Warehouses Estates Belgium SCA (WEB.BR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+34.6%

€50.19

vs €37.30 price

Levered DCF

€44.83

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.93

Distress zone

Rating

A+

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.98×	11.95×	13.28×	9.56×	9.5×	14.93×	19.11×	7.91×
P/B	0.74×	0.72×	0.69×	0.69×	0.82×	0.85×	1.21×	0.99×
P/S	4.68×	4.54×	4.46×	4.94×	6.23×	6.62×	8.65×	7.76×
EV / EBITDA	14.08×	15.76×	14.32×	17.63×	17.38×	26.07×	27.63×	0×
Gross margin	84.7%	85.2%	85.4%	84.8%	83.6%	83.6%	82.4%	0.0%
Operating margin	71.4%	60.3%	62.8%	41.0%	70.6%	52.3%	54.7%	106.6%
Net margin	52.1%	36.8%	33.5%	51.6%	65.6%	44.4%	45.3%	98.0%
Current ratio	0.16×	0.67×	1.24×	0.52×	0.19×	0.18×	0.29×	0.21×
Debt / equity	0.85×	0.85×	0.74×	0.8×	0.85×	0.85×	0.71×	0.67×
Interest coverage	3.71×	2.34×	2.75×	4.6×	9.53×	0×	12.2×	12.76×
Dividend yield	8.6%	8.1%	9.0%	5.0%	6.5%	6.2%	4.9%	7.1%
Payout ratio	77.5%	99.7%	120.2%	48.0%	62.2%	93.2%	93.9%	56.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.2%	5.9%	5.2%	7.2%	8.6%	5.7%	6.3%	12.5%
Return on invested capital	6.0%	5.2%	4.6%	3.2%	5.0%	3.6%	4.5%	7.5%
Return on assets	4.4%	3.1%	2.7%	4.0%	4.6%	3.0%	3.6%	7.2%
Free cash flow yield	11.0%	13.7%	13.9%	9.2%	8.2%	1.9%	5.0%	12.6%
Earnings yield	11.1%	8.1%	7.5%	10.5%	10.5%	6.7%	5.2%	12.6%
Enterprise value	€291.8M	€285.1M	€239M	€251.2M	€271.1M	€268.7M	€302.1M	€258.3M
Net debt / EBITDA	7.52×	8.52×	7.41×	9.48×	8.86×	13.05×	10.25×	0×
Cash conversion cycle (days)	-126	-77	2,418	919	19	162	43	0