(WHA) Wereldhave - Ratings and Ratios
Shopping Centers, Offices, Real Estate, Leasing
Dividends
| Dividend Yield | 6.50% |
| Yield on Cost 5y | 14.92% |
| Yield CAGR 5y | 17.48% |
| Payout Consistency | 87.7% |
| Payout Ratio | 42.4% |
| Risk via 10d forecast | |
|---|---|
| Volatility | 17.9% |
| Value at Risk 5%th | 28.3% |
| Relative Tail Risk | -3.74% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 2.19 |
| Alpha | 45.41 |
| CAGR/Max DD | 1.26 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.372 |
| Beta | -0.010 |
| Beta Downside | 0.135 |
| Drawdowns 3y | |
|---|---|
| Max DD | 18.98% |
| Mean DD | 5.51% |
| Median DD | 3.82% |
Description: WHA Wereldhave November 30, 2025
Wereldhave N.V. (ticker WHA) is a Dutch-incorporated investment company that owns and leases a portfolio of shopping-centre and office properties across Belgium, France and the Netherlands, primarily under long-term operating leases.
The Group’s assets are managed in-house by its own property-management subsidiaries, which allows it to retain control over tenant mix, lease negotiations and capital-expenditure decisions.
Key performance indicators that analysts typically monitor for Wereldhave include: an occupancy rate that has steadied around 94 % in 2023, Funds-From-Operations (FFO) growth of roughly 4 % year-on-year, and a weighted-average lease-expiry profile of 5.5 years, which together signal relatively stable cash-flow generation.
Sector-level drivers affecting WHA are the resilience of brick-and-mortar retail in high-density European markets, the gradual rebound of office demand post-pandemic, and macro-economic factors such as consumer confidence and interest-rate trends that influence both tenant credit quality and the cost of capital.
For a deeper, data-driven view of WHA’s valuation and risk profile, the ValueRay platform provides a granular dashboard that can help you benchmark the stock against peers.
Piotroski VR‑10 (Strict, 0-10) 3.5
| Net Income (119.1m TTM) > 0 and > 6% of Revenue (6% = 16.5m TTM) |
| FCFTA 0.05 (>2.0%) and ΔFCFTA 1.15pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue -73.12% (prev -72.26%; Δ -0.86pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.05 (>3.0%) and CFO 123.8m > Net Income 119.1m (YES >=105%, WARN >=100%) |
| Net Debt (1.06b) to EBITDA (162.7m) ratio: 6.50 <= 3.0 (WARN <= 3.5) |
| Current Ratio 0.29 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (46.1m) change vs 12m ago 13.23% (target <= -2.0% for YES) |
| Gross Margin 69.09% (prev 70.78%; Δ -1.69pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 11.45% (prev 8.78%; Δ 2.67pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 5.18 (EBITDA TTM 162.7m / Interest Expense TTM 31.0m) >= 6 (WARN >= 3) |
ValueRay F-Score (Strict, 0-100) 65.74
| 1. Piotroski 3.50pt |
| 2. FCF Yield 6.19% |
| 3. FCF Margin 44.31% |
| 4. Debt/Equity 1.03 |
| 5. Debt/Ebitda 6.50 |
| 6. ROIC - WACC (= 4.41)% |
| 7. RoE 11.84% |
| 8. Rev. Trend 18.08% |
| 9. EPS Trend -14.28% |
What is the price of WHA shares?
Over the past week, the price has changed by -3.80%, over one month by -0.72%, over three months by +3.00% and over the past year by +46.55%.
Is WHA a buy, sell or hold?
What are the forecasts/targets for the WHA price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 18 | -6.3% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 25.7 | 33.7% |
WHA Fundamental Data Overview November 27, 2025
Market Cap EUR = 913.1m (913.1m EUR * 1.0 EUR.EUR)
P/E Trailing = 10.0
P/E Forward = 10.9051
P/S = 4.486
P/B = 0.8428
P/EG = 9.48
Beta = 0.896
Revenue TTM = 275.6m EUR
EBIT TTM = 160.7m EUR
EBITDA TTM = 162.7m EUR
Long Term Debt = 904.4m EUR (from longTermDebt, last quarter)
Short Term Debt = 178.8m EUR (from shortLongTermDebt, last quarter)
Debt = 1.08b EUR (Calculated: Short Term 178.8m + Long Term 904.4m)
Net Debt = 1.06b EUR (from netDebt column, last quarter)
Enterprise Value = 1.97b EUR (913.1m + Debt 1.08b - CCE 25.0m)
Interest Coverage Ratio = 5.18 (Ebit TTM 160.7m / Interest Expense TTM 31.0m)
FCF Yield = 6.19% (FCF TTM 122.1m / Enterprise Value 1.97b)
FCF Margin = 44.31% (FCF TTM 122.1m / Revenue TTM 275.6m)
Net Margin = 43.23% (Net Income TTM 119.1m / Revenue TTM 275.6m)
Gross Margin = 69.09% ((Revenue TTM 275.6m - Cost of Revenue TTM 85.2m) / Revenue TTM)
Gross Margin QoQ = 66.88% (prev 73.51%)
Tobins Q-Ratio = 0.78 (Enterprise Value 1.97b / Total Assets 2.54b)
Interest Expense / Debt = 1.61% (Interest Expense 17.4m / Debt 1.08b)
Taxrate = 0.39% (127.0k / 32.4m)
NOPAT = 160.1m (EBIT 160.7m * (1 - 0.39%))
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 = 6.50 (Net Debt 1.06b / EBITDA 162.7m)
Debt / FCF = 8.67 (Net Debt 1.06b / FCF TTM 122.1m)
Total Stockholder Equity = 1.01b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.70% (Net Income 119.1m / Total Assets 2.54b)
RoE = 11.84% (Net Income TTM 119.1m / Total Stockholder Equity 1.01b)
RoCE = 8.41% (EBIT 160.7m / Capital Employed (Equity 1.01b + L.T.Debt 904.4m))
RoIC = 8.02% (NOPAT 160.1m / Invested Capital 2.00b)
WACC = 3.60% (E(913.1m)/V(2.00b) * Re(5.98%) + D(1.08b)/V(2.00b) * Rd(1.61%) * (1-Tc(0.00)))
Discount Rate = 5.98% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 8.05%
Shares Correlation 3-Years: 33.33 | Cagr: 4.32%
[DCF Debug] Terminal Value 70.46% ; FCFE base≈106.7m ; Y1≈70.0m ; Y5≈32.0m
Fair Price DCF = 13.65 (DCF Value 629.4m / Shares Outstanding 46.1m; 5y FCF grow -40.0% → 3.0% )
EPS Correlation: -14.28 | EPS CAGR: -64.38% | SUE: 0.0 | # QB: 0
Revenue Correlation: 18.08 | Revenue CAGR: 10.22% | SUE: 1.16 | # QB: 4
EPS next Year (2026-12-31): EPS=1.85 | Chg30d=+0.000 | Revisions Net=+1 | Growth EPS=+3.5% | Growth Revenue=+4.0%