DB:WER

Stock Analysis Report

Executive Summary

Wereldhave invests in convenience shopping centres that are dominant in their micro environment in larger provincial cities in Northwest continental Europe.

Snowflake

Fundamentals

Fair value with moderate growth potential.

Risks

  • Wereldhave has significant price volatility in the past 3 months.

Similar Companies

Share Price & News

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


Latest Share Price and Events


Market Performance


7 Day Return

-2.8%

DB:WER

1.7%

DE REITs

2.6%

DE Market


1 Year Return

-45.5%

DB:WER

15.1%

DE REITs

-9.6%

DE Market

WER underperformed the REITs industry which returned 14.8% over the past year.

WER underperformed the Market in Germany which returned -10.8% over the past year.


Share holder returns

WERIndustryMarket
7 Day-2.8%1.7%2.6%
30 Day-20.8%2.2%-3.0%
90 Day-19.7%6.5%-1.4%
1 Year-39.6%-45.5%19.2%15.1%-6.8%-9.6%
3 Year-47.2%-59.2%15.6%-0.8%11.0%1.5%
5 Year-58.5%-75.4%38.7%8.3%25.6%8.2%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

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

>50%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

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

Wereldhave's share price is below the future cash flow value, and at a substantial discount (> 40%).


Price Based on Earnings

Wereldhave is loss making, we can't compare its value to the DE REITs industry average.

Wereldhave is loss making, we can't compare the value of its earnings to the Germany market.


Price Based on Expected Growth

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


Price Based on Value of Assets

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


Next Steps

Future Growth

How is Wereldhave expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

111.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Wereldhave's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.

Wereldhave's earnings are expected to grow significantly at over 20% yearly.

Wereldhave's revenues are expected to decrease over the next 1-3 years, this is below the Germany market average.

Wereldhave's earnings growth is expected to exceed the Germany market average.

Wereldhave's earnings growth is expected to exceed the low risk savings rate of 0.2%.


Earnings per Share Growth Estimates


Future Return on Equity

Wereldhave is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).


Next Steps

Past Performance

How has Wereldhave performed over the past 5 years?

-22.2%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Wereldhave does not make a profit and their year on year earnings growth rate was negative over the past 5 years.

Unable to compare Wereldhave's 1-year earnings growth to the 5-year average as it is not currently profitable.

Unable to compare Wereldhave's 1-year growth to the DE REITs industry average as it is not currently profitable.


Return on Equity

It is difficult to establish if Wereldhave has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.


Return on Assets

It is difficult to establish if Wereldhave has efficiently used its assets last year compared to the DE REITs industry average (Return on Assets) as it is loss-making.


Return on Capital Employed

It is difficult to establish if Wereldhave improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.


Next Steps

Financial Health

How is Wereldhave's financial position?


Financial Position Analysis

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

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


Debt to Equity History and Analysis

Wereldhave's level of debt (70.9%) compared to net worth is high (greater than 40%).

The level of debt compared to net worth has increased over the past 5 years (66.3% vs 70.9% today).

Debt is not well covered by operating cash flow (9.9%, less than 20% of total debt).

Wereldhave is making a loss, therefore interest payments are not well covered by earnings.


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's current dividend yield, its reliability and sustainability?

13.78%

Expected Dividend Yield


Upcoming Dividend Payment

Purchase Wereldhave before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield and Payments Analysis

Wereldhave's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.55%).

Wereldhave's dividend is above the markets top 25% of dividend payers in Germany (4.22%).

Dividends per share have been volatile in the past 10 years (annual drop of over 20%).

Dividends per share have fallen over the past 10 years.


Current Payout to Shareholders

Dividends paid are not well covered by earnings (0.3x coverage).


Future Payout to Shareholders

Dividends after 3 years are expected to be thoroughly covered by earnings (46.5x coverage).


Next Steps

  • Explore strong dividend paying companies in the Real Estate industry.

Management

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

3.1yrs

Average management tenure


CEO

Matthijs Storm 0

0.1yrs

Tenure

0

Mr. Matthijs Storm has been Chief Executive Officer of Wereldhave N.V. since July 9, 2019. Mr. Storm serves as Portfolio Manager of Kempen International Funds - Kempen (Lux) Global Property Fund. Mr. Storm ...


Management Age and Tenure

3.1yrs

Average Tenure

49yo

Average Age

The tenure for the Wereldhave management team is about average.


Board Age and Tenure

2.3yrs

Average Tenure

59.5yo

Average Age

The average tenure for the Wereldhave 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

  • Richard Belt

    Interim Shopping Centre Director

    • Tenure: 4.6yrs
  • Matthijs Storm

    Chief Executive Officer

    • Tenure: 0.1yrs
  • Ruud Van Maanen (40yo)

    Director of Investor Relations & Corporate Development

    • Tenure: 0.0yrs
  • Belinde Bakker (51yo)

    Chief Operating Officer and Managing Director of Wereldhave Netherlands

    • Tenure: 3.3yrs
  • Jeroen Piket (54yo)

    Group Treasurer

    • Tenure: 4.9yrs
  • Olivier Mourrain

    Managing Director of France

    • Tenure: 0.0yrs
  • Kasper Deforche (38yo)

    MD & CEO of Belgium

    • Tenure: 3.1yrs
  • Pieter Polman

    Managing Director for Netherlands

    • Tenure: 2.8yrs
  • Dennis de Vreede (49yo)

    CFO & Member of the Management Board

    • Tenure: 1.3yrs
    • Compensation: €518.91k

Board Members

  • Adriaan Nühn (66yo)

    Chairman of the Supervisory Board

    • Tenure: 2.3yrs
  • Gert Van de Weerdhof (53yo)

    Member of Supervisory Board

    • Tenure: 3.3yrs
  • Hein Brand (64yo)

    Member of Supervisory Board

    • Tenure: 2.3yrs
  • Françoise Dechesne (55yo)

    Supervisory Board Member

    • Tenure: 0.2yrs

Company Information

Wereldhave N.V.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Wereldhave N.V.
  • Ticker: WER
  • Exchange: DB
  • Founded: 1930
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: €719.378m
  • Shares outstanding: 40.26m
  • Website: https://www.wereldhave.com

Number of Employees


Location

  • Wereldhave N.V.
  • WTC Schiphol, Tower A
  • 3rd Floor
  • Schiphol
  • Noord-Holland
  • 1118 BH
  • Netherlands

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
WHAENXTAM (Euronext Amsterdam)YesOrdinary SharesNLEURJan 1992
WERDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
WRDE.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
0NMRLSE (London Stock Exchange)YesOrdinary SharesGBEURJan 1992
WHAABATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJan 1992

Biography

Wereldhave invests in convenience shopping centres that are dominant in their micro environment in larger provincial cities in Northwest continental Europe. The catchment area of our centres comprises of a ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/21 20:59
End of Day Share Price2019/08/21 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.