Wereldhave Belgium (WEHB.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

+242.4%

€172.55

vs €50.40 price

Levered DCF

€149.85

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.25

Distress zone

Rating

A+

Overall 5 / 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	11.28×	5.69×	14.68×	7.83×	11.03×	-13.99×	23.23×	14.4×
P/B	0.57×	0.56×	0.62×	0.62×	0.63×	0.48×	0.98×	0.86×
P/S	4.93×	5.05×	6.48×	5.98×	6.25×	4.59×	9.16×	8.75×
EV / EBITDA	13.79×	6.83×	16.23×	10.6×	13.67×	14.83×	28.96×	19.52×
Gross margin	79.4%	81.1%	90.6%	82.5%	77.1%	83.5%	82.7%	74.2%
Operating margin	57.4%	103.7%	64.5%	61.7%	59.1%	56.8%	44.1%	64.7%
Net margin	43.7%	88.8%	44.1%	76.5%	56.6%	-32.8%	39.4%	60.8%
Current ratio	0.54×	0.48×	0.6×	0.29×	0.25×	0.17×	0.27×	0.12×
Debt / equity	0.47×	0.28×	0.4×	0.32×	0.26×	0.4×	0.4×	0.42×
Interest coverage	3.3×	5.14×	3.18×	7.54×	8.54×	14.26×	12.18×	16.16×
Dividend yield	3.6%	8.9%	8.7%	5.8%	4.3%	5.4%	2.6%	2.6%
Payout ratio	40.2%	50.7%	127.7%	45.4%	47.5%	-75.0%	61.4%	37.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.1%	9.9%	4.2%	7.9%	5.7%	-3.4%	4.2%	6.0%
Return on invested capital	4.3%	8.6%	4.3%	4.6%	4.3%	4.1%	3.3%	4.5%
Return on assets	3.3%	6.9%	2.9%	5.6%	4.0%	-2.3%	2.9%	4.1%
Free cash flow yield	12.5%	12.0%	10.6%	11.3%	11.3%	12.9%	7.2%	6.9%
Earnings yield	8.9%	17.6%	6.8%	12.8%	9.1%	-7.2%	4.3%	6.9%
Enterprise value	€847.9M	€606M	€691.3M	€645.5M	€592.9M	€569.2M	€941.5M	€862.3M
Net debt / EBITDA	6.01×	2.22×	6.15×	3.5×	3.95×	6.76×	8.26×	6.31×
Cash conversion cycle (days)	-348	-95	-348	-707	-122	-298	33	15