ENXTBR:WEHB

Stock Analysis Report

Executive Summary

Wereldhave Belgium is a public regulated real estate company with a focus on commercial property in Belgium.

Snowflake

Fundamentals

Established dividend payer and fair value.

Risks

  • Wereldhave Belgium is not covered by any analysts.

Share Price & News

How has Wereldhave Belgium's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-0.7%

ENXTBR:WEHB

1.3%

BE REITs

-1.1%

BE Market


1 Year Return

-16.6%

ENXTBR:WEHB

17.7%

BE REITs

-5.2%

BE Market

WEHB underperformed the REITs industry which returned 17.7% over the past year.

WEHB underperformed the Market in Belgium which returned -5.2% over the past year.


Share holder returns

WEHBIndustryMarket
7 Day-0.7%1.3%-1.1%
30 Day-0.5%1.9%1.4%
90 Day-5.2%8.4%4.8%
1 Year-13.0%-16.6%23.3%17.7%-3.1%-5.2%
3 Year-20.0%-28.5%37.7%20.1%-4.5%-11.3%
5 Year-1.7%-19.6%83.0%47.1%22.4%7.6%

Price Volatility Vs. Market

How volatile is Wereldhave Belgium's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Wereldhave Belgium undervalued based on future cash flows and its price relative to the stock market?

25%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Wereldhave Belgium's share price is below the future cash flow value, and at a moderate discount (> 20%).

Wereldhave Belgium's share price is below the future cash flow value, but not at a substantial discount (< 40%).


Price Based on Earnings

Wereldhave Belgium is good value based on earnings compared to the BE REITs industry average.

Wereldhave Belgium is overvalued based on earnings compared to the Belgium market.


Price Based on Expected Growth

Unable to calculate PEG ratio for Wereldhave Belgium, we can't assess if its growth is good value.


Price Based on Value of Assets

Wereldhave Belgium is good value based on assets compared to the BE REITs industry average.


Next Steps

Future Growth

How is Wereldhave Belgium expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

5.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Unable to determine if Wereldhave Belgium is high growth as no revenue estimate data is available.

Wereldhave Belgium's earnings are expected to grow by 5.4% yearly, however this is not considered high growth (20% yearly).

Unable to compare Wereldhave Belgium's revenue growth to the Belgium market average as no estimate data is available.

Wereldhave Belgium's earnings growth is positive but not above the Belgium market average.

Wereldhave Belgium's earnings growth is expected to exceed the low risk savings rate of 0.8%.


Earnings per Share Growth Estimates


Future Return on Equity

Unable to establish if Wereldhave Belgium will efficiently use shareholders’ funds in the future without estimates of Return on Equity.


Next Steps

Past Performance

How has Wereldhave Belgium performed over the past 5 years?

2.6%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Wereldhave Belgium's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.

Wereldhave Belgium's 1-year earnings growth is negative, it can't be compared to the 5-year average.

Wereldhave Belgium's 1-year earnings growth is negative, it can't be compared to the BE REITs industry average.


Return on Equity

Wereldhave Belgium has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Wereldhave Belgium used its assets less efficiently than the BE REITs industry average last year based on Return on Assets.


Return on Capital Employed

Wereldhave Belgium's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is Wereldhave Belgium's financial position?


Financial Position Analysis

Wereldhave Belgium's short term (1 year) commitments are greater than its holdings of cash and other short term assets.

Wereldhave Belgium's long term commitments exceed its cash and other short term assets.


Debt to Equity History and Analysis

Wereldhave Belgium's level of debt (42.2%) compared to net worth is high (greater than 40%).

The level of debt compared to net worth has increased over the past 5 years (32.1% vs 42.2% today).

Debt is not well covered by operating cash flow (15.8%, less than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 17.7x coverage).


Balance Sheet

High level of physical assets or inventory.

Debt is not covered by short term assets, assets are 0.1x debt.


Next Steps

Dividend

What is Wereldhave Belgium's current dividend yield, its reliability and sustainability?

6.53%

Current Dividend Yield


Dividend Yield and Payments Analysis

Wereldhave Belgium's pays a higher dividend yield than the bottom 25% of dividend payers in Belgium (2.26%).

Wereldhave Belgium's dividend is above the markets top 25% of dividend payers in Belgium (4.76%).

Dividends per share have been stable in the past 10 years.

Dividends per share have increased over the past 10 years.


Current Payout to Shareholders

Dividends paid are well covered by earnings (2.5x coverage).


Future Payout to Shareholders

Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.


Next Steps

Management

What is the CEO of Wereldhave Belgium's salary, the management and board of directors tenure and is there insider trading?

0.5yrs

Average management tenure


CEO

Kasper Deforche (38yo)

0.5yrs

Tenure

€540,000

Compensation

Mr. Kasper Deforche has been Chief Executive Officer and MD of Belgium at Wereldhave NV since July 01, 2016 and served as its Chief Operations Officer of Belgium since 2014 until July 01, 2016. Mr. Deforch ...


CEO Compensation Analysis

Kasper's remuneration is about average for companies of similar size in Belgium.

Kasper's compensation has been consistent with company performance over the past year, both up more than 20%.


Management Age and Tenure

0.5yrs

Average Tenure

The average tenure for the Wereldhave Belgium management team is less than 2 years, this suggests a new team.


Board Age and Tenure

2.3yrs

Average Tenure

64yo

Average Age

The average tenure for the Wereldhave Belgium board of directors is less than 3 years, this suggests a new board.


Insider Trading

No 3 month open market individual insider trading information.


Ownership Breakdown


Management Team

  • Cédric Biquet

    CFO & Financial Director

    • Tenure: 1.6yrs
  • Herman van Everdingen (64yo)

    Interim CEO & Director

    • Tenure: 0.5yrs
  • Kasper Deforche (38yo)

    MD, CEO & Director

    • Tenure: 0.5yrs
    • Compensation: 540.00k
  • Laurent Trenson

    Compliance Officer & Risk Officer

  • Ine Beeterens

    Chief Operating Officer


Board Members

  • Dirk Goeminne (64yo)

    Chairman of the Board

    • Tenure: 8.3yrs
    • Compensation: 25.00k
  • Herman van Everdingen (64yo)

    Interim CEO & Director

    • Tenure: 0.4yrs
  • Kasper Deforche (38yo)

    MD, CEO & Director

    • Tenure: 4.3yrs
    • Compensation: 540.00k
  • Ann Claes

    Independent Non-Executive Director

    • Tenure: 2.3yrs
    • Compensation: 20.00k
  • Brigitte Boone

    Independent Director

    • Tenure: 1.3yrs
    • Compensation: 16.88k

Company Information

Wereldhave Belgium's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Wereldhave Belgium
  • Ticker: WEHB
  • Exchange: ENXTBR
  • Founded:
  • Industry: retail reits
  • Sector: real estate
  • Market Cap: €621.515m
  • Shares outstanding: 7.81m
  • Website: Click here

Number of Employees


Location

  • Wereldhave Belgium
  • Medialaan 30/6
  • Vilvoorde
  • Flemish Brabant
  • 1800
  • Belgium

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
WEHBENXTBR (Euronext Brussels)YesBearer SharesBEEURJun 1998
WPUDB (Deutsche Boerse AG)YesBearer SharesDEEURJun 1998
0N2CLSE (London Stock Exchange)YesBearer SharesGBEURJun 1998
WEHBBBATS-CHIXE (BATS 'Chi-X Europe')YesBearer SharesGBEURJun 1998

Biography

Wereldhave Belgium is a public regulated real estate company with a focus on commercial property in Belgium. Wereldhave Belgium targets its new investments on shopping centres. The value of the real estate ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/17 20:56
End of Day Share Price2019/08/16 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.