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 Analysis

Established dividend payer and fair value.

Share Price & News

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


Latest Share Price and Events

Stable Share Price: WEHB's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

0%

WEHB

7.6%

BE REITs

0.4%

BE Market


1 Year Return

-40.5%

WEHB

-4.7%

BE REITs

-28.6%

BE Market

Return vs Industry: WEHB underperformed the Belgian REITs industry which returned -4.7% over the past year.

Return vs Market: WEHB underperformed the Belgian Market which returned -28.6% over the past year.


Shareholder returns

WEHBIndustryMarket
7 Day0%7.6%0.4%
30 Day-31.0%-20.1%-21.1%
90 Day-37.6%-15.8%-31.5%
1 Year-38.0%-40.5%-1.7%-4.7%-27.1%-28.6%
3 Year-41.9%-48.2%27.1%11.8%-34.2%-38.6%
5 Year-42.9%-50.6%41.5%14.6%-34.5%-42.1%

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 compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: WEHB (€53.4) is trading below our estimate of fair value (€144.83)

Significantly Below Fair Value: WEHB is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: WEHB is poor value based on its PE Ratio (14.2x) compared to the REITs industry average (11x).

PE vs Market: WEHB is poor value based on its PE Ratio (14.2x) compared to the Belgian market (13.1x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate WEHB's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: WEHB is good value based on its PB Ratio (0.6x) compared to the BE REITs industry average (1x).


Next Steps

Future Growth

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

-4.0%

Forecasted Real Estate industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Wereldhave Belgium has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has Wereldhave Belgium performed over the past 5 years?

-4.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: WEHB has a large one-off loss of €16.6M impacting its December 31 2019 financial results.

Growing Profit Margin: WEHB's current net profit margins (47.9%) are lower than last year (73.2%).


Past Earnings Growth Analysis

Earnings Trend: WEHB's earnings have declined by -4.4% per year over the past 5 years.

Accelerating Growth: WEHB's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: WEHB had negative earnings growth (-28.6%) over the past year, making it difficult to compare to the REITs industry average (17.2%).


Return on Equity

High ROE: WEHB's Return on Equity (4.2%) is considered low.


Next Steps

Financial Health

How is Wereldhave Belgium's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: WEHB has a high level of physical assets or inventory.

Debt Coverage by Assets: WEHB's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: WEHB's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if WEHB has a sufficient allowance for bad loans.

Low Risk Liabilities: WEHB reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if WEHB has an acceptable proportion of non-loan assets held.

Low Risk Deposits: WEHB has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if WEHB has an appropriate level of bad loans.


Next Steps

Dividend

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

9.74%

Current Dividend Yield


Upcoming Dividend Payment

TodayMar 29 2020Ex Dividend DateApr 22 2020Dividend Pay DateMay 14 202022 days from Ex DividendBuy in the next 24 days to receive the upcoming dividend

Dividend Yield vs Market

Notable Dividend: WEHB's dividend (9.74%) is higher than the bottom 25% of dividend payers in the Belgian market (2.61%).

High Dividend: WEHB's dividend (9.74%) is in the top 25% of dividend payers in the Belgian market (6.3%)


Stability and Growth of Payments

Stable Dividend: WEHB's dividends per share have been stable in the past 10 years.

Growing Dividend: WEHB's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (36.7%), WEHB's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

0.6yrs

Average management tenure


CEO

Kasper Deforche (38yo)

0.58

Tenure

€540,000

Compensation

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


CEO Compensation Analysis

Compensation vs Market: Kasper's total compensation ($USD598.74K) is about average for companies of similar size in the Belgian market ($USD482.54K).

Compensation vs Earnings: Kasper's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Kasper Deforche
MD, CEO & Director0.58yr€540.00kno data
Matthijs Storm
CEO & Director0.58yrno datano data
Cédric Biquet
CFO & Financial Director2.17yrsno datano data
Ine Beeterens
Chief Operating Officerno datano datano data
Laurent Trenson
Head of Control & Reportingno datano datano data

0.6yrs

Average Tenure

Experienced Management: WEHB's management team is not considered experienced ( 0.6 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Kasper Deforche
MD, CEO & Director0.58yr€540.00kno data
Matthijs Storm
CEO & Director0.58yrno datano data
Dirk Goeminne
Independent Chairman of the Board8.83yrs€25.00kno data
Dennis Vreede
Director0.58yrno datano data

2.8yrs

Average Tenure

Experienced Board: WEHB's board of directors are not considered experienced ( 2.8 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 8.6%.


Top Shareholders

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: €416.946m
  • Shares outstanding: 7.81m
  • Website: https://www.wereldhavebelgium.com

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 portfolio, including project developments, amounted to € 956.7 mln on 31 December 2018. On 31 December 2018 the existing operational retail portfolio amounted to € 847.1 mln (around 90% of the total portfolio) and it includes shopping centres in Liège, Nivelles, Tournai, Ghent, Genk, Waterloo and Kortrijk and retail parks in Brugge, turnhout en Tournai. In addition, the portfolio of real estate investments includes offices in Vilvoorde and Antwerp. As of 31 December 2018 the development portfolio of € 14.7 mln contained land holdings and realised investments that relate to the refurbishment and/or expansion of shopping centres in Waterloo and Liège. Wereldhave Belgium wants to create value through the active management of shopping centres and the (re)development of shopping centres for its own portfolio. With the help of its own employees, Wereldhave Belgium maintains direct contact with its lessees. This is how Wereldhave is informed at an earlier stage of any issues experienced by the lessees and how it acquires up-to-date market information. The knowledge gained as a result is also used in the context of project development. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/28 21:21
End of Day Share Price2020/03/27 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.