Wereldhave NV (WHA) AI Stock Analysis

• Market Cap: €1.05B
• Dividend Yield: 6.53%
• Average Volume (3M): 79.90K
• Price to Earnings (P/E): 14.5
• Beta (1Y): 0.40
• Revenue Growth: 7.34%
• EPS Growth: -14.14%
• Country: NL
• Employees: 96
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Retail
• EPS (TTM): 0.59
• Shares Outstanding: 46,396,667
• 10 Day Avg. Volume: 72,950
• 30 Day Avg. Volume: 79,902
• PEG Ratio: -0.30
• Price to Book (P/B): 0.81
• Price to Sales (P/S): 4.08
• P/FCF Ratio: 8.44
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €18.10
• Price Target Upside: -20.61% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): 1.86
• Revenue Forecast (FY): €181.16M

• Rating: 70 Outperform
• Price Target: €24.00 ▲(5.26% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is driven primarily by improved fundamentals and strong cash generation, supported by an established technical uptrend. Valuation also helps, with a moderate P/E and high dividend yield. The key constraint is balance-sheet risk from higher leverage and the company’s history of earnings volatility.

Positive Factors

Improving cash generation

A material step-up in free cash flow improves durable liquidity and internal funding capacity. Strong FCF lets the company sustain distributions, fund selective development/refresh projects, and service debt without relying on equity issuance, raising long-term resilience.

Revenue recovery trend

Three-year revenue recovery signals improving tenant demand and portfolio performance rather than a one-off bounce. Sustained top-line growth supports lease renegotiations, stabilizes rental income and provides a firmer base for margins and cash generation over the medium term.

Predictable rental income model

A core REIT model based on long-term leases provides predictable recurring cash flows and strong alignment between asset management and income generation. Active property management and development capabilities help capture rental upside and maintain occupancy over time.

Negative Factors

Elevated and rising leverage

Leverage at or near parity with equity and a 2025 increase reduces financial flexibility and heightens refinancing and interest-rate sensitivity. Higher debt limits ability to absorb property-cycle shocks and can pressure distributions or asset sales if markets tighten.

Earnings volatility

Volatile net income, including a decline in 2025 despite revenue growth, indicates sensitivity to valuation adjustments, non-cash items or one-offs. This undermines earnings predictability, complicates dividend planning and raises the risk premium required by longer-term capital providers.

Concentrated retail-sector exposure

Heavy reliance on physical retail makes performance vulnerable to structural shifts like e-commerce, changing consumer habits and localized retail demand. Such secular pressures can depress occupancy and rents in weaker centers, creating ongoing asset-level performance dispersion.

Wereldhave NV Business Overview & Revenue Model

Company Description

At Wereldhave, we're reinventing shopping centers. Our centers are places where people go, not only to shop, but also to work, relax and spend time with friends and family. We now own and operate 30 center locations across the Netherlands, Belgium and France – combining leisure, entertainment, health & beauty and food & drink with more traditional retail. We choose centers close to cities – that are well connected to public transport and where we can offer free parking. Our centers are anchored around food retail – each has at least one hypermarket or two to three supermarkets. Our centers are places where people go, not only to shop, but also to meet and relax with friends and family. We take a deliberately long-term approach. Our aim is to deliver attractive returns for our investors, create positive value for local communities and other stakeholders and, over time, increase the value of our investments. As a business, consumers are at the heart of everything we do.

How the Company Makes Money

Wereldhave generates revenue primarily through rental income from its portfolio of shopping centers and retail properties. The company leases space to a variety of tenants, including international and local retailers, which provides a stable income stream. Additionally, Wereldhave may engage in property development projects, creating new retail spaces or renovating existing ones to increase their value and attract higher rents. The company also benefits from long-term leases, which contribute to predictable cash flows. Strategic partnerships with retailers and local municipalities can enhance its earnings by facilitating tenant acquisition and improving property visibility. Overall, Wereldhave's revenue model is heavily reliant on the health of the retail sector, tenant occupancy rates, and effective property management.

Wereldhave NV Financial Statement Overview

Summary

Post-2021 turnaround is evident with improving revenue and solid profitability in 2022–2025, supported by steadily rising operating and free cash flow (notably strong in 2025). Offsetting this, earnings have been volatile and 2025 net income fell versus 2024 despite higher revenue, while leverage has increased in 2025, raising financial risk.

Income Statement

Revenue has recovered over the last three years (up in 2023, 2024, and 2025) after declines in 2020–2022, showing improving topline momentum. Profitability also rebounded materially from large losses in 2020–2021 to solid profits in 2022–2025, with 2024 showing very strong margins. However, earnings were volatile across the period and net income fell in 2025 versus 2024 despite higher revenue, indicating some sensitivity to one-offs or cost/valuation swings typical for retail REITs.

Balance Sheet

Leverage is moderate-to-elevated: debt has been roughly around equity (debt-to-equity near ~1.0 in 2021–2024) and rose in 2025 (total debt increased versus 2024). Equity has grown gradually since 2021, which is supportive, but the higher 2025 debt load increases financial risk and reduces flexibility if property values or financing costs move against the company.

Cash Flow

Cash generation looks solid and improving: operating cash flow and free cash flow increased steadily from 2022 through 2025, with a sharp step-up in 2025 (free cash flow growth ~45%). Free cash flow has closely tracked reported earnings (near 1:1 in 2022–2024), supporting earnings quality. The main weakness is that operating cash flow has covered only a modest portion of net income in the years where that ratio is provided, implying earnings can be influenced by non-cash items (common for REIT accounting).

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	215.86M	192.12M	184.16M	162.67M	190.77M
Gross Profit	154.50M	138.42M	126.42M	120.72M	124.67M
EBITDA	143.94M	174.16M	108.47M	97.01M	105.99M
Net Income	73.34M	115.84M	79.42M	57.27M	-226.25M
Balance Sheet
Total Assets	2.64B	2.36B	2.28B	2.10B	2.04B
Cash, Cash Equivalents and Short-Term Investments	105.56M	18.32M	25.54M	14.35M	26.77M
Total Debt	1.12B	953.14M	960.46M	873.27M	833.16M
Total Liabilities	1.30B	1.09B	1.08B	974.81M	941.96M
Stockholders Equity	1.09B	1.02B	964.48M	885.68M	866.82M
Cash Flow
Free Cash Flow	104.47M	92.18M	81.41M	66.52M	80.00M
Operating Cash Flow	104.64M	92.36M	82.55M	66.60M	80.41M
Investing Cash Flow	-147.74M	-39.40M	-98.64M	-56.52M	350.01M
Financing Cash Flow	130.34M	-60.19M	27.29M	-22.49M	-470.65M

Wereldhave NV Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 22.80
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:WHA, the sentiment is Positive. The current price of 22.8 is above the 20-day moving average (MA) of 22.00, above the 50-day MA of 20.71, and above the 200-day MA of 18.93, indicating a bullish trend. The MACD of 0.66 indicates Negative momentum. The RSI at 80.97 is Negative, neither overbought nor oversold. The STOCH value of 93.39 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NL:WHA.

Wereldhave NV Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CTPNV	74 Outperform	€8.48B	8.29	―	3.51%	20.65%	23.70%
WHA	70 Outperform	€1.05B	14.54	8.70%	6.53%	7.34%	-14.14%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%