(WHA) Wereldhave - Overview
Sector: Real Estate | Industry: REIT - Retail | Exchange: AS (Netherlands) | Market Cap: 953m EUR | Total Return: 29.4% in 12m
Avg Turnover: 2.02M
Warnings
Altman Z'' -0.67 < 1.0 - financial distress zone
Tailwinds
No distinct edge detected
Wereldhave N.V. is a Dutch real estate investment trust (REIT) focused on multi-purpose shopping centers in the Netherlands, Belgium, and France. The company operates under a Full Service Center strategy, transforming traditional retail spaces into mixed-use hubs that integrate health, wellness, dining, and workspace alongside core grocery and retail tenants.
As a Retail REIT, the business model relies on generating stable rental income and high occupancy rates through long-term leases with diversified tenants. This sector is increasingly shifting toward non-discretionary services to mitigate the impact of e-commerce on traditional brick-and-mortar retail.
To evaluate how this strategy impacts long-term valuation, you may find further insights on ValueRay. Wereldhave maintains a geographic focus on dominant regional cities to ensure high foot traffic and essential service demand within local communities.
- Transformation to LifeCenter model drives higher footfall and non-retail occupancy rates
- Interest rate volatility impacts debt refinancing costs and portfolio valuation yields
- Indexation of rental income provides hedge against persistent European inflation
- Divestment of non-core assets in France streamlines balance sheet and liquidity
- Consumer confidence levels in Benelux region influence tenant sales and rent collection
| Net Income: 189.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.06 > 0.02 and ΔFCF/TA 1.08 > 1.0 |
| NWC/Revenue: 14.25% < 20% (prev -52.38%; Δ 66.62% < -1%) |
| CFO/TA 0.07 > 3% & CFO 197.7m > Net Income 189.2m |
| Net Debt (1.04b) to EBITDA (256.5m): 4.04 < 3 |
| Current Ratio: 1.55 > 1.5 & < 3 |
| Outstanding Shares: last quarter (46.1m) vs 12m ago 13.16% < -2% |
| Gross Margin: 73.02% > 18% (prev 0.71%; Δ 7.23k% > 0.5%) |
| Asset Turnover: 16.61% > 50% (prev 12.11%; Δ 4.50% > 0%) |
| Interest Coverage Ratio: 6.41 > 6 (EBITDA TTM 256.5m / Interest Expense TTM 39.6m) |
| A: 0.02 (Total Current Assets 163.8m - Total Current Liabilities 105.6m) / Total Assets 2.64b |
| B: -0.29 (Retained Earnings -754.5m / Total Assets 2.64b) |
| C: 0.10 (EBIT TTM 254.1m / Avg Total Assets 2.46b) |
| D: -0.55 (Book Value of Equity -709.3m / Total Liabilities 1.30b) |
| Altman-Z'' = -0.67 = B |
| DSRI: 1.16 (Receivables 51.7m/30.0m, Revenue 408.2m/275.9m) |
| GMI: 0.98 (GM 73.02% / 71.35%) |
| AQI: 0.98 (AQ_t 0.94 / AQ_t-1 0.96) |
| SGI: 1.48 (Revenue 408.2m / 275.9m) |
| TATA: -0.00 (NI 189.2m - CFO 197.7m) / TA 2.64b) |
| Beneish M = -2.58 (Cap -4..+1) = A |
As of May 27, 2026, the stock is trading at EUR 20.45 with a total of 100,617 shares traded.
Over the past week, the price has changed by +0.49%,
over one month by -1.95%,
over three months by -5.16% and
over the past year by +29.41%.
Wereldhave has no consensus analysts rating.
P/E Trailing = 12.8437
P/E Forward = 10.7066
P/S = 4.3895
P/B = 0.8584
P/EG = 26.1971
Revenue TTM = 408.2m EUR
EBIT TTM = 254.1m EUR
EBITDA TTM = 256.5m EUR
Long Term Debt = 1.02b EUR (from longTermDebt, last quarter)
Short Term Debt = 105.6m EUR (from shortTermDebt, last quarter)
Debt = 1.14b EUR (from shortLongTermDebtTotal, last quarter) + Leases 20.1m
Net Debt = 1.04b EUR (calculated: Debt 1.14b - CCE 105.6m)
Enterprise Value = 1.99b EUR (953.1m + Debt 1.14b - CCE 105.6m)
Interest Coverage Ratio = 6.41 (Ebit TTM 254.1m / Interest Expense TTM 39.6m)
EV/FCF = 11.70x (Enterprise Value 1.99b / FCF TTM 170.1m)
FCF Yield = 8.55% (FCF TTM 170.1m / Enterprise Value 1.99b)
FCF Margin = 41.66% (FCF TTM 170.1m / Revenue TTM 408.2m)
Net Margin = 46.34% (Net Income TTM 189.2m / Revenue TTM 408.2m)
Gross Margin = 73.02% ((Revenue TTM 408.2m - Cost of Revenue TTM 110.2m) / Revenue TTM)
Gross Margin QoQ = 71.70% (prev 70.33%)
Tobins Q-Ratio = 0.75 (Enterprise Value 1.99b / Total Assets 2.64b)
Interest Expense / Debt = 3.47% (Interest Expense 39.6m / Debt 1.14b)
Taxrate = 21.97% (9.05m / 41.2m)
NOPAT = 198.3m (EBIT 254.1m * (1 - 21.97%))
Current Ratio = 1.55 (Total Current Assets 163.8m / Total Current Liabilities 105.6m)
Debt / Equity = 1.05 (Debt 1.14b / totalStockholderEquity, last quarter 1.09b)
Debt / EBITDA = 4.04 (Net Debt 1.04b / EBITDA 256.5m)
Debt / FCF = 6.09 (Net Debt 1.04b / FCF TTM 170.1m)
Total Stockholder Equity = 1.04b (last 4 quarters mean from totalStockholderEquity)
RoA = 7.70% (Net Income 189.2m / Total Assets 2.64b)
RoE = 10.56% (Net Income TTM 189.2m / Total Stockholder Equity 1.79b)
RoCE = 9.05% (EBIT 254.1m / Capital Employed (Equity 1.79b + L.T.Debt 1.02b))
RoIC = 7.73% (NOPAT 198.3m / Invested Capital 2.57b)
WACC = 4.16% (E(953.1m)/V(2.09b) * Re(5.89%) + D(1.14b)/V(2.09b) * Rd(3.47%) * (1-Tc(0.22)))
Discount Rate = 5.89% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 78.21 | Cagr: 6.22%
[DCF] Terminal Value 77.97% ; FCFF base≈150.9m ; Y1≈173.0m ; Y5≈254.6m
[DCF] Fair Price = 60.25 (EV 3.83b - Net Debt 1.04b = Equity 2.79b / Shares 46.4m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: 93.51 | Revenue CAGR: 21.45% | SUE: 0.95 | # QB: 1
EPS current Year (2026-12-31): EPS=1.89 | Chg30d=+2.50% | Revisions=+43% | GrowthEPS=+1.8% | GrowthRev=+8.2%
EPS next Year (2027-12-31): EPS=1.95 | Chg30d=+2.28% | Revisions=+14% | GrowthEPS=+3.2% | GrowthRev=+2.3%
[Analyst] Revisions Ratio: +43%