olivLaw · European equity research
Wereldhave Belgium NV WEHB.BR
Belgium · Euronext Brussels · Vertical: Listed companies from Belgium
Wereldhave Belgium NV is a Belgian regulated real estate company (GVV) that owns and manages commercial property portfolios in Belgium. Its 2024 annual report shows an EPRA result of 43,396 thousand EUR, up from the prior year, and management expects a 2025 core net result of 5.35 to 5.45 EUR per share.
At the close of 05 Nov 2026, Wereldhave Belgium NV (WEHB.BR) stock was 50.40 EUR (−0.79% on the day), with market capitalisation 447.8 m EUR, P/E 6.2 on diluted EPS of 8.09 EUR over the last 12 months, dividend yield 8.14%, beta 0.27, 52-week range 41.56–57.40 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.4
- neutral
- Bollinger (20, 2)
- 49.57 – 51.09
- in the upper half of the band · %B 0.55 · band width 3.0%
- SMA 50 / 200
- 50.55 / 52.84
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.06
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.2% | −0.6% | +2.9 pp | — |
| 3 months | −4.5% | −4.2% | −0.4 pp | — |
| 6 months | −4.9% | +4.3% | −9.2 pp | — |
| Year to date | −4.9% | +7.5% | −12.4 pp | — |
| 1 year | −4.9% | +9.9% | −14.8 pp | +7.2% |
| 3 years | +14.5% | +49.8% | −35.3 pp | −5.5% |
| 5 years | +3.7% | +42.8% | −39.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 5.7, median 7.8, max 14.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 55.2 m | 29.2 m | 71.9 m |
| Net income YoY | unavailable | −47.1% | +146.0% |
| Diluted EPS | 6.26 | 3.29 | 8.09 |
| Diluted EPS YoY | unavailable | −47.4% | +145.9% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 48.9 m | 64.2 m | 56.9 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 9.2 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 728.8 m EUR
- Total assets
- 1.0 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.48x
- ROE
- 10.1%
- ROA
- 7.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 44.6 m | 42.7 m | 84.0 m | esef· 24 Sept 2025verified |
| Pre-tax income | 55.3 m | 29.3 m | 72.0 m | esef· 24 Sept 2025verified |
| Income tax | 46.0 k | 73.0 k | 101.0 k | esef· 24 Sept 2025verified |
| Net income | 55.2 m | 29.2 m | 71.9 m | esef· 24 Sept 2025verified |
| Diluted EPS | 6.26 | 3.29 | 8.09 | esef· 24 Sept 2025verified |
| Dividend per share | 2.84 | 4.20 | 4.10 | esef· 24 Sept 2025derived |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 10.4 m | 17.7 m | 9.2 m | esef· 24 Sept 2025verified |
| Current assets | 24.6 m | 45.7 m | 41.1 m | esef· 24 Sept 2025verified |
| Total assets | 993.3 m | 1.0 bn | 1.0 bn | esef· 24 Sept 2025verified |
| Current liabilities | 84.6 m | 75.6 m | 86.0 m | esef· 24 Sept 2025verified |
| Equity | 701.9 m | 693.7 m | 728.8 m | esef· 24 Sept 2025verified |
| Shares outstanding at year end | 8.8 m | 8.9 m | 8.9 m | esef· 24 Sept 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 48.9 m | 64.3 m | 56.9 m | esef· 24 Sept 2025verified |
| Capex | 25.0 k | 10.0 k | 30.0 k | esef· 24 Sept 2025verified |
| Free cash flow | 48.9 m ≈ | 64.2 m ≈ | 56.9 m ≈ | esef· 24 Sept 2025derived |
| Investing cash flow | -21.3 m | -14.8 m | -9.3 m | esef· 24 Sept 2025verified |
| Financing cash flow | -22.7 m | -42.2 m | -56.1 m | esef· 24 Sept 2025verified |
| Dividends paid | 25.1 m | 37.3 m | 36.4 m | esef· 24 Sept 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 39.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 447.8 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
40% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 55.76 – 188.63 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E86.54 – 188.63 (Mid 118.25)25 companies used · median multiple 14.6x · quartiles 10.7x – 23.3xACKB.BR, AGS.BR, AZE.BR, BANI.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR, MOUR.BR
- Dividend discount (DDM)55.76 – 76.04 (Mid 64.34)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 39.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 79.1% | 70 (on a fixed band) | 16% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 6.2x | 89 (vs peers) | 26% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 12.7% | 100 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 8.1% | 100 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | 64.1% | 80 (on a fixed band) | 11% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial70/100 · 1/3 factors with a value
- Returns92/100 · 2/2 factors with a value
- Valuation94/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Wereldhave Belgium (WEHB.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: ROE 10.1%.
The estimated value range is 71.15–132.33 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 91.29 EUR, the price of 50.40 EUR leaves a potential of 81.1% (value / price − 1) and a margin of safety of 44.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 39.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 79.1%
- P/E (TTM): 6.2x
- FCF yield: 12.7%
- Shareholder yield (distributions): 8.1%
- Payout ratio (FCF): 64.1%
- The price is below the estimated value range
What contradicts it
- Current ratio: 0.5x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Listed companies from Belgium · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for WEHB.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Wereldhave Belgium NV is a Belgian regulated real estate company (GVV) that owns and manages commercial property portfolios in Belgium. Its 2024 annual report shows an EPRA result of 43,396 thousand EUR, up from the prior year, and management expects a 2025 core net result of 5.35 to 5.45 EUR per share 1.
SWOT
Strengths
Weaknesses
- Dependence on a portfolio concentrated in Belgium exposes the company to the conditions of a single market.
- Results depend on rent levels and occupancy, which can fluctuate.
- Asset value is sensitive to valuation changes, as shown by the fair value movements reported in the result 1.
Opportunities
- If demand for commercial space keeps growing, the company could improve rental income.
- Cost optimisation could raise operating margins, in line with the efforts reported.
- Selective asset acquisitions could expand the portfolio if financing conditions allow.
Threats
- Rising interest rates could reduce asset values and increase financing costs.
- Changing consumer behaviour could weigh on demand for traditional commercial space.
- GVV regulation and compliance requirements could raise administrative costs.
Risks
- Property market riskhigh
Asset valuations could fall if the yields demanded by the market rise, reducing net asset value.
- Geographic concentration riskmedium
With the portfolio concentrated in Belgium, local economic developments could have a disproportionate impact on results.
- Occupancy riskmedium
A rise in vacancy could reduce rental income and affect the EPRA result.
- Regulatory compliance risklow
Strict adherence to the GVV framework and governance rules requires ongoing resources; breaches could lead to sanctions.
- Financing riskmedium
Tighter credit conditions could limit the company's ability to refinance its debt.
Investment thesis
What would need to be true (bull case)
- Rising occupancy and falling operating costs support a better EPRA result, which could sustain dividends.
- The EPRA NAV indicators show an increase in asset value per share, which could reflect a solid base for the portfolio.
- The 2025 guidance points to a stable core result, provided market conditions remain favourable.
What would break the thesis
- Dependence on a single market and declining yields could limit long-term growth potential.
- The sensitivity of asset values to interest rates could lead to negative revaluations in periods of financial stress.
- Compliance and governance costs could remain high, reducing the net margin.
What to watch
- Delivery of the 2025 core net result guidance2025
- Trend in the EPRA vacancy rateNext annual report
- Changes in asset value and EPRA yieldNext annual report
- Debt refinancing conditions2025
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Wereldhave Belgium NV operates as a regulated real estate company in Belgium, with its main activity being the ownership and management of commercial properties. Its management is provided by two effective leaders, and the company is controlled by reference shareholder Wereldhave NV from the Netherlands 1. The governance structure includes a Board of Directors with independent members and committees for audit and remuneration 1. Results are reported under GVV rules and EPRA indicators 1.
The core activity focuses on managing the property portfolio, including leasing space and optimising operating costs. The EPRA indicators in the report show occupancy levels and cost efficiency as benchmarks for operating performance 1. The company seeks to balance rental yield against asset valuation.
As a listed company, Wereldhave Belgium publishes detailed information on governance, remuneration and risk management, in line with the Belgian 2020 Corporate Governance Code and GVV legislation 1.
Segments
Commercial property in Belgium
The main portfolio consists of commercial properties located in Belgium, whose performance is measured through occupancy and net initial yield. The EPRA net initial yield was 6.0% in 2024 1.
Operating indicators
The EPRA vacancy rate fell to 3.0% in 2024, and EPRA operating costs including direct vacancy costs represented 20.6% of gross rental income 1.
Market context
The Belgian commercial property market is characterised by a yield of around 6% for the company's portfolio, the EPRA indicator reported for 2024 1. Demand for commercial space depends on consumer spending and competition from other retail formats.
Asset valuation is influenced by interest rate trends and financing conditions, which affect the returns investors require. The EPRA NAV indicators show an increase in value per share compared with the prior year 1.
Trends
- Stable space occupancytailwind
The decline in the EPRA vacancy rate in 2024 suggests better demand for the company's space, which could support rental income 1.
- Pressure on operating costsmixed
The reduction in EPRA costs in 2024 shows efficiency efforts; sustaining this level depends on maintenance cost inflation.
- Financing conditionsheadwind
The cost of financing and interest rate movements could influence both yields and asset values, with different effects depending on the debt structure.
- Stronger governancetailwind
Recent adjustments to the remuneration policy and committee composition show a focus on governance, which may reduce compliance risk 1.
Competitive position
The company competes with other owners and managers of commercial space in Belgium for tenants and for investors. The sources provided do not name its competitors explicitly.
Its competitive position depends on property location, tenant quality and the ability to keep vacancy low, indicators tracked in the annual report 1.
- Other commercial property managers in Belgium
Local or European operators with similar portfolios; the sources do not name them.
- European listed real estate companies
Companies in the same EPRA category competing for investors; not identified in the source.
- Retail property developers
Developers competing for tenants in the same commercial areas.
- Private real estate funds
Institutional investors competing to acquire commercial assets.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202424 Sept 2025
- Annual report 202424 Sept 2025
- Annual report 202318 Mar 2024
- Annual report 202318 Mar 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Wereldhave Belgium NV · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.