Wereldhave N.V. (WHA.AS) 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

+80.4%

€32.00

vs €17.74 price

Levered DCF

€21.85

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.17

Distress zone

Rating

B+

Overall 3 / 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	12.04×	5.19×	7.41×	8.73×	-2.27×	-2.31×	-2.53×	-17.77×
P/B	0.81×	0.59×	0.61×	0.56×	0.59×	0.38×	0.61×	0.69×
P/S	4.08×	3.13×	3.2×	3.07×	2.69×	1.96×	3.36×	5.21×
EV / EBITDA	13.18×	8.81×	14.05×	14.01×	12.46×	-9.95×	13.87×	16.65×
Gross margin	71.6%	72.0%	68.6%	74.2%	65.4%	60.4%	71.2%	71.7%
Operating margin	65.6%	92.1%	67.6%	52.8%	-98.9%	-79.0%	64.1%	22.4%
Net margin	34.0%	60.3%	43.1%	35.2%	-118.6%	-84.8%	-132.6%	-29.3%
Current ratio	1.55×	0.33×	0.38×	0.26×	0.33×	0.38×	0.36×	0.44×
Debt / equity	1.03×	0.93×	1×	0.99×	0.96×	1.13×	1.03×	0.78×
Interest coverage	3.5×	4.8×	4.01×	3.64×	-7.62×	0×	5.44×	1.57×
Dividend yield	6.6%	10.8%	10.0%	10.8%	5.4%	7.9%	12.5%	9.7%
Payout ratio	78.8%	55.9%	74.5%	94.2%	-12.3%	-18.2%	-31.8%	-172.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.7%	11.3%	8.2%	6.5%	-26.1%	-16.6%	-24.2%	-3.9%
Return on invested capital	4.5%	7.8%	5.7%	4.2%	-9.6%	-6.5%	5.2%	1.5%
Return on assets	2.8%	4.9%	3.5%	2.7%	-11.1%	-6.8%	-10.5%	-1.9%
Free cash flow yield	11.9%	15.4%	13.8%	13.3%	15.6%	22.5%	14.1%	12.5%
Earnings yield	8.3%	19.3%	13.5%	11.5%	-44.0%	-43.2%	-39.4%	-5.6%
Enterprise value	€1.9B	€1.5B	€1.5B	€1.4B	€1.3B	€1.6B	€2.1B	€2.4B
Net debt / EBITDA	7.06×	5.37×	8.62×	8.85×	7.61×	-7.32×	8.63×	8.4×
Cash conversion cycle (days)	-434	-479	35	-38	-23	-6	25	-186