating 45
Risk 38
Buy Signal -0.09
Dividends
| Dividend Yield | 7.90% |
| Yield on Cost 5y | 15.08% |
| Yield CAGR 5y | 25.74% |
| Payout Consistency | 88.3% |
| Payout Ratio | 63.1% |
| Risk 5d forecast | |
|---|---|
| Volatility | 17.2% |
| Relative Tail Risk | -3.45% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 2.07 |
| Alpha | 41.39 |
| Character TTM | |
|---|---|
| Beta | -0.022 |
| Beta Downside | 0.182 |
| Drawdowns 3y | |
|---|---|
| Max DD | 18.98% |
| CAGR/Max DD | 1.21 |
Description: WHA Wereldhave January 25, 2026
Wereldhave N.V. (ticker WHA) is a Dutch-incorporated investment company listed on Euronext Amsterdam that owns and leases shopping-centre and office properties across Belgium, France and the Netherlands under operating leases.
The Group’s portfolio, managed in-house, comprises roughly 200 k m² of retail space and 150 k m² of office space, with an average occupancy of 93 % (Q3 2024) and a weighted-average lease term of 7.2 years, indicating relatively stable cash flows under current market conditions.
In the latest FY 2023, Wereldhave reported a Funds-From-Operations (FFO) of €210 million, a 4 % year-over-year increase, while the European retail REIT sector faces headwinds from e-commerce penetration (e-commerce now accounts for ~22 % of total retail sales in the Netherlands) and a modest rebound in office demand driven by hybrid-work policies; these macro trends are reflected in a 5-month rolling cap-rate compression to 5.8 % for its core assets.
For a deeper, data-driven assessment of WHA’s valuation relative to sector benchmarks, a quick look at ValueRay’s analytical dashboard may be worthwhile.
Piotroski VR‑10 (Strict, 0-10) 3.5
| Net Income: 189.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.06 > 0.02 and ΔFCF/TA 0.68 > 1.0 |
| NWC/Revenue: -51.26% < 20% (prev -55.50%; Δ 4.23% < -1%) |
| CFO/TA 0.07 > 3% & CFO 181.8m > Net Income 189.9m |
| Net Debt (1.06b) to EBITDA (249.7m): 4.24 < 3 |
| Current Ratio: 0.29 > 1.5 & < 3 |
| Outstanding Shares: last quarter (45.7m) vs 12m ago 12.20% < -2% |
| Gross Margin: 73.50% > 18% (prev 0.70%; Δ 7280 % > 0.5%) |
| Asset Turnover: 16.33% > 50% (prev 11.43%; Δ 4.90% > 0%) |
| Interest Coverage Ratio: 6.88 > 6 (EBITDA TTM 249.7m / Interest Expense TTM 36.0m) |
Altman Z'' -1.46
| A: -0.08 (Total Current Assets 80.7m - Total Current Liabilities 282.2m) / Total Assets 2.54b |
| B: -0.31 (Retained Earnings -785.1m / Total Assets 2.54b) |
| C: 0.10 (EBIT TTM 247.3m / Avg Total Assets 2.41b) |
| D: -0.59 (Book Value of Equity -741.4m / Total Liabilities 1.25b) |
| Altman-Z'' Score: -1.46 = CCC |
Beneish M 1.00
| DSRI: 1.16 (Receivables 52.4m/30.0m, Revenue 393.1m/260.4m) |
| GMI: 0.95 (GM 73.50% / 69.93%) |
| AQI: 85.23 (AQ_t 0.97 / AQ_t-1 0.01) |
| SGI: 1.51 (Revenue 393.1m / 260.4m) |
| TATA: 0.00 (NI 189.9m - CFO 181.8m) / TA 2.54b) |
| Beneish M-Score: 47.37 (Cap -4..+1) = D |
What is the price of WHA shares?
As of February 08, 2026, the stock is trading at EUR 21.55 with a total of 91,426 shares traded.
Over the past week, the price has changed by +3.36%, over one month by +11.31%, over three months by +9.95% and over the past year by +57.00%.
Over the past week, the price has changed by +3.36%, over one month by +11.31%, over three months by +9.95% and over the past year by +57.00%.
Is WHA a buy, sell or hold?
Wereldhave has no consensus analysts rating.
What are the forecasts/targets for the WHA price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 19.4 | -10% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 29 | 34.6% |
WHA Fundamental Data Overview February 03, 2026
Market Cap USD = 1.13b (961.5m EUR * 1.1801 EUR.USD)
P/E Trailing = 10.5303
P/E Forward = 10.929
P/S = 4.7239
P/B = 0.8916
P/EG = 9.48
Revenue TTM = 393.1m EUR
EBIT TTM = 247.3m EUR
EBITDA TTM = 249.7m EUR
Long Term Debt = 904.4m EUR (from longTermDebt, last quarter)
Short Term Debt = 178.8m EUR (from shortTermDebt, last quarter)
Debt = 1.08b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 1.06b EUR (from netDebt column, last quarter)
Enterprise Value = 2.02b EUR (961.5m + Debt 1.08b - CCE 25.0m)
Interest Coverage Ratio = 6.88 (Ebit TTM 247.3m / Interest Expense TTM 36.0m)
EV/FCF = 13.17x (Enterprise Value 2.02b / FCF TTM 153.4m)
FCF Yield = 7.59% (FCF TTM 153.4m / Enterprise Value 2.02b)
FCF Margin = 39.02% (FCF TTM 153.4m / Revenue TTM 393.1m)
Net Margin = 48.30% (Net Income TTM 189.9m / Revenue TTM 393.1m)
Gross Margin = 73.50% ((Revenue TTM 393.1m - Cost of Revenue TTM 104.2m) / Revenue TTM)
Gross Margin QoQ = 70.33% (prev 79.36%)
Tobins Q-Ratio = 0.80 (Enterprise Value 2.02b / Total Assets 2.54b)
Interest Expense / Debt = 1.71% (Interest Expense 18.5m / Debt 1.08b)
Taxrate = 11.29% (6.89m / 61.1m)
NOPAT = 219.4m (EBIT 247.3m * (1 - 11.29%))
Current Ratio = 0.29 (Total Current Assets 80.7m / Total Current Liabilities 282.2m)
Debt / Equity = 1.03 (Debt 1.08b / totalStockholderEquity, last quarter 1.06b)
Debt / EBITDA = 4.24 (Net Debt 1.06b / EBITDA 249.7m)
Debt / FCF = 6.90 (Net Debt 1.06b / FCF TTM 153.4m)
Total Stockholder Equity = 1.01b (last 4 quarters mean from totalStockholderEquity)
RoA = 7.89% (Net Income 189.9m / Total Assets 2.54b)
RoE = 18.87% (Net Income TTM 189.9m / Total Stockholder Equity 1.01b)
RoCE = 12.94% (EBIT 247.3m / Capital Employed (Equity 1.01b + L.T.Debt 904.4m))
RoIC = 10.99% (NOPAT 219.4m / Invested Capital 2.00b)
WACC = 3.55% (E(961.5m)/V(2.04b) * Re(5.83%) + D(1.08b)/V(2.04b) * Rd(1.71%) * (1-Tc(0.11)))
Discount Rate = 5.83% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 100.0 | Cagr: 5.93%
[DCF Debug] Terminal Value 88.43% ; FCFF base≈140.9m ; Y1≈173.8m ; Y5≈296.0m
Fair Price DCF = 164.0 (EV 8.62b - Net Debt 1.06b = Equity 7.56b / Shares 46.1m; r=5.90% [WACC]; 5y FCF grow 25.0% → 2.90% )
EPS Correlation: -14.28 | EPS CAGR: -64.38% | SUE: 0.0 | # QB: 0
Revenue Correlation: 55.14 | Revenue CAGR: 13.27% | SUE: 1.01 | # QB: 5
EPS next Year (2026-12-31): EPS=1.87 | Chg30d=+0.062 | Revisions Net=+1 | Growth EPS=+4.0% | Growth Revenue=+2.3%
P/E Trailing = 10.5303
P/E Forward = 10.929
P/S = 4.7239
P/B = 0.8916
P/EG = 9.48
Revenue TTM = 393.1m EUR
EBIT TTM = 247.3m EUR
EBITDA TTM = 249.7m EUR
Long Term Debt = 904.4m EUR (from longTermDebt, last quarter)
Short Term Debt = 178.8m EUR (from shortTermDebt, last quarter)
Debt = 1.08b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 1.06b EUR (from netDebt column, last quarter)
Enterprise Value = 2.02b EUR (961.5m + Debt 1.08b - CCE 25.0m)
Interest Coverage Ratio = 6.88 (Ebit TTM 247.3m / Interest Expense TTM 36.0m)
EV/FCF = 13.17x (Enterprise Value 2.02b / FCF TTM 153.4m)
FCF Yield = 7.59% (FCF TTM 153.4m / Enterprise Value 2.02b)
FCF Margin = 39.02% (FCF TTM 153.4m / Revenue TTM 393.1m)
Net Margin = 48.30% (Net Income TTM 189.9m / Revenue TTM 393.1m)
Gross Margin = 73.50% ((Revenue TTM 393.1m - Cost of Revenue TTM 104.2m) / Revenue TTM)
Gross Margin QoQ = 70.33% (prev 79.36%)
Tobins Q-Ratio = 0.80 (Enterprise Value 2.02b / Total Assets 2.54b)
Interest Expense / Debt = 1.71% (Interest Expense 18.5m / Debt 1.08b)
Taxrate = 11.29% (6.89m / 61.1m)
NOPAT = 219.4m (EBIT 247.3m * (1 - 11.29%))
Current Ratio = 0.29 (Total Current Assets 80.7m / Total Current Liabilities 282.2m)
Debt / Equity = 1.03 (Debt 1.08b / totalStockholderEquity, last quarter 1.06b)
Debt / EBITDA = 4.24 (Net Debt 1.06b / EBITDA 249.7m)
Debt / FCF = 6.90 (Net Debt 1.06b / FCF TTM 153.4m)
Total Stockholder Equity = 1.01b (last 4 quarters mean from totalStockholderEquity)
RoA = 7.89% (Net Income 189.9m / Total Assets 2.54b)
RoE = 18.87% (Net Income TTM 189.9m / Total Stockholder Equity 1.01b)
RoCE = 12.94% (EBIT 247.3m / Capital Employed (Equity 1.01b + L.T.Debt 904.4m))
RoIC = 10.99% (NOPAT 219.4m / Invested Capital 2.00b)
WACC = 3.55% (E(961.5m)/V(2.04b) * Re(5.83%) + D(1.08b)/V(2.04b) * Rd(1.71%) * (1-Tc(0.11)))
Discount Rate = 5.83% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 100.0 | Cagr: 5.93%
[DCF Debug] Terminal Value 88.43% ; FCFF base≈140.9m ; Y1≈173.8m ; Y5≈296.0m
Fair Price DCF = 164.0 (EV 8.62b - Net Debt 1.06b = Equity 7.56b / Shares 46.1m; r=5.90% [WACC]; 5y FCF grow 25.0% → 2.90% )
EPS Correlation: -14.28 | EPS CAGR: -64.38% | SUE: 0.0 | # QB: 0
Revenue Correlation: 55.14 | Revenue CAGR: 13.27% | SUE: 1.01 | # QB: 5
EPS next Year (2026-12-31): EPS=1.87 | Chg30d=+0.062 | Revisions Net=+1 | Growth EPS=+4.0% | Growth Revenue=+2.3%