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.
/
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.
Wereldhave Belgium NV/SA is a public regulated real estate company (RREC) specializing in the ownership and management of business real estate properties primarily in Belgium. Its portfolio generates rental income mainly from retail premises (87.1%) and offices (12.9%), with a total surface area of 281,951 square meters valued at €994.9 million at the end of 2024, including 219,238 m² of commercial space and 62,713 m² of offices. The company reported €68.21 million in total sales for fiscal year 2024, all derived from Belgian operations, reflecting steady growth in retail revenue around €62.55 million alongside office contributions of €5.66 million. Headquartered in Vilvoorde, Belgium, Wereldhave Belgium employs 56 people and focuses on commercial real estate investment trusts (REITs), playing a key role in the Belgian property market by providing stable income through diversified leasing to retail and office tenants. Led by CEO Matthijs Storm since 2019, it maintains a governance structure with a board chaired by Brigitte Boone, supporting its position in the retail REIT sector. This asset underscores the importance of location-based commercial properties in regional economic vitality.
€52.60
+€0.20 (+0.38%)
Live · 04:22 PM · Twelve Data
64.17% operating margin is above average. ROIC at 5.35%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue grew 19.8%, still solid.
Net debt of €364M represents 6.1x FCF, leverage limits flexibility.
11.5x earnings, 8.1x 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)
€97M
▲ +19.8% YoY
Net Income (TTM)
€42M
▼ -41.0% YoY
Op. Margin
64.17%
▼ -0.2pp YoY
ROIC
5.35%
Cash Flow & Balance Sheet
FCF (TTM)
€60M
▲ +21.6% YoY
Op. Cash Flow (TTM)
€60M
▼ -23.2% YoY
Net Debt
€364M
Cash & Equiv.
€32M
3Y CAGR: +10.4%
3Y CAGR: +7.0%
Continue Research
At a P/E of 11.5 and a price-to-free-cash-flow of 8.1, Wereldhave Belgium NV (WEHB.XBRU) trades below a two-stage DCF intrinsic value of about €93.42 per share, so at €52.60 the stock looks undervalued (77.6% 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, Wereldhave Belgium NV scores 56/100 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 3.5%; 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 €93.42 per share for WEHB.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 €70.06. At today's €52.60, that puts the stock about 77.6% 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.
Wereldhave Belgium NV scores 56 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 64.2% operating margin and a 5.3% 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, Wereldhave Belgium NV pays a regular dividend of about €1.84 per share per year (typically in quarterly installments), a yield of roughly 3.5% at the current price. That is a payout ratio of about 40.2% of earnings, so the dividend is well covered. 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 WEHB.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. WEHB.XBRU currently trades below its estimated intrinsic value and scores 56/100 on quality (mixed). It also yields about 3.5%. 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.