Wereldhave Belgium (WEHB.BR) | Investment Case

1. Company Snapshot

1.a. Company Description

Wereldhave Belgium focuses on shopping centres and retail parks that are dominant in their catchment area.The shares are listed on the Euronext Brussels stock exchange.On 31 March 2020, Wereldhave Belgium's market capitalisation amounts to 403 million.

Show Full description

1.b. Last Insights on WEHB

Wereldhave Belgium's recent performance faces challenges due to market conditions. The acquisition of shopping center Ville2 in Charleroi, Belgium, aligns with its LifeCentral strategy, offering growth opportunities. This move is expected to generate value, with IRR threshold and Full Service Center transformation potential. No recent earnings release data available. The company's strategy focuses on growth and value creation. (Source: company announcement)

1.c. Company Highlights

Last Price	51.8
Change Percentage	-1.15%
Open	52.2
Previous Close	52.4
Market Cap ( Millions)	485
Volume	11528
Year High	55.6
Year Low	41.23
M A 50	50.69
M A 200	51.94

FCF Yield	8.90%
Dividend Yield	8.30%
ROE	3.01%
Debt / Equity	41.41%
Net Debt / EBIDTA	774.61%
Price To Book	0.63
Price Earnings Ratio	21.18
Price To FCF	11.23
Price To sales	7.93
EV / EBITDA	20.53

2. Transcript Summary

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3. NewsRoom

Wereldhave acquires shopping center Ville2 in Charleroi, Belgium

Nov -19

Source:

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.84%)

6. Segments

Retail

Expected Growth: 1.8%

Wereldhave Belgium's 1.8% retail growth is driven by increasing consumer spending, fueled by low unemployment and rising wages. Additionally, the company's focus on omnichannel retailing, investments in digital platforms, and strategic location of shopping centers in densely populated areas contribute to its growth.

Offices

Expected Growth: 2.2%

Wereldhave Belgium's 2.2% office segment growth is driven by increasing demand from service-oriented companies, expansion of existing tenants, and limited new supply in prime locations. Additionally, the growing importance of Brussels as a European hub and the country's business-friendly environment contribute to the segment's growth.

7. Detailed Products

Office Spaces

Wereldhave Belgium offers high-quality office spaces for rent, providing a comfortable and productive work environment for businesses of all sizes.

Retail Spaces

Wereldhave Belgium provides retail spaces for rent, strategically located in high-traffic areas, ideal for retailers and restaurateurs.

Logistics and Warehousing

Wereldhave Belgium offers logistics and warehousing solutions, providing secure and efficient storage and distribution facilities.

Mixed-Use Developments

Wereldhave Belgium develops and manages mixed-use projects, combining residential, office, and retail spaces in a single complex.

Property Management

Wereldhave Belgium provides property management services, ensuring the optimal operation and maintenance of properties.

8. Wereldhave Belgium's Porter Forces

Forces Ranking

Threat Of Substitutes

Wereldhave Belgium operates in a competitive market with several substitutes available, but the company's strong brand and quality of services help to mitigate the threat.

Bargaining Power Of Customers

Wereldhave Belgium's customers have limited bargaining power due to the company's strong market position and diversified customer base.

Bargaining Power Of Suppliers

Wereldhave Belgium's suppliers have moderate bargaining power due to the company's dependence on a few key suppliers, but the company's strong relationships and contracts help to mitigate the risk.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the real estate market, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The real estate market in Belgium is highly competitive, with several established players competing for market share, which increases the intensity of rivalry.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	26.32%
Debt Cost	5.44%
Equity Weight	73.68%
Equity Cost	8.76%
WACC	7.88%
Leverage	35.72%

11. Quality Control: Wereldhave Belgium passed 3 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Wereldhave

A-Score: 7.2/10

Value: 5.7

Growth: 4.0

Quality: 6.5

Yield: 10.0

Momentum: 7.5

Volatility: 9.7

1-Year Total Return ->

Ascencio

A-Score: 7.2/10

Value: 6.1

Growth: 4.0

Quality: 7.1

Yield: 10.0

Momentum: 6.0

Volatility: 10.0

1-Year Total Return ->

Patrimoine et Commerce

A-Score: 6.8/10

Value: 4.5

Growth: 4.8

Quality: 4.9

Yield: 8.8

Momentum: 8.0

Volatility: 10.0

1-Year Total Return ->

Wereldhave Belgium

A-Score: 6.8/10

Value: 4.0

Growth: 4.2

Quality: 6.4

Yield: 10.0

Momentum: 6.0

Volatility: 10.0

1-Year Total Return ->

Frey

A-Score: 5.9/10

Value: 3.3

Growth: 5.4

Quality: 4.5

Yield: 9.4

Momentum: 3.0

Volatility: 9.7

1-Year Total Return ->

Vastned Retail

A-Score: 5.6/10

Value: 6.1

Growth: 3.7

Quality: 4.2

Yield: 10.0

Momentum: 3.0

Volatility: 6.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-1.22%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

7.88%

Wereldhave Belgium - BE0003724383

1. Company Snapshot

1.a. Company Description

Wereldhave Belgium focuses on shopping centres and retail parks that are dominant in their catchment area.The shares are listed on the Euronext Brussels stock exchange.On 31 March 2020, Wereldhave Belgium's market capitalisation amounts to  403 million.

1.b. Last Insights on WEHB

1.c. Company Highlights

Better Quality

Higher Yield

Fairly Valued

Average Quality

Medium Volatility

Cheaper

Strong Momentum

Less Volatile

Stable Momentum

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.84%)

6. Segments

Retail

Expected Growth: 1.8%

Offices

Expected Growth: 2.2%

7. Detailed Products

Office Spaces

Retail Spaces

Logistics and Warehousing

Mixed-Use Developments

Property Management

8. Wereldhave Belgium's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Wereldhave Belgium passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

51.8$

Current Price

51.8$

Potential

-0.00%

Expected Cash-Flows

Wereldhave Belgium focuses on shopping centres and retail parks that are dominant in their catchment area.The shares are listed on the Euronext Brussels stock exchange.On 31 March 2020, Wereldhave Belgium's market capitalisation amounts to 403 million.

12.e Scoring ^Insights

12.f DCF ^BETA