Wereldhave N.V.

DB:WER Stock Report

Market Cap: €612.4m

Wereldhave Valuation

Is WER undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of WER when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: WER (€13.84) is trading below our estimate of fair value (€14.24)

Significantly Below Fair Value: WER is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for WER?

Key metric: As WER is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for WER. This is calculated by dividing WER's market cap by their current earnings.
What is WER's PE Ratio?
PE Ratio6.1x
Earnings€101.20m
Market Cap€612.42m

Price to Earnings Ratio vs Peers

How does WER's PE Ratio compare to its peers?

The above table shows the PE ratio for WER vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average32.8x
HABA Hamborner REIT
62.8x11.0%€514.1m
CRPU Sasseur Real Estate Investment Trust
13.8x9.6%S$850.5m
LRE Lar España Real Estate SOCIMI
28.1x19.4%€673.2m
CBL CBL & Associates Properties
26.7xn/aUS$838.4m
WER Wereldhave
6.1x1.4%€612.4m

Price-To-Earnings vs Peers: WER is good value based on its Price-To-Earnings Ratio (6.1x) compared to the peer average (32.8x).

Price to Earnings Ratio vs Industry

How does WER's PE Ratio compare vs other companies in the European Retail REITs Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
WER 6.1xIndustry Avg. 21.6xNo. of Companies5PE01632486480+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: WER is good value based on its Price-To-Earnings Ratio (6.1x) compared to the European Retail REITs industry average (21.6x).

Price to Earnings Ratio vs Fair Ratio

What is WER's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

WER PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio6.1x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate WER's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst WER forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€13.84
€16.67
+20.4%
6.2%€18.00€15.50n/a3
Nov ’25€14.06
€16.67
+18.5%
6.2%€18.00€15.50n/a3
Oct ’25€14.82
€16.17
+9.1%
8.1%€18.00€15.00n/a3
Sep ’25€13.98
€16.00
+14.4%
6.8%€17.50€15.00n/a3
Aug ’25€13.74
€16.00
+16.4%
6.8%€17.50€15.00n/a3
Jul ’25€13.14
€16.00
+21.8%
6.8%€17.50€15.00n/a3
Jun ’25€13.78
€16.00
+16.1%
6.8%€17.50€15.00n/a3
May ’25€12.82
€16.00
+24.8%
6.8%€17.50€15.00n/a3
Apr ’25€14.20
€16.00
+12.7%
6.8%€17.50€15.00n/a3
Mar ’25€13.20
€16.00
+21.2%
6.8%€17.50€15.00n/a3
Feb ’25€13.38
€16.17
+20.8%
8.1%€18.00€15.00n/a3
Jan ’25€14.30
€16.67
+16.6%
10.2%€19.00€15.00n/a3
Dec ’24€15.10
€17.67
+17.0%
7.1%€19.00€16.00n/a3
Nov ’24€14.30
€17.67
+23.5%
7.1%€19.00€16.00€14.063
Oct ’24€14.44
€17.67
+22.3%
7.1%€19.00€16.00€14.823
Sep ’24€15.76
€17.50
+11.0%
6.2%€18.50€16.00€13.983
Aug ’24€15.81
€17.50
+10.7%
6.2%€18.50€16.00€13.743
Jul ’24€13.68
€16.50
+20.6%
12.1%€18.50€14.50€13.142
Jun ’24€13.41
€16.50
+23.0%
12.1%€18.50€14.50€13.782
May ’24€13.46
€16.50
+22.6%
12.1%€18.50€14.50€12.822
Apr ’24€14.03
€16.50
+17.6%
12.1%€18.50€14.50€14.202
Mar ’24€14.75
€15.75
+6.8%
7.9%€17.00€14.50€13.202
Feb ’24€13.66
€14.25
+4.3%
1.8%€14.50€14.00€13.382
Jan ’24€12.40
€14.25
+14.9%
1.8%€14.50€14.00€14.302
Dec ’23€13.10
€13.83
+5.6%
4.5%€14.50€13.00€15.103
Nov ’23€12.27
€13.83
+12.7%
4.5%€14.50€13.00€14.303

Analyst Forecast: Target price is less than 20% higher than the current share price.

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