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Belgian (BEL20) Real Estate Sector Analysis

UpdatedFeb 16, 2025
DataAggregated Company Financials
Companies32
  • 7D0.8%
  • 3M-3.5%
  • 1Y-12.2%
  • YTD2.2%

Last week, the Real Estate industry hasn't moved much but Warehouses De Pauw is up 7.2% in that time. As for the longer term, the industry has declined 12% in the last year. As for the next few years, earnings are expected to grow by 17% per annum.

Sector Valuation and Performance

Has the Belgian Real Estate Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 16 Feb 2025€21.8b€3.1b€1.5b11.2x14.6x7x
Tue, 14 Jan 2025€20.6b€3.1b€1.3b11.3x16.4x6.5x
Thu, 12 Dec 2024€21.4b€3.1b€1.3b11.3x17.1x6.8x
Sat, 09 Nov 2024€22.7b€3.1b€1.3b12.7x17.6x7.2x
Mon, 07 Oct 2024€24.6b€3.1b€1.3b12.8x18.7x7.9x
Wed, 04 Sep 2024€24.2b€3.0b€1.2b12.7x19.4x8.1x
Fri, 02 Aug 2024€24.2b€2.9b€1.2b15.1x20.7x8.4x
Sun, 30 Jun 2024€23.9b€2.9b€1.0b14.6x22.7x8.3x
Tue, 28 May 2024€25.1b€2.9b€1.1b15.1x23.1x8.8x
Thu, 25 Apr 2024€24.6b€2.9b€1.0b14.6x24.5x8.4x
Sat, 23 Mar 2024€24.6b€2.8b€862.8m13.7x28.5x8.7x
Mon, 19 Feb 2024€24.8b€2.9b€807.4m13.2x30.7x8.7x
Wed, 17 Jan 2024€26.3b€3.0b€690.3m11.8x38.1x8.9x
Fri, 15 Dec 2023€26.6b€3.0b€706.7m12.9x37.7x9x
Sun, 12 Nov 2023€23.8b€3.0b€746.6m12x31.9x8.1x
Tue, 10 Oct 2023€21.9b€2.9b€1.1b10.4x19.6x7.5x
Thu, 07 Sep 2023€24.2b€3.0b€1.2b10.3x20x8.2x
Sat, 05 Aug 2023€24.7b€2.9b€1.7b9.6x14.8x8.4x
Mon, 03 Jul 2023€23.8b€2.9b€2.1b7.4x11.3x8.1x
Wed, 31 May 2023€24.9b€2.9b€2.1b7.7x11.9x8.5x
Fri, 28 Apr 2023€26.4b€2.9b€2.6b7.4x10.2x9.1x
Sun, 26 Mar 2023€9.0b€1.1b€714.5m8.7x12.6x7.9x
Tue, 21 Feb 2023€27.6b€2.9b€4.0b7x6.9x9.4x
Thu, 19 Jan 2023€26.5b€2.9b€4.7b6.1x5.6x9.3x
Sat, 17 Dec 2022€24.9b€2.9b€4.7b5.8x5.3x8.7x
Mon, 14 Nov 2022€25.7b€2.8b€4.7b6.1x5.5x9x
Wed, 12 Oct 2022€22.8b€2.9b€4.7b5.3x4.9x8x
Fri, 09 Sep 2022€28.5b€2.9b€4.7b6.4x6.1x9.8x
Sun, 07 Aug 2022€30.9b€2.9b€4.3b7.5x7.2x10.6x
Tue, 05 Jul 2022€28.6b€2.9b€4.1b8.5x7x9.9x
Thu, 02 Jun 2022€32.3b€2.9b€4.1b8.3x7.9x11.2x
Sat, 30 Apr 2022€36.1b€2.8b€3.7b9.4x9.7x12.8x
Mon, 28 Mar 2022€35.6b€2.8b€3.6b10.5x9.9x12.5x
Wed, 23 Feb 2022€32.8b€2.6b€3.0b12.2x11x12.7x
Price to Earnings Ratio

11x


Total Market Cap: €32.8bTotal Earnings: €3.0bTotal Revenue: €2.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Belgian Real Estate Sector Price to Earnings3Y Average 16.2x202320242025
Current Industry PE
  • Investors are relatively neutral on the Belgian Real Estate industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 16.2x.
  • The 3-year average PS ratio of 8.9x is higher than the industry's current PS ratio of 7.0x.
Past Earnings Growth
  • The earnings for companies in the Real Estate industry have declined 21% per year over the last three years.
  • Meanwhile revenues for these companies have grown 6.4% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the Belgian Real Estate sector?

BE Market1.25%
Real Estate0.75%
Industrial REITs6.31%
Retail REITs1.09%
Health Care REITs0.39%
Hotel and Resort REITs0%0
Office REITs0%0
Real Estate-0.27%
REITS-0.70%
Residential REITs-3.60%
Specialized REITs-4.84%
Industry PE
  • Investors are most optimistic about the Health Care REITs industry which is trading above its 3-year average PE ratio of 45.3x.
    • Analysts are expecting annual earnings growth of 38.6%, which is lower than the prior year's growth of 144.4% per year.
  • Investors are most pessimistic about the Specialized REITs industry, which is trading close to its 3-year average of 8.1x.
Forecasted Growth
  • Analysts are most optimistic on the Health Care REITs industry, expecting annual earnings growth of 39% over the next 5 years.
  • However this is lower than its past earnings growth rate of 144% per year.
  • In contrast, the Specialized REITs industry is expected to see its earnings decline by 8.6% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
WDP Warehouses De Pauw€21.527.2%
+€324.8m
-16.5%PB1x
MONT Montea Comm. VA€67.303.7%
+€55.3m
-11.8%PB0.9x
AED Aedifica/SA€59.701.0%
+€28.5m
7.2%PB0.8x
WEHB Wereldhave Belgium€50.405.4%
+€23.1m
5.9%PB0.6x
VGP VGP€79.600.4%
+€8.2m
-25.3%PE11.2x
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Latest News

HOMI

€17.78

Home Invest Belgium

7D

-4.0%

1Y

14.3%

WEHB

€50.40

Wereldhave Belgium

7D

5.4%

1Y

5.9%

NEXTA

€38.20

Nextensa/SA

7D

-2.1%

1Y

-14.6%

MONT

€67.30

Montea Comm. VA

7D

3.7%

1Y

-11.8%

SHUR

€33.40

Shurgard Self Storage

7D

-4.8%

1Y

-19.0%

XIOR

€28.30

Xior Student Housing

7D

-4.6%

1Y

8.2%

WDP

€21.52

Warehouses De Pauw

7D

7.2%

1Y

-16.5%

ASCE

€44.05

Ascencio

7D

-1.0%

1Y

-3.7%

IMMO

€16.96

Immobel

7D

-4.3%

1Y

-33.4%

ACCB

€0.031

Accentis

7D

1.6%

1Y

6.2%

AED

€59.70

Aedifica/SA

7D

1.0%

1Y

7.2%

COFB

€54.50

Cofinimmo

7D

-0.5%

1Y

-12.9%

VASTB

€28.40

Vastned Belgium

7D

0.4%

1Y

-5.3%

WEB

€36.70

Warehouses Estates Belgium S.C.A

7D

3.4%

1Y

1.4%