Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Warehouses Estates Belgium SA is a Regulated Real Estate Company under Belgian REIT regulations, specializing in the ownership and management of diversified business real estate properties across Belgium. Its portfolio, comprising 111 properties as of the end of 2024, spans a total rental area of 331,938 square meters with a market value of EUR 336.5 million. The assets are primarily allocated to retail buildings (69.1%, 161,093 m2), industrial buildings, warehouses, and halls (20.7%, 154,356 m2), offices (9.4%, 16,489 m2), and land (0.8%). Notable tenants include Media Markt, Michelin Belux, Tractebel Engineering, and public administrations, with properties located in regions such as Gosselies, Charleroi, Eupen, and Ypres. The company generates rental income from commercial, semi-industrial, logistics, and office spaces, maintaining a high occupancy rate of around 95%. Headquartered in Gosselies with a lean team of one employee, Warehouses Estates Belgium SA plays a key role in Belgium's commercial real estate sector by providing stable leasing options to national and international firms.
€39.50
€1.20 (-2.95%)
Live · 04:20 PM · Twelve Data
68.64% operating margin is above average. ROIC at 5.94%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue growth slowed to 1.5%, essentially flat. Margins also contracted 1.3pp. This is a business that needs a catalyst.
Net debt of €156M represents 7.5x FCF, leverage limits flexibility.
9.1x earnings, 6.7x FCF. The multiple is below average. Either the market is pricing in deterioration you should investigate, or there's genuine value here.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
€29M
▲ +1.5% YoY
Net Income (TTM)
€15M
▲ +42.2% YoY
Op. Margin
68.64%
▼ -1.3pp YoY
ROIC
5.94%
▼ -0.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
€21M
▲ +15.6% YoY
Op. Cash Flow (TTM)
€21M
▲ +15.6% YoY
Net Debt
€156M
Cash & Equiv.
€219K
3Y CAGR: +7.6%
3Y CAGR: +10.5%
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At a P/E of 9.1 and a price-to-free-cash-flow of 6.7, Warehouses Estates Belgium SA (WEB.XBRU) trades below a two-stage DCF intrinsic value of about €100.04 per share, so at €39.50 the stock looks undervalued (153.3% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Warehouses Estates Belgium SA scores 54/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 8.5%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about €100.04 per share for WEB.XBRU, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around €75.03. At today's €39.50, that puts the stock about 153.3% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Warehouses Estates Belgium SA scores 54 out of 100 on Intrinsiqq's quality score, passing 3 of 8 checks, which makes it a mixed business on these measures. Recent fundamentals include a 68.6% operating margin and a 5.9% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full check-by-check breakdown is on the quality scorecard.
Yes, Warehouses Estates Belgium SA pays a regular dividend of about €3.35 per share per year (typically in quarterly installments), a yield of roughly 8.5% at the current price. That is a payout ratio of about 77.5% of earnings, so the dividend is covered, with less cushion. Warehouses Estates Belgium SA has grown the dividend at roughly 7.7% a year over the past few years. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For WEB.XBRU's full payout history, growth streak and dividend-safety score, see the dividends tab.
That depends on valuation and quality together, not either alone. WEB.XBRU currently trades below its estimated intrinsic value and scores 54/100 on quality (mixed). It also yields about 8.5%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.