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Wereldhave Belgium

BATS-CHIXE:WEHBB
Snowflake Description

Established dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
WEHBB
BATS-CHIXE
€400M
Market Cap
  1. Home
  2. GB
  3. Real Estate
Company description

Wereldhave Belgium is a public regulated real estate company with a focus on commercial property in Belgium. The last earnings update was 29 days ago. More info.


Add to Portfolio Compare Print
  • Wereldhave Belgium has significant price volatility in the past 3 months.
WEHBB Share Price and Events
7 Day Returns
-2.1%
BATS-CHIXE:WEHBB
-4.2%
GB REITs
-2.2%
GB Market
1 Year Returns
-41.7%
BATS-CHIXE:WEHBB
-24.4%
GB REITs
-25.9%
GB Market
WEHBB Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Wereldhave Belgium (WEHBB) -2.1% -32.5% - -41.7% -48.8% -52.7%
GB REITs -4.2% -26.5% -32.1% -24.4% -23.4% -30%
GB Market -2.2% -21.7% -29.6% -25.9% -26.6% -26.2%
1 Year Return vs Industry and Market
  • WEHBB underperformed the REITs industry which returned -24.4% over the past year.
  • WEHBB underperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -25.9% over the past year.
Price Volatility
WEHBB
Industry
5yr Volatility vs Market

WEHBB Value

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

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Wereldhave Belgium to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Wereldhave Belgium.

BATS-CHIXE:WEHBB Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 5.5%
Perpetual Growth Rate 10-Year GB Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BATS-CHIXE:WEHBB
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 6.2%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.45
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.45 (1 + (1- 29%) (70.13%))
0.782
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.53% + (0.8 * 6.21%)
5.5%

Discounted Cash Flow Calculation for BATS-CHIXE:WEHBB using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Wereldhave Belgium is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

BATS-CHIXE:WEHBB DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 5.5%)
2020 50.91 Est @ 5.74% 48.25
2021 53.03 Est @ 4.18% 47.65
2022 54.67 Est @ 3.08% 46.56
2023 55.94 Est @ 2.32% 45.16
2024 56.93 Est @ 1.78% 43.57
2025 57.73 Est @ 1.41% 41.88
2026 58.39 Est @ 1.14% 40.15
2027 58.95 Est @ 0.96% 38.42
2028 59.44 Est @ 0.83% 36.72
2029 59.88 Est @ 0.74% 35.06
Present value of next 10 years cash flows €423.00
BATS-CHIXE:WEHBB DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €59.88 × (1 + 0.53%) ÷ (5.5% – 0.53%)
€1,211.79
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €1,211.79 ÷ (1 + 5.5%)10
€709.56
BATS-CHIXE:WEHBB Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €423.00 + €709.56
€1,132.56
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €1,132.56 / 7.81
€148.73
BATS-CHIXE:WEHBB Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in BATS-CHIXE:WEHBB represents 1.02539x of ENXTBR:WEHB
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.02539x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 148.73 x 1.02539
€152.51
Value per share (EUR) From above. €152.51
Current discount Discount to share price of €52.50
= -1 x (€52.50 - €152.51) / €152.51
65.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Wereldhave Belgium is available for.
Intrinsic value
>50%
Share price is €52.5 vs Future cash flow value of €152.51
Current Discount Checks
For Wereldhave Belgium to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Wereldhave Belgium's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Wereldhave Belgium's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Wereldhave Belgium's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Wereldhave Belgium's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BATS-CHIXE:WEHBB PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in EUR €3.76
ENXTBR:WEHB Share Price ** ENXTBR (2020-04-03) in EUR €51.2
United Kingdom of Great Britain and Northern Ireland REITs Industry PE Ratio Median Figure of 38 Publicly-Listed REITs Companies 12.58x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 748 Publicly-Listed Companies 12.32x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Wereldhave Belgium.

BATS-CHIXE:WEHBB PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTBR:WEHB Share Price ÷ EPS (both in EUR)

= 51.2 ÷ 3.76

13.63x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Wereldhave Belgium is overvalued based on earnings compared to the GB REITs industry average.
  • Wereldhave Belgium is overvalued based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Wereldhave Belgium's expected growth come at a high price?
Raw Data
BATS-CHIXE:WEHBB PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.63x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
United Kingdom of Great Britain and Northern Ireland REITs Industry PEG Ratio Median Figure of 22 Publicly-Listed REITs Companies 0.67x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 518 Publicly-Listed Companies 0.97x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Wereldhave Belgium, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Wereldhave Belgium's assets?
Raw Data
BATS-CHIXE:WEHBB PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in EUR €88.27
ENXTBR:WEHB Share Price * ENXTBR (2020-04-03) in EUR €51.2
United Kingdom of Great Britain and Northern Ireland REITs Industry PB Ratio Median Figure of 54 Publicly-Listed REITs Companies 0.73x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,323 Publicly-Listed Companies 1.06x
BATS-CHIXE:WEHBB PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTBR:WEHB Share Price ÷ Book Value per Share (both in EUR)

= 51.2 ÷ 88.27

0.58x

* Primary Listing of Wereldhave Belgium.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Wereldhave Belgium is good value based on assets compared to the GB REITs industry average.
X
Value checks
We assess Wereldhave Belgium's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Wereldhave Belgium has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

WEHBB Future Performance

 How is Wereldhave Belgium expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Wereldhave Belgium has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
24.1%
Expected REITs industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Wereldhave Belgium expected to grow at an attractive rate?
  • Unable to compare Wereldhave Belgium's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Wereldhave Belgium's earnings growth to the United Kingdom of Great Britain and Northern Ireland market average as no estimate data is available.
  • Unable to compare Wereldhave Belgium's revenue growth to the United Kingdom of Great Britain and Northern Ireland market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
BATS-CHIXE:WEHBB Future Growth Rates Data Sources
Data Point Source Value (per year)
United Kingdom of Great Britain and Northern Ireland REITs Industry Earnings Growth Rate Market Cap Weighted Average 24.1%
United Kingdom of Great Britain and Northern Ireland REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.8%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 15.4%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 2.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BATS-CHIXE:WEHBB Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BATS-CHIXE:WEHBB Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
BATS-CHIXE:WEHBB Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-12-31 61 48 29
2019-09-30 59 33
2019-06-30 53 45 38
2019-03-31 52 43 39
2018-12-31 55 40 41
2018-09-30 53 49
2018-06-30 50 40 58
2018-03-31 50 41 56
2017-12-31 50 41 55
2017-09-30 49 61
2017-06-30 49 45 67
2017-03-31 49 44 67

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Wereldhave Belgium is high growth as no earnings estimate data is available.
  • Unable to determine if Wereldhave Belgium is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BATS-CHIXE:WEHBB Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Wereldhave Belgium Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:WEHBB Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
BATS-CHIXE:WEHBB Past Financials Data
Date (Data in EUR Millions) EPS *
2019-12-31 3.76
2019-09-30 4.43
2019-06-30 5.13
2019-03-31 5.42
2018-12-31 5.71
2018-09-30 7.02
2018-06-30 8.35
2018-03-31 8.12
2017-12-31 7.88
2017-09-30 8.76
2017-06-30 9.63
2017-03-31 9.59

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Wereldhave Belgium will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine whether Wereldhave Belgium is trading at Wereldhave Belgium'san attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  2. Wereldhave Belgium's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Real Estate companies here
  3. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Wereldhave Belgium's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Wereldhave Belgium has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

WEHBB Past Performance

  How has Wereldhave Belgium performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Wereldhave Belgium's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Wereldhave Belgium's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Wereldhave Belgium's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Wereldhave Belgium's 1-year earnings growth is negative, it can't be compared to the GB REITs industry average.
Earnings and Revenue History
Wereldhave Belgium's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Wereldhave Belgium Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:WEHBB Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 60.51 28.96 11.66
2019-09-30 59.49 33.47 11.26
2019-06-30 53.18 37.99 5.57
2019-03-31 51.65 39.26 5.27
2018-12-31 55.42 40.54 10.27
2018-09-30 52.60 49.37 7.65
2018-06-30 49.78 58.19 5.04
2018-03-31 49.65 56.44 5.19
2017-12-31 49.52 54.68 5.34
2017-09-30 49.14 60.78 5.42
2017-06-30 48.77 66.88 5.51
2017-03-31 48.79 66.56 5.24
2016-12-31 48.81 66.24 4.97
2016-09-30 48.53 49.39 4.67
2016-06-30 48.25 32.53 4.36
2016-03-31 47.33 40.96 3.83
2015-12-31 46.40 49.39 3.29
2015-09-30 44.69 53.61 3.18
2015-06-30 42.99 57.83 3.06
2015-03-31 40.90 48.75 3.02
2014-12-31 38.52 38.86 2.77
2014-09-30 37.54 37.49 2.61
2014-06-30 36.39 34.50 2.03
2014-03-31 35.88 35.23 1.86
2013-12-31 35.68 34.75 1.97
2013-09-30 35.51 32.81 2.02
2013-06-30 35.44 38.51 1.89

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Wereldhave Belgium has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Wereldhave Belgium used its assets less efficiently than the GB REITs industry average last year based on Return on Assets.
  • Wereldhave Belgium's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess Wereldhave Belgium's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Wereldhave Belgium has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

WEHBB Health

 How is Wereldhave Belgium's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Wereldhave Belgium's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Wereldhave Belgium's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Wereldhave Belgium's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Wereldhave Belgium's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Wereldhave Belgium Company Filings, last reported 3 months ago.

BATS-CHIXE:WEHBB Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 689.22 273.84 4.34
2019-09-30 689.22 273.84 4.34
2019-06-30 681.55 287.83 5.77
2019-03-31 681.55 287.83 5.77
2018-12-31 678.43 285.89 6.93
2018-09-30 678.43 285.89 6.93
2018-06-30 627.83 253.50 2.90
2018-03-31 627.83 253.50 2.90
2017-12-31 619.28 234.46 2.12
2017-09-30 619.28 234.46 2.12
2017-06-30 584.55 234.62 3.61
2017-03-31 584.55 234.62 3.61
2016-12-31 599.59 208.01 6.50
2016-09-30 599.59 208.01 6.50
2016-06-30 552.45 227.11 3.62
2016-03-31 552.45 227.11 3.62
2015-12-31 567.31 209.73 6.23
2015-09-30 567.31 209.73 6.23
2015-06-30 555.19 224.35 7.50
2015-03-31 555.19 224.35 7.50
2014-12-31 498.28 183.99 4.05
2014-09-30 498.28 183.99 4.05
2014-06-30 482.08 154.50 3.28
2014-03-31 501.23 131.10
2013-12-31 490.98 121.00 2.63
2013-09-30 480.40 114.50 1.49
2013-06-30 472.03 119.50 5.83
  • Wereldhave Belgium's level of debt (39.7%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (37% vs 39.7% today).
  • Debt is not well covered by operating cash flow (17.7%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 18.5x coverage).
X
Financial health checks
We assess Wereldhave Belgium's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Wereldhave Belgium has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

WEHBB Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
10.16%
Current annual income from Wereldhave Belgium dividends.
If you bought €2,000 of Wereldhave Belgium shares you are expected to receive €203 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Wereldhave Belgium's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2.66%).
  • Wereldhave Belgium's dividend is above the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (7.42%).
Upcoming dividend payment

Purchase Wereldhave Belgium before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BATS-CHIXE:WEHBB Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland REITs Industry Average Dividend Yield Market Cap Weighted Average of 48 Stocks 5.4%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 595 Stocks 5.7%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.3%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2.7%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 7.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BATS-CHIXE:WEHBB Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
BATS-CHIXE:WEHBB Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2020-03-06 5.200 8.986
2020-02-05 5.200 6.550
2019-03-08 5.200 6.251
2019-02-07 5.200 6.240
2018-03-07 5.100 5.637
2018-02-01 5.100 5.482
2017-03-29 5.100 5.260
2017-02-02 5.100 4.937
2016-03-11 4.900 4.419
2016-02-02 4.900 4.750
2015-04-23 4.600 4.590
2015-01-26 4.600 4.337
2014-02-04 4.400 4.580
2013-05-03 4.250 5.049
2013-02-11 4.250 5.176
2013-01-03 4.000 4.950
2012-08-02 4.000 5.108
2012-05-10 4.000 5.323
2012-03-08 4.000 5.696
2012-02-10 4.000 5.851
2011-03-23 3.920 5.821
2011-03-02 3.920 5.412
2010-03-02 3.332 5.223
2009-12-31 3.330 5.361

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Wereldhave Belgium's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.7x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Wereldhave Belgium's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Wereldhave Belgium afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Wereldhave Belgium has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

WEHBB Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Kasper Deforche
COMPENSATION €540,000
AGE 38
TENURE AS CEO 0.7 years
CEO Bio

Mr. Kasper Deforche has been Chief Executive Officer and Managing Director of Wereldhave Belgium since July 01, 2016 and served as its Chief Operations Officer of Belgium since 2014 until July 01, 2016. Mr. Deforche has more than 10 years of experience in retail real estate and has previously worked at AG Real Estate and Vastned Retail Belgium. He serves as CO-Chief Executive Officer at Wereldhave Belgium Since August 1, 2019. Mr. Deforche has been a Director of Wereldhave Belgium since April 1, 2015. He serves as a Director of Wereldhave Belgium Services NV. He serves as a Director of Multilist NV and Pandecadadia NV. He served as a Director of Ag Re B2C NV, Ag Real Estate Group Asset Management NV, Ag Real Estate Westloan NV, Agridec NV, Citymo NV, Gent Zuid NV, Ladolcevita NV, Ninia NV, Nouvelles Galeries De Boulevard Anspach NV, RDV-Invest NV, RF-Invest NV,RV-Invest NV, Senre BVBA, Shopimmo NV, Societe De Developpement Commercial D'anderlecht Pour 200 NV, Societe Hoteliere Du Wiltcher's NV, Nobel NV, Urbis NV, Kanam Grund Kievitplein A NV, Kanam Grund Kievitplein B NV, Kanam Grund Kievitplein C NV, Kanam Grund Kievitplein D-E-F NV, Kanam Grund Kievitplein G NV, Kanam Grund Kievitplein H NV, Kanam Grund Kievitplein Parking NV, Kanam Grund Kievitplein Shopping NV, Kanam Grund Kievitplein J NV and Belgium-Luxembourg Council of Shopping Centers (BLSC). Mr. Deforche holds Masters of Applied Economic Sciences from the KU Leuven. He also holds degrees from Antwerp Management School, Solvay Brussels School and Harvard Business School.

CEO Compensation
  • Kasper's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Kasper's remuneration is lower than average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure of the Wereldhave Belgium management team in years:

0.7
Average Tenure
  • The average tenure for the Wereldhave Belgium management team is less than 2 years, this suggests a new team.
Management Team

Kasper Deforche

TITLE
MD, CEO & Director
COMPENSATION
€540K
AGE
38
TENURE
0.7 yrs

Matthijs Storm

TITLE
CEO & Director
TENURE
0.7 yrs

Cédric Biquet

TITLE
CFO & Financial Director
TENURE
2.3 yrs

Ine Beeterens

TITLE
Chief Operating Officer

Laurent Trenson

TITLE
Head of Control & Reporting
Board of Directors Tenure

Average tenure of the Wereldhave Belgium board of directors in years:

2.8
Average Tenure
  • The average tenure for the Wereldhave Belgium board of directors is less than 3 years, this suggests a new board.
Board of Directors

Dirk Goeminne

TITLE
Independent Chairman of the Board
COMPENSATION
€25K
AGE
64
TENURE
8.9 yrs

Kasper Deforche

TITLE
MD, CEO & Director
COMPENSATION
€540K
AGE
38
TENURE
5 yrs

Matthijs Storm

TITLE
CEO & Director
TENURE
0.7 yrs

Dennis Vreede

TITLE
Director
TENURE
0.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Wereldhave Belgium's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Wereldhave Belgium has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

WEHBB News

Simply Wall St News

WEHBB Company Info

Description

Wereldhave Belgium is a public regulated real estate company with a focus on commercial property in Belgium. Wereldhave Belgium targets its new investments on shopping centres. The value of the real estate portfolio, including project developments, amounted to € 956.7 mln on 31 December 2018. On 31 December 2018 the existing operational retail portfolio amounted to € 847.1 mln (around 90% of the total portfolio) and it includes shopping centres in Liège, Nivelles, Tournai, Ghent, Genk, Waterloo and Kortrijk and retail parks in Brugge, turnhout en Tournai. In addition, the portfolio of real estate investments includes offices in Vilvoorde and Antwerp. As of 31 December 2018 the development portfolio of € 14.7 mln contained land holdings and realised investments that relate to the refurbishment and/or expansion of shopping centres in Waterloo and Liège. Wereldhave Belgium wants to create value through the active management of shopping centres and the (re)development of shopping centres for its own portfolio. With the help of its own employees, Wereldhave Belgium maintains direct contact with its lessees. This is how Wereldhave is informed at an earlier stage of any issues experienced by the lessees and how it acquires up-to-date market information. The knowledge gained as a result is also used in the context of project development.

Details
Name: Wereldhave Belgium
WEHBB
Exchange: BATS-CHIXE
Founded:
€399,768,627
7,807,981
Website: http://www.wereldhavebelgium.com
Address: Wereldhave Belgium
Medialaan 30/6,
Vilvoorde,
Flemish Brabant, 1800,
Belgium
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTBR WEHB Bearer Shares Euronext Brussels BE EUR 18. Jun 1998
DB WPU Bearer Shares Deutsche Boerse AG DE EUR 18. Jun 1998
LSE 0N2C Bearer Shares London Stock Exchange GB EUR 18. Jun 1998
BATS-CHIXE WEHBB Bearer Shares BATS 'Chi-X Europe' GB EUR 18. Jun 1998
Number of employees
Current staff
Staff numbers
49
Wereldhave Belgium employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/04 19:33
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2018/02/01
Last earnings filing: 2020/03/06
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.