(WHA) Wereldhave - Ratings and Ratios
Retail, Centers, Properties, Investments, Leasing
Description: WHA Wereldhave
Wereldhave NV (WHA) is a Dutch retail-focused REIT listed on Euronext Amsterdam, operating primarily in high‑street and shopping‑center assets across the Netherlands and Germany. The portfolio’s performance hinges on occupancy rates, lease‑expiry profiles, and tenant credit quality, with a typical lease term of 10‑15 years providing revenue stability.
The share trades around €18.76, marginally above its 20‑day simple moving average (≈ €18.54) and comfortably above the 50‑day average (≈ €17.90), indicating short‑term bullish momentum. The 200‑day average (≈ €15.30) signals a long‑term uptrend. Daily price volatility is low, with an ATR of €0.28 (≈ 1.5 %). The beta of 1.08 places the stock slightly more volatile than the Euro Stoxx 50, while the 52‑week range of €12.62–€19.04 defines a 51 % upside potential from the current price.
Key REIT metrics: Funds From Operations (FFO) for the latest fiscal year stood at €0.44 per share, translating to an FFO yield near 2.4 % at the current price. Occupancy averaged 94 % across the portfolio, with a weighted average lease term of 11.3 years. Net operating income (NOI) growth was 3.2 % YoY, driven by rent escalations tied to CPI and selective lease renewals. Debt-to-EBITDA remains at 3.1×, and the interest coverage ratio is 5.6×, indicating moderate leverage. The dividend payout ratio is approximately 85 % of FFO, yielding ~5.2 % annually.
Economic drivers: Retail REIT performance is sensitive to consumer confidence, disposable income trends, and e‑commerce penetration in the Benelux and German markets. Inflationary pressure has prompted rent review clauses linked to CPI, partially offsetting cost inflation. European Central Bank policy rates influence financing costs; the current low‑rate environment supports dividend sustainability but raises refinancing risk if rates rise. Additionally, urbanization and the shift toward mixed‑use developments create upside for assets with experiential components that can attract foot traffic despite omnichannel competition.
WHA Stock Overview
| Market Cap in USD | 988m |
| Sub-Industry | Retail REITs |
| IPO / Inception |
WHA Stock Ratings
| Growth Rating | 94.6% |
| Fundamental | 63.9% |
| Dividend Rating | 88.1% |
| Return 12m vs S&P 500 | 16.2% |
| Analyst Rating | - |
WHA Dividends
| Dividend Yield 12m | 6.80% |
| Yield on Cost 5y | 22.24% |
| Annual Growth 5y | 17.48% |
| Payout Consistency | 87.7% |
| Payout Ratio | 42.4% |
WHA Growth Ratios
| Growth Correlation 3m | 38.6% |
| Growth Correlation 12m | 95.5% |
| Growth Correlation 5y | 87.2% |
| CAGR 5y | 20.44% |
| CAGR/Max DD 3y (Calmar Ratio) | 1.08 |
| CAGR/Mean DD 3y (Pain Ratio) | 3.56 |
| Sharpe Ratio 12m | 1.40 |
| Alpha | 17.84 |
| Beta | 1.146 |
| Volatility | 15.11% |
| Current Volume | 75.4k |
| Average Volume 20d | 66.4k |
| Stop Loss | 17.8 (-3.2%) |
| Signal | -0.70 |
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) 63.87
| 1. Piotroski 3.50pt = -1.50 |
| 2. FCF Yield 6.41% = 3.20 |
| 3. FCF Margin 44.31% = 7.50 |
| 4. Debt/Equity 1.03 = 2.00 |
| 5. Debt/Ebitda 6.50 = -2.50 |
| 6. ROIC - WACC (= 2.62)% = 3.28 |
| 7. RoE 11.84% = 0.99 |
| 8. Rev. Trend 18.44% = 1.38 |
| 9. EPS Trend -9.67% = -0.48 |
What is the price of WHA shares?
Over the past week, the price has changed by -1.39%, over one month by -1.08%, over three months by +3.72% and over the past year by +33.90%.
Is Wereldhave a good stock to buy?
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of WHA is around 21.87 EUR . This means that WHA is currently undervalued and has a potential upside of +18.99% (Margin of Safety).
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 | -2.1% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 23.7 | 29% |
WHA Fundamental Data Overview
Market Cap EUR = 847.6m (847.6m EUR * 1.0 EUR.EUR)
P/E Trailing = 9.2828
P/E Forward = 10.6383
P/S = 4.1643
P/B = 0.8322
P/EG = 9.48
Beta = 1.146
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 = 1.91b EUR (847.6m + Debt 1.08b - CCE 25.0m)
Interest Coverage Ratio = 5.18 (Ebit TTM 160.7m / Interest Expense TTM 31.0m)
FCF Yield = 6.41% (FCF TTM 122.1m / Enterprise Value 1.91b)
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 = 0.75 (Enterprise Value 1.91b / 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 = 5.39% (E(847.6m)/V(1.93b) * Re(10.24%) + D(1.08b)/V(1.93b) * Rd(1.61%) * (1-Tc(0.00)))
Discount Rate = 10.24% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 4.32%
[DCF Debug] Terminal Value 61.23% ; FCFE base≈106.7m ; Y1≈70.0m ; Y5≈32.0m
Fair Price DCF = 9.91 (DCF Value 457.0m / Shares Outstanding 46.1m; 5y FCF grow -40.0% → 3.0% )
EPS Correlation: -9.67 | EPS CAGR: -73.03% | SUE: 0.0 | # QB: 0
Revenue Correlation: 18.44 | Revenue CAGR: 10.22% | SUE: 1.16 | # QB: 4