Wereldhave N.V.

WHA.AS

REIT - Retail · Real Estate

Exchange

Euronext Amsterdam

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Exceptional

Stability

Mixed

Valuation

Strong

Dividends

Exceptional

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Winston Score History

The full picture

Wereldhave is a Dutch real estate company that owns and operates shopping centers in the Netherlands and Belgium. Its properties are mid-sized, community-focused malls that mix retail stores with services like gyms, healthcare clinics, and food outlets. The company calls these "Full Service Centers," aiming to make its malls useful for everyday needs, not just shopping.

Wereldhave makes money by collecting rent from the tenants that operate inside its shopping centers. It is listed on the Amsterdam stock exchange and has a portfolio valued at roughly €1.5 billion, concentrated entirely in the Benelux region. Its focus on necessity-based services — healthcare, fitness, groceries — gives it some protection against the broader decline in traditional retail, but the business still faces real risk from e-commerce growth reducing demand for physical retail space and putting pressure on occupancy rates and rents over time.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+6.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-15.7% YoY

YoY Growth Rate

Earnings declining

Insider Activity

25.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€2.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Wereldhave N.V. is growing revenue at 7% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

67.9%

Premium pricing power — 67.9% gross margin

Profit after running costs

Operating Margin

61.5%

Excellent — 61.5% operating margin

Return on the money invested

ROCE

6.6%

Weak — 6.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+9.8%

Steady sales growth (+9.8% YoY)

Profit growth

EPS YoY

-27.5%

Earnings shrinking (-27.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

145%

Turns 145% of profit into real cash

Spare cash per sale

FCF Margin

43.5%

Converts sales into free cash efficiently (43.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

1.01

Elevated debt (1.01)

Covers its interest

Interest Cover

3.39x

Tight — interest eats into profit (3.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

12.7x

no trend

Attractive valuation — P/E 12.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+3.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (12.7 → 9.5)

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Dividends

Dividend

Dividend Yield

7.00%

no trend

Healthy income — 7.00% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+71.7%

no trend

Dividend growing fast (71.7% YoY)

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