olivLaw · European equity research
Wereldhave N.V. WHA.AS
Netherlands · Euronext Amsterdam · Vertical: Listed companies from Netherlands
Wereldhave N.V. owns and operates commercial centers in the Netherlands, Belgium, Luxembourg and France, progressively converted into Full Service Centers. In 2025 the portfolio exceeded 675,000 m² after acquisitions, and occupancy reached 97.7%, its highest in more than a decade.
At the close of 05 Nov 2026, Wereldhave N.V. (WHA.AS) stock was 18.30 EUR (+0.88% on the day), with market capitalisation 838.9 m EUR, P/E 11.4 on diluted EPS of 1.60 EUR over the last 12 months, dividend yield 6.83%, beta 0.47, 52-week range 16.68–23.30 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 65.9
- strong (55–70)
- Bollinger (20, 2)
- 16.55 – 18.06
- above the upper band · %B 1.16 · band width 8.7%
- SMA 50 / 200
- 17.64 / 19.86
- mixed trend
- MACD (12, 26, 9)
- 0.11 / -0.04
- 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 | +7.3% | −0.6% | +7.9 pp | — |
| 3 months | −3.3% | −4.2% | +0.9 pp | — |
| 6 months | −16.4% | +4.3% | −20.8 pp | — |
| Year to date | −5.0% | +7.5% | −12.5 pp | — |
| 1 year | −5.5% | +9.9% | −15.4 pp | −0.2% |
| 3 years | +23.1% | +49.8% | −26.8 pp | +2.2% |
| 5 years | +28.9% | +42.8% | −14.0 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 67 percentile of its own 3-quarter history (min 5.2, median 7.3, max 12.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 184.2 m | 192.1 m | 215.9 m |
| Revenue YoY | unavailable | +4.3% | +12.4% |
| Net income | 79.4 m | 115.8 m | 73.3 m |
| Net income YoY | unavailable | +45.9% | −36.7% |
| Diluted EPS | 1.97 | 2.65 | 1.60 |
| Diluted EPS YoY | unavailable | +34.5% | −39.6% |
| net % | 43.1% | 60.3% | 34.0% |
| Free cash flow | 81.4 m | 92.3 m | 104.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 105.6 m EUR
- Financial debt
- 1.1 bn EUR
- Net debt
- 1.0 bn EUR
- Equity
- 1.3 bn EUR
- Total assets
- 2.6 bn EUR
- Debt / equity
- 0.84x
- Current ratio
- 0.77x
- ROE
- 5.6%
- ROA
- 2.9%
- FCF margin
- 48.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 184.2 m | 192.1 m | 215.9 m | esef· 07 Apr 2026verified |
| Operating income | 124.5 m | 177.0 m | 141.5 m | esef· 07 Apr 2026verified |
| Pre-tax income | 89.6 m | 136.1 m | 102.2 m | esef· 07 Apr 2026verified |
| Income tax | 280.0 k | -3.6 m | 15.9 m | esef· 07 Apr 2026verified |
| Net income | 79.4 m | 115.8 m | 73.3 m | esef· 07 Apr 2026verified |
| Diluted EPS | 1.97 | 2.65 | 1.60 | esef· 07 Apr 2026verified |
| Dividend per share | 1.47 | 1.20 | 1.25 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 25.5 m | 18.3 m | 105.6 m | esef· 07 Apr 2026verified |
| Receivables | 49.3 m | 52.2 m | 51.7 m | esef· 07 Apr 2026verified |
| Current assets | 89.2 m | 77.8 m | 163.8 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 5.5 m | 5.6 m | 4.9 m | esef· 07 Apr 2026verified |
| Total assets | 2.3 bn | 2.4 bn | 2.6 bn | esef· 07 Apr 2026verified |
| Short-term debt | 144.8 m | 143.4 m | 105.6 m | esef· 07 Apr 2026verified |
| Long-term debt | 796.6 m | 809.8 m | 1.0 bn | esef· 07 Apr 2026verified |
| Current liabilities | 233.7 m | 239.2 m | 213.0 m | esef· 07 Apr 2026verified |
| Equity | 1.2 bn | 1.3 bn | 1.3 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 40.3 m | 43.5 m | 45.8 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 82.5 m | 92.4 m | 104.6 m | esef· 07 Apr 2026verified |
| Capex | 1.1 m | 103.0 k | 164.0 k | esef· 07 Apr 2026verified |
| Free cash flow | 81.4 m ≈ | 92.3 m ≈ | 104.5 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -98.6 m | -39.4 m | -147.7 m | esef· 07 Apr 2026verified |
| Financing cash flow | 27.3 m | -60.2 m | 130.3 m | esef· 07 Apr 2026verified |
| Dividends paid | 59.1 m | 52.5 m | 57.8 m | esef· 07 Apr 2026verified |
| Share repurchases | — | 3.2 m | 3.1 m | esef· 07 Apr 2026verified |
≈ 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: 56.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 838.9 m EUR
Key indicators
Coverage and freshness
Score by group
56% · 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: 16.89 – 41.07 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 · input data missing
- Peers: P/E16.89 – 41.07 (Mid 23.22)16 companies used · median multiple 14.5x · quartiles 10.6x – 25.7xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, ASML.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS
- Dividend discount (DDM)17.00 – 23.18 (Mid 19.62)
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: 56.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.2% | 46 (vs peers) | 19% |
| Net margin · Quality | 34.0% | 92 (vs peers) | 11% |
| FCF conversion · Quality | 142.4% | 100 (on a fixed band) | 11% |
| 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 | 0.8x | 0 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 11.4x | 71 (vs peers) | 19% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 12.5% | 100 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 7.3% | 100 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | 55.3% | 92 (on a fixed band) | 7% |
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
- Quality73/100 · 3/3 factors with a value
- Returns97/100 · 2/2 factors with a value
- Valuation84/100 · 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 N.V. (WHA.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 215.9 m EUR in 2025; YoY growth 12.4%; net margin 34.0%; ROE 7.0%.
The estimated value range is 16.95–32.12 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 21.42 EUR, the price of 18.30 EUR leaves a potential of 17.0% (value / price − 1) and a margin of safety of 14.5% (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: 56.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 34.0%
- FCF conversion: 142.4%
- P/E (TTM): 11.4x
- FCF yield: 12.5%
- Shareholder yield (distributions): 7.3%
- Payout ratio (FCF): 55.3%
What contradicts it
- Current ratio: 0.8x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Listed companies from Netherlands · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| WHA.ASWereldhave N.V. | 838.9 m | 11.4 | 7.0% | 34.0% | +12.4% | −8% / +19% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for WHA.AS 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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 11.67 Total return -30% · Per year -30% | 20.56 Total return 20% · Per year 20% | 30.87 Total return 78% · Per year 78% |
| 3 years | 13.19 Total return -9% · Per year -3% | 25.96 Total return 68% · Per year 19% | 42.52 Total return 165% · Per year 38% |
| 5 years | 14.90 Total return 14% · Per year 3% | 32.77 Total return 128% · Per year 18% | 58.56 Total return 285% · Per year 31% |
- Exit P/E± 6.49
- Net margin± 4.54
- Annual revenue growth± 3.47
- Annual dilution± 0.38
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 N.V. owns and operates commercial centers in the Netherlands, Belgium, Luxembourg and France, progressively converted into Full Service Centers. In 2025 the portfolio exceeded 675,000 m² after acquisitions, and occupancy reached 97.7%, its highest in more than a decade 1.
SWOT
Strengths
- A portfolio concentrated in centers anchored by daily life retail, with very high occupancy and a diversified tenant base.
- A strengthened balance sheet, with access to funding through private placements and long-term loans that support acquisitions.
- The LifeCentral strategy and Full Service Center transformations offer a distinct positioning versus traditional formats.
Weaknesses
- Geographic concentration in a few countries makes the company sensitive to local economic conditions.
- The indirect result was negative in 2025, showing sensitivity to property valuations.
- Reliance on a relatively small number of large tenants raises the risk of income concentration.
Opportunities
- Limited new shopping center construction could support the value of existing assets.
- A stronger balance sheet could allow further acquisitions if attractive assets become available.
- A return of brands to physical stores could increase demand for well-located space.
Threats
- Retail bankruptcies and cautious consumer spending could reduce rents or occupancy.
- Higher taxes on real estate investment in the Netherlands could discourage transactions.
- Competition from online commerce could reduce center traffic if the trend accelerates.
Risks
- Tenant bankruptciesmedium
Retail failures can lead to lost rent and re-letting costs, particularly in Belgium and France 1.
- Tenant concentrationmedium
The top ten tenants represent a significant share of income, so difficulties at a large tenant could affect results 1.
- Debt and financing costsmedium
A high level of net debt could limit financial flexibility if financing conditions deteriorate 1.
- Dutch tax policymedium
A higher transfer tax and the removal of exemptions for real estate investment could reduce the appeal of Dutch assets 1.
- Sustainability and decarbonization requirementslow
Emission reduction targets and changing regulation may require additional center investment if goals are not met on time 1.
Investment thesis
What would need to be true (bull case)
- Occupancy at its highest level in a decade and rising like-for-like income suggest solid demand for the company's centers 1.
- The LifeCentral strategy could raise center attractiveness and support long-term results if the transformations continue 1.
- Limited new shopping center construction could offer a favorable position for owners of existing, well-located assets 1.
What would break the thesis
- Retail bankruptcies and cautious consumer spending could pressure rents and occupancy in the coming years 1.
- The negative indirect result in 2025 shows total results can fall if property valuations weaken 1.
- Dutch tax changes could limit transactions and asset realizations if the regime remains restrictive 1.
What to watch
- Delivery of the 2026 outlook for direct result per share2026
- Development of occupancy and like-for-like income growthQ1 2027
- Net debt level and loan-to-value against target2026
- Appointment of the new CFO and continuity of financial leadershipnext 10-K
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
The company invests in commercial centers in regional cities well connected to public transport with free parking, usually anchored by supermarkets or hypermarkets. Its LifeCentral strategy transforms these into Full Service Centers, one-stop destinations for shopping, sport, health and daily needs. In 2025 its tenth such transformation was completed 1.
Revenue comes from tenant rent paid as a fixed amount, a share of sales, or a combination, plus add-on services. The portfolio also includes office space, and at end 2025 investments in commercial centers were worth approximately 2.3 billion EUR 1. The company aims to divest centers that fail to meet a minimum rate of return 1.
The tenant base is dominated by daily life retail, which provided 65% of annual rental income at end 2025, while the top ten tenants account for 25.8% of rental income in the core portfolio 1. Major tenants include Ahold Delhaize, Jumbo, C&A and Bestseller 1.
Segments
Daily life retail and Full Service Centers
The core portfolio consists of centers anchored by supermarkets, with food, health and beauty, homeware and sports stores. This type of rent is less exposed to economic swings, and in 2025 the company added Ville2 in Charleroi and two centers in Luxembourg 1.
Benelux and French centers and offices
The portfolio also includes centers in France at Bordeaux and Argenteuil, and offices, with weight concentrated in the Netherlands and Belgium 1. Disposals in 2025 mainly involved smaller Dutch centers, while acquisitions strengthened the presence in Belgium and Luxembourg 1.
Market context
Trends
- Renewed demand for retail spacetailwind
High occupancy and rising rents suggest solid demand for well-located space, which could support income if the trend continues 1.
- Online growth and a return to physical storesmixed
Online sales of services have grown and some retailers are reallocating resources back to physical stores, a shift that could support demand for well-located centers 1.
- Cautious consumers and retail bankruptciesheadwind
Consumers remain cost conscious and retail bankruptcies continue to affect tenants, which could lead to lost rent if pressure persists 1.
- Tax and sustainability rulesmixed
Changes to the Dutch tax regime for real estate investment and pressure to cut emissions may alter asset attractiveness and costs, though the company is integrating these requirements into its transition plan 1.
Competitive position
The company competes with other shopping center and retail park operators in Benelux and France, as well as with online retail formats. The source does not explicitly name US-listed competitors, so none are detailed here 1.
The stated advantages are regional city locations, access to leading tenants and a strengthened balance sheet, which help acquisitions in a market with few available assets 1.
- Other Benelux shopping center operators
Direct competition for tenants and visitors in the same regional cities, not explicitly identified in the source.
- Dutch investors seeking assets abroad
Competition for asset acquisitions, as investors look to markets beyond the Netherlands 1.
- Retail parks and discount formats
Competition for discount tenants, which have gained market share over the past year 1.
- Online retail platforms
Competition for consumer spending, especially on physical goods.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
- Annual report 202407 Apr 2026
- Annual report 202315 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Wereldhave N.V. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.