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Wereldhave NV
(WHA)
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Rating:70Outperform
Price Target:
€24.00
▲(4.58% Upside)
Action:Reiterated
Date: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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
Wereldhave NV (WHA) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€919.12M
Dividend Yield6.53%
Average Volume (3M)79.90K
Price to Earnings (P/E)12.2
Beta (1Y)0.55
Revenue Growth12.08%
EPS Growth-39.51%
CountryNL
Employees96
SectorGeneral
Sector StrengthN/A
IndustryREIT - Retail
Share Statistics
EPS (TTM)1.61
Shares Outstanding46,896,748
10 Day Avg. Volume72,950
30 Day Avg. Volume79,902
Financial Highlights & Ratios
PEG Ratio-0.30
Price to Book (P/B)0.81
Price to Sales (P/S)4.08
P/FCF Ratio8.44
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€22.50Price Target Upside-1.96% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)1.93
Revenue Forecast (FY)€190.96M
Wereldhave NV Business Overview & Revenue Model
Company Description
At Wereldhave, we are fundamentally reshaping the retail center experience. Our properties function as vibrant community destinations, extending beyond traditional shopping to encompass spaces for working, unwinding, and socializing with loved one...
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 incom...
Wereldhave NV Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
56
Neutral
Cash Flow
74
Positive
| 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
Negative
22.95
Price Trends
20.32
Negative
20.40
Negative
19.31
Positive
Market Momentum
-0.18
Positive
40.69
Neutral
28.27
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:WHA, the sentiment is Negative. The current price of 22.95 is above the 20-day moving average (MA) of 20.06, above the 50-day MA of 20.32, and above the 200-day MA of 19.31, indicating a neutral trend. The MACD of -0.18 indicates Positive momentum. The RSI at 40.69 is Neutral, neither overbought nor oversold. The STOCH value of 28.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NL:WHA.
Wereldhave NV Peers Comparison
UnderperformOutperform
Sector (55)
NL:WHA
Wereldhave NV
19.66
3.16
19.17%
NL:CTPNV
CTP N.V.
16.92
-0.27
-1.56%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.