Financials Wereldhave N.V.

Equities

Market Closed - Euronext Amsterdam Other stock markets 11:35:00 2024-04-26 am EDT			5-day change	1st Jan Change
13.1 ^EUR	+0.92%		-7.09%	-9.41%

Apr. 24	WERELDHAVE : Momentum not accelerating sufficiently
Mar. 22	Destabilised French Residential market.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	810	432.5	513.6	499.8	631.4	572	-	-
Enterprise Value (EV) ¹	2,125	1,618	1,302	499.8	631.4	1,497	1,514	1,509
P/E ratio	-2.46 x	-2.31 x	-2.27 x	8.73 x	8.36 x	6.84 x	7.21 x	5.52 x
Yield	12.5%	4.65%	8.59%	9.29%	-	9.35%	9.31%	9.73%
Capitalization / Revenue	3.92 x	2.28 x	3.17 x	3.55 x	4 x	3.42 x	3.38 x	3.3 x
EV / Revenue	10.3 x	8.55 x	8.04 x	3.55 x	4 x	8.95 x	8.94 x	8.72 x
EV / EBITDA	13.3 x	13.1 x	11.3 x	-	-	11.5 x	11.1 x	10.6 x
EV / FCF	44.7 x	11.8 x	16.2 x	7.51 x	-	36.5 x	41.1 x	24.9 x
FCF Yield	2.24%	8.45%	6.17%	13.3%	-	2.74%	2.43%	4.02%
Price to Book	0.61 x	0.38 x	0.59 x	0.56 x	-	0.57 x	0.57 x	0.49 x
Nbr of stocks (in thousands)	40,256	40,192	40,125	40,047	43,662	43,662	-	-
Reference price ²	20.12	10.76	12.80	12.48	14.46	13.10	13.10	13.10
Announcement Date	2/6/20	2/12/21	2/10/22	2/9/23	2/13/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	206.6	189.4	161.8	140.9	158	167.4	169.4	173.1
EBITDA ¹	159.2	123.8	115.2	-	-	130	136	142
EBIT ¹	157.3	121.7	113.4	-	115.5	130.6	150.8	152.8
Operating Margin	76.15%	64.24%	70.05%	-	73.12%	78.04%	88.99%	88.27%
Earnings before Tax (EBT) ¹	-323.9	-195.7	-	-	84.48	83.4	83.6	84.4
Net income ¹	-328.7	-186.9	-226.2	-	69.73	83.9	103	104.1
Net margin	-159.13%	-98.71%	-139.8%	-	44.14%	50.13%	60.8%	60.14%
EPS ²	-8.170	-4.650	-5.640	1.430	1.730	1.915	1.817	2.375
Free Cash Flow ¹	47.5	136.8	80.36	66.56	-	41	36.8	60.7
FCF margin	22.99%	72.22%	49.65%	47.23%	-	24.5%	21.72%	35.07%
FCF Conversion (EBITDA)	29.83%	110.5%	69.77%	-	-	31.54%	27.06%	42.75%
FCF Conversion (Net income)	-	-	-	-	-	48.87%	35.73%	58.31%
Dividend per Share ²	2.520	0.5000	1.100	1.160	-	1.225	1.220	1.275
Announcement Date	2/6/20	2/12/21	2/10/22	2/9/23	2/13/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,315	1,186	788	-	-	925	942	937
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	8.257 x	9.58 x	6.842 x	-	-	7.115 x	6.926 x	6.599 x
Free Cash Flow ¹	47.5	137	80.4	66.6	-	41	36.8	60.7
ROE (net income / shareholders' equity)	7.39%	6.6%	7.57%	7.44%	-	9.5%	7.03%	8.95%
ROA (Net income/ Total Assets)	3.46%	2.79%	3.15%	-	-	3.3%	3.2%	3.3%
Assets ¹	-9,514	-6,706	-7,178	-	-	2,542	3,219	3,155
Book Value Per Share ²	32.80	28.00	21.60	22.10	-	23.00	23.10	26.70
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	67.3	0.11	-	-	-	-	-	-
Capex / Sales	32.59%	0.06%	-	-	-	-	-	-
Announcement Date	2/6/20	2/12/21	2/10/22	2/9/23	2/13/24	-	-	-

¹EUR in Million²EUR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

13.1 EUR

Average target price

16 EUR

Spread / Average Target

+22.14%

	1st Jan change	Capi.
WERELDHAVE N.V.	-9.41%	611M
SIMON PROPERTY GROUP, INC.	-0.20%	46.38B
KIMCO REALTY CORPORATION	-13.75%	12.39B
THE LINK REAL ESTATE INVESTMENT TRUST	-22.69%	11.06B
REGENCY CENTERS CORPORATION	-13.01%	10.74B
NNN REIT, INC.	-5.43%	7.45B
BRIXMOR PROPERTY GROUP INC.	-6.66%	6.54B
AGREE REALTY CORPORATION	-8.23%	5.8B
VICINITY CENTRES	-7.60%	5.6B
KITE REALTY GROUP TRUST	-7.00%	4.67B