(WHA) Wereldhave - Overview
Sector: Real EstateIndustry: REIT - Retail | Exchange AS (Netherlands) | Currency EUR | Market Cap: 1.120m | Total Return 41.7% in 12m
Stock: Real Estate, Shopping Centers, Offices
Total Rating 55
Risk 46
Buy Signal -0.80
| Risk 5d forecast | |
|---|---|
| Volatility | 17.4% |
| Relative Tail Risk | -2.85% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.56 |
| Alpha | 34.65 |
| Character TTM | |
|---|---|
| Beta | 0.049 |
| Beta Downside | -0.033 |
| Drawdowns 3y | |
|---|---|
| Max DD | 18.98% |
| CAGR/Max DD | 1.14 |
Description: WHA Wereldhave March 04, 2026
Wereldhave N.V. (WHA) is a Dutch real estate investment company. It owns and operates shopping centers and offices.
The companys property portfolio is concentrated in Belgium, France, and the Netherlands. Its business model focuses on leasing properties through operating leases.
Property management is handled internally by Group management companies. Understanding the specifics of their lease agreements and property occupancy rates is key; further details are available on ValueRay.
Wereldhave N.V. is listed on the Euronext Stock Exchange in Amsterdam.
Headlines to watch out for
- Retail vacancy rates impact rental income
- Interest rate hikes increase financing costs
- Economic slowdown reduces consumer spending
- Office market demand affects property valuations
Piotroski VR‑10 (Strict, 0-10) 5.5
| 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 (1.02b) to EBITDA (256.5m): 3.96 < 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) |
Altman Z'' -0.67
| 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'' Score: -0.67 = B |
Beneish M -2.58
| 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-Score: -2.58 (Cap -4..+1) = A |
What is the price of WHA shares?
As of March 27, 2026, the stock is trading at EUR 20.65 with a total of 126,788 shares traded.
Over the past week, the price has changed by -2.13%, over one month by -10.02%, over three months by +7.33% and over the past year by +41.65%.
Over the past week, the price has changed by -2.13%, over one month by -10.02%, over three months by +7.33% and over the past year by +41.65%.
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 | 20.5 | -0.6% |
| Analysts Target Price | - | - |
WHA Fundamental Data Overview March 25, 2026
Market Cap USD = 1.12b (968.4m EUR * 1.1562 EUR.USD)
P/E Trailing = 13.125
P/E Forward = 11.1607
P/S = 4.4864
P/B = 0.895
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 = 1.12b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 1.02b EUR (from netDebt column, last quarter)
Enterprise Value = 1.98b EUR (968.4m + Debt 1.12b - CCE 105.6m)
Interest Coverage Ratio = 6.41 (Ebit TTM 254.1m / Interest Expense TTM 39.6m)
EV/FCF = 11.67x (Enterprise Value 1.98b / FCF TTM 170.1m)
FCF Yield = 8.57% (FCF TTM 170.1m / Enterprise Value 1.98b)
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 1.98b / Total Assets 2.64b)
Interest Expense / Debt = 1.88% (Interest Expense 21.1m / Debt 1.12b)
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 = 1.03 (Debt 1.12b / totalStockholderEquity, last quarter 1.09b)
Debt / EBITDA = 3.96 (Net Debt 1.02b / EBITDA 256.5m)
Debt / FCF = 5.98 (Net Debt 1.02b / 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 = 18.25% (Net Income TTM 189.2m / Total Stockholder Equity 1.04b)
RoCE = 12.38% (EBIT 254.1m / Capital Employed (Equity 1.04b + L.T.Debt 1.02b))
RoIC = 9.57% (NOPAT 198.3m / Invested Capital 2.07b)
WACC = 3.64% (E(968.4m)/V(2.09b) * Re(6.16%) + D(1.12b)/V(2.09b) * Rd(1.88%) * (1-Tc(0.22)))
Discount Rate = 6.16% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.92%
Shares Correlation 3-Years: 100.0 | Cagr: 6.37%
[DCF] Terminal Value 88.44% ; FCFF base≈150.9m ; Y1≈186.1m ; Y5≈317.6m
[DCF] Fair Price = 177.7 (EV 9.21b - Net Debt 1.02b = Equity 8.20b / Shares 46.1m; r=6.0% [WACC]; 5y FCF grow 25.0% → 3.0% )
EPS Correlation: -14.28 | EPS CAGR: -64.38% | SUE: 0.0 | # QB: 0
Revenue Correlation: 61.15 | Revenue CAGR: 12.70% | SUE: 1.00 | # QB: 6
EPS current Year (2026-12-31): EPS=1.85 | Chg7d=+0.031 | Chg30d=-0.027 | Revisions Net=-2 | Growth EPS=-0.7% | Growth Revenue=+3.2%
EPS next Year (2027-12-31): EPS=1.91 | Chg7d=+0.037 | Chg30d=-0.045 | Revisions Net=-2 | Growth EPS=+3.4% | Growth Revenue=+4.1%
[Analyst] Revisions Ratio: -1.00 (0 Up / 2 Down within 30d for Current Year)
[Growth] Implied Growth Rate = 0.3% (Discount Rate 7.9% - Earnings Yield 7.6%)
[Growth] Growth Spread = +3.8% (Analyst 4.1% - Implied 0.3%)
P/E Trailing = 13.125
P/E Forward = 11.1607
P/S = 4.4864
P/B = 0.895
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 = 1.12b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 1.02b EUR (from netDebt column, last quarter)
Enterprise Value = 1.98b EUR (968.4m + Debt 1.12b - CCE 105.6m)
Interest Coverage Ratio = 6.41 (Ebit TTM 254.1m / Interest Expense TTM 39.6m)
EV/FCF = 11.67x (Enterprise Value 1.98b / FCF TTM 170.1m)
FCF Yield = 8.57% (FCF TTM 170.1m / Enterprise Value 1.98b)
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 1.98b / Total Assets 2.64b)
Interest Expense / Debt = 1.88% (Interest Expense 21.1m / Debt 1.12b)
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 = 1.03 (Debt 1.12b / totalStockholderEquity, last quarter 1.09b)
Debt / EBITDA = 3.96 (Net Debt 1.02b / EBITDA 256.5m)
Debt / FCF = 5.98 (Net Debt 1.02b / 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 = 18.25% (Net Income TTM 189.2m / Total Stockholder Equity 1.04b)
RoCE = 12.38% (EBIT 254.1m / Capital Employed (Equity 1.04b + L.T.Debt 1.02b))
RoIC = 9.57% (NOPAT 198.3m / Invested Capital 2.07b)
WACC = 3.64% (E(968.4m)/V(2.09b) * Re(6.16%) + D(1.12b)/V(2.09b) * Rd(1.88%) * (1-Tc(0.22)))
Discount Rate = 6.16% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.92%
Shares Correlation 3-Years: 100.0 | Cagr: 6.37%
[DCF] Terminal Value 88.44% ; FCFF base≈150.9m ; Y1≈186.1m ; Y5≈317.6m
[DCF] Fair Price = 177.7 (EV 9.21b - Net Debt 1.02b = Equity 8.20b / Shares 46.1m; r=6.0% [WACC]; 5y FCF grow 25.0% → 3.0% )
EPS Correlation: -14.28 | EPS CAGR: -64.38% | SUE: 0.0 | # QB: 0
Revenue Correlation: 61.15 | Revenue CAGR: 12.70% | SUE: 1.00 | # QB: 6
EPS current Year (2026-12-31): EPS=1.85 | Chg7d=+0.031 | Chg30d=-0.027 | Revisions Net=-2 | Growth EPS=-0.7% | Growth Revenue=+3.2%
EPS next Year (2027-12-31): EPS=1.91 | Chg7d=+0.037 | Chg30d=-0.045 | Revisions Net=-2 | Growth EPS=+3.4% | Growth Revenue=+4.1%
[Analyst] Revisions Ratio: -1.00 (0 Up / 2 Down within 30d for Current Year)
[Growth] Implied Growth Rate = 0.3% (Discount Rate 7.9% - Earnings Yield 7.6%)
[Growth] Growth Spread = +3.8% (Analyst 4.1% - Implied 0.3%)