OTCPK:WRDE.F

Stock Analysis Report

Executive Summary

Wereldhave invests in dominant full-service centers for everyday life in larger provincial cities in northwest continental Europe.


Snowflake Analysis

Average dividend payer and fair value.


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

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


Market Performance


7 Day Return

-8.1%

WRDE.F

-4.7%

US REITs

-7.6%

US Market


1 Year Return

n/a

WRDE.F

11.6%

US REITs

10.2%

US Market

Return vs Industry: Insufficient data to determine how WRDE.F performed against the US REITs industry.

Return vs Market: Insufficient data to determine how WRDE.F performed against the US Market.


Shareholder returns

WRDE.FIndustryMarket
7 Day-8.1%-4.7%-7.6%
30 Day-9.2%-1.5%-4.5%
90 Dayn/a0.9%-0.6%
1 Yearn/a16.1%11.6%12.5%10.2%
3 Yearn/a31.7%15.3%37.1%28.3%
5 Yearn/a52.7%21.3%60.8%43.2%

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 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: WRDE.F ($17.25) is trading below our estimate of fair value ($67.8)

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


Price To Earnings Ratio

PE vs Industry: WRDE.F is unprofitable, so we can't compare its PE Ratio to the REITs industry average.

PE vs Market: WRDE.F is unprofitable, so we can't compare its PE Ratio to the US market.


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: WRDE.F is good value based on its PB Ratio (0.5x) compared to the US REITs industry average (2x).


Next Steps

Future Growth

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

97.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: WRDE.F is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.7%).

Earnings vs Market: WRDE.F is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: WRDE.F's is expected to become profitable in the next 3 years.

Revenue vs Market: WRDE.F's revenue is expected to decline over the next 3 years (-16.2% per year).

High Growth Revenue: WRDE.F's revenue is forecast to decline over the next 3 years (-16.2% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: WRDE.F's Return on Equity is forecast to be low in 3 years time (5%).


Next Steps

Past Performance

How has Wereldhave performed over the past 5 years?

-52.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: WRDE.F is currently unprofitable.

Growing Profit Margin: WRDE.F is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: WRDE.F is unprofitable, and losses have increased over the past 5 years at a rate of -52.1% per year.

Accelerating Growth: Unable to compare WRDE.F's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: WRDE.F is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (5.9%).


Return on Equity

High ROE: WRDE.F has a negative Return on Equity (-20.61%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Wereldhave'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: WRDE.F has a high level of physical assets or inventory.

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


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: WRDE.F has been profitable on average in the past, therefore cash runway is not a concern.

Forecast Cash Runway: WRDE.F has been profitable on average in the past, therefore cash runway is not a concern.


Financial Institutions Analysis

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

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

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

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

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

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


Next Steps

Dividend

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

16.28%

Current Dividend Yield


Dividend Yield vs Market

company16.3%marketbottom25%1.5%markettop25%4.0%industryaverage3.7%forecastin3Years12.3%

Current dividend yield vs market & industry

Notable Dividend: WRDE.F's dividend (15.9%) is higher than the bottom 25% of dividend payers in the US market (1.52%).

High Dividend: WRDE.F's dividend (15.9%) is in the top 25% of dividend payers in the US market (3.9%)


Stability and Growth of Payments

Stable Dividend: WRDE.F's dividend payments have been volatile in the past 10 years.

Growing Dividend: WRDE.F's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (88.4%), WRDE.F's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: WRDE.F's dividends in 3 years are forecast to be thoroughly covered by earnings (1.3% payout ratio).


Next Steps

Management

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

3.4yrs

Average management tenure


CEO

Matthijs Storm 0

0.6yrs

Tenure

0

Mr. Matthijs Storm has been Chief Executive Officer and Member of the Management Board of Wereldhave N.V. since July 9, 2019. Mr. Storm serves as Portfolio Manager of Kempen International Funds - Kempen (L ...


Leadership Team

NamePositionTenureCompensationOwnership
A. de Vreede
CFO & Member of the Management Board1.8yrs€518.91k0.015% 101.0k
Matthijs Storm
CEO & Member of the Management Board0.6yrsno datano data
Belinde Bakker
Chief Operating Officer and Managing Director of Wereldhave Netherlands3.8yrsno datano data
Ruud van Maanen
Director of Investor Relations & Corporate Development0yrsno datano data
Olivier Mourrain
Managing Director of France0yrsno datano data
Pieter Polman
Managing Director for Netherlands3.3yrsno datano data
Jeroen Piket
Group Treasurer5.4yrsno datano data
Kasper Deforche
MD & CEO of Belgium3.6yrsno datano data

3.4yrs

Average Tenure

49yo

Average Age

Experienced Management: WRDE.F's management team is considered experienced (3.4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Adriaan Nühn
Chairman of the Supervisory Board2.8yrsno datano data
Gert Van de Weerdhof
Member of Supervisory Board3.8yrsno datano data
Hein Brand
Member of Supervisory Board2.8yrsno datano data
Françoise Dechesne
Supervisory Board Member0.7yrsno datano data

2.8yrs

Average Tenure

59.5yo

Average Age

Experienced Board: WRDE.F'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 not been meaningfully diluted in the past year.


Top Shareholders

Company Information

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


Key Information

  • Name: Wereldhave N.V.
  • Ticker: WRDE.F
  • Exchange: OTCPK
  • Founded: 1930
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: €623.154m
  • Listing Market Cap: €677.857m
  • 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 dominant full-service centers for everyday life in larger provincial cities in northwest continental Europe. The area surrounding our centres will include at least 100,000 inhabitants within 10 minutes’ travel time from the centre. We focus on shopping centres that strike a balance between convenience and shopping experience. With easy accessibility, products that cover all the daily shopping needs, a successful mix of international and local retail products and strong food anchor stores, our centres provide convenience shopping to accommodate a busy urban lifestyle as well as an ageing population. We aim for an experience that goes beyond shopping, with restaurants, kids’ playgrounds and high-quality amenities in order to attract families - and keep them with us for longer visits. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/27 01:41
End of Day Share Price2020/02/25 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.