What's Cooking Group NV/SA (WHATS) fair value: what the stock is really worth
As of Jul 28, 2026: fair value of What's Cooking Group NV/SA €93.65, price €146, upside -35.9%, quality 57 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range €51.38 – €146.00 · fair‑value band €73.30 – €126.53 · the €146.00 price screens above the €93.65 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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What's Cooking Group NV, together with its subsidiaries, produces and sells ready meals in Belgium, the United Kingdom, France, Germany, Portugal, Poland, Netherlands, the Rest of Europe, and internationally. The company develops, produces, and sells ready meals, including lasagna, pizza, pasta dishes, meal components, and sauces.
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What's Cooking Group NV, together with its subsidiaries, produces and sells ready meals in Belgium, the United Kingdom, France, Germany, Portugal, Poland, Netherlands, the Rest of Europe, and internationally. The company develops, produces, and sells ready meals, including lasagna, pizza, pasta dishes, meal components, and sauces. It sells its products under its own brands and private label. The company was formerly known as Ter Beke NV and changed its name to What's Cooking Group NV in April 2023. What's Cooking Group NV was founded in 1948 and is based in Ghent, Belgium. What's Cooking Group NV operates as a subsidiary of STAK Coovan.
Stock analysis
What's Cooking Group NV/SA (WHATS) currently trades at €146.00, while our model-based Fair Value estimate is €93.65, 35.9% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €233.47 per share, and 7 of the 16 models we run sit above the €146.00 price.
Bear case: the Asset-Based group reads lowest at €52.93, and 9 of the 16 models stay below the price. Evidence for this calculation is high.
Scenario range: €73.30 (bear) to €126.53 (bull), the price of €146.00 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 57/100 (solid quality), in the Consumer Defensive sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
What's Cooking Group NV/SA reported revenue of €469M in FY2025 versus €697M in FY2021, a compound −9.4%/yr. Reported net income was €25.5M in FY2025, compounding +36.5%/yr from FY2021.
Key figures
Market cap €271M · P/E ratio 20.0 · P/S ratio 1.09 · EPS (TTM) €7.30 · Dividend yield 3.1% · Net margin 5.4% · Return on equity 9.4% · Return on assets (EBIT) 4.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 42% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 9% fair-value upside, at −36%, WHATS screens richer than that median.
Fair Value models
Bear €73.30Fair Value €93.65Bull €126.53
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€2.12 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+63.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+59.9%
Dividend (yield on the price)3.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.34.1% vs 9.1%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.1% → 4%
2025 sits 230% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Compare What's Cooking Group NV/SA with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Packaged Foods · 634 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside−35.9% · Below median
Profitability
Return on equity (TTM)9.4% · Above median
Return on assets4.0% · Above median
Net margin (TTM)5.4% · Above median
Operating margin (TTM)3.5% · Below median
Growth and dividend
Revenue growth18.8% · Top 25%
Dividend yield (TTM)3.1% · Above median
Balance sheet
Debt / equity0.07× · Below median
Valuation Multiplesvs Packaged Foods median · lower = cheaper
P/E (TTM)20.0× · Pricier than median
P/B2.08× · Pricier than median
P/S (TTM)0.65× · Cheaper than median
EV/EBITDA8.4× · Pricier than median
PEG2.88× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 33
FUTURE (revenue growth)94· sector 20
PAST (return on equity)38· sector 31
HEALTH (low debt)97· sector 96
DIVIDEND (yield)62· sector 57
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "What's Cooking Group NV/SA Fair Value". https://www.fairvalue-calculator.com/stock/WHATS
Frequently asked questions
Is What's Cooking Group NV/SA (WHATS) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of €93.65 versus the last price from Jul 28, 2026 of €146.00, about −36% upside (overvalued).
What is the fair value of WHATS?
Our model-based fair value for What's Cooking Group NV/SA is €93.65 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Jul 28, 2026): €146.00.
What is the quality score of WHATS?
What's Cooking Group NV/SA has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for What's Cooking Group NV/SA (WHATS)?
Our model-based price target is the fair value of €93.65 (as of Sep 24, 2026) from 16 valuation models. Cautious scenario €73.30, optimistic scenario €126.53. It is a calculation from audited fundamentals, not an analyst target.
What is the What's Cooking Group NV/SA stock forecast for 2026?
Our models put fair value at €93.65, about −36% upside versus the last price from Jul 28, 2026 of €146.00 (overvalued). Cautious scenario €73.30, optimistic scenario €126.53. The calculation is refreshed regularly with new filings.
What is the revenue of What's Cooking Group NV/SA (WHATS)?
What's Cooking Group NV/SA reported trailing-twelve-month revenue of about €469M (latest available figure, as of Sep 24, 2026).
Does What's Cooking Group NV/SA pay a dividend?
What's Cooking Group NV/SA currently shows a dividend yield of about 3.08% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of What's Cooking Group NV/SA (WHATS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For What's Cooking Group NV/SA it is €93.65 per share (as of Sep 24, 2026), against a price of €146.00. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is What's Cooking Group NV/SA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, WHATS trades above its calculated fair value: price €146.00, fair value €93.65, a gap of about −36% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of WHATS?
No. The price is what the market pays today (€146.00); the fair value is what the company's own numbers justify (€93.65). For What's Cooking Group NV/SA the two are €52.35 per share apart. That gap is exactly why we show both numbers side by side.
How much is What's Cooking Group NV/SA worth?
The market values What's Cooking Group NV/SA at about €271M (market capitalisation, as of Sep 24, 2026). Per share that is €146.00; our models calculate a fair value of €93.65 per share.
What do the bullish and bearish scenarios say about WHATS?
Our models span a range for What's Cooking Group NV/SA: cautious scenario €73.30, base €93.65, optimistic €126.53 per share (as of Sep 24, 2026, price €146.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of WHATS?
What's Cooking Group NV/SA trades at a price-to-earnings ratio of 20.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €93.65 is built from several models across several years. Other multiples: PEG 2.9, P/B 2.1, P/S 0.7, EV/EBITDA 8.4.
What is the PEG ratio of WHATS?
The PEG ratio of What's Cooking Group NV/SA is 2.88 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of What's Cooking Group NV/SA (WHATS)?
Balance-sheet figures for What's Cooking Group NV/SA (as of Sep 24, 2026): return on equity 9.4%, debt of 0.07 per unit of equity. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is WHATS from its 52-week high?
What's Cooking Group NV/SA trades at €146.00, at its 52-week high of €146.00 and 42% above the low of €102.72 (as of Jul 28, 2026). Distance from the high says nothing about value: that is what the fair value of €93.65 is for.
Which stocks are comparable to What's Cooking Group NV/SA?
From the same area (Consumer Defensive) we also value Nestlé S.A, Danone S.A, Foshan Haitian Flavouring and Food Company, The Kraft Heinz Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is What's Cooking Group NV/SA stock attractive at the current price?
The data as of Sep 24, 2026: price €146.00, calculated fair value €93.65 (−36%), Quality Score 57/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of WHATS calculated?
We run What's Cooking Group NV/SA through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €93.65, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. What's Cooking Group NV/SA itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of What's Cooking Group NV/SA (WHATS)?
The latest price we hold is from Jul 28, 2026 and stands at €146.00. Our model-based fair value is €93.65, about −36% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with What's Cooking Group NV/SA right now?
The price sits above even our optimistic bull case (€126.53). The favourable scenario is already priced in. Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of What's Cooking Group NV/SA (WHATS) come from?
Earnings per share at What's Cooking Group NV/SA grew +6.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.5 %, EBIT margin −3.4 %, tax rate +1.6 %, residual (interest, one-offs) +4.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of What's Cooking Group NV/SA
How large is the market capitalisation of What's Cooking Group NV/SA (WHATS)?
The market capitalisation of What's Cooking Group NV/SA is €271M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of What's Cooking Group NV/SA (WHATS)?
The price-to-sales ratio of What's Cooking Group NV/SA is 1.09 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of What's Cooking Group NV/SA (WHATS)?
Earnings per share at What's Cooking Group NV/SA are €7.30 (price ÷ EPS = P/E 20.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of What's Cooking Group NV/SA (WHATS)?
The dividend yield of What's Cooking Group NV/SA is 3.1% (payout 61.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of What's Cooking Group NV/SA (WHATS)?
The net margin of What's Cooking Group NV/SA is 5.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of What's Cooking Group NV/SA (WHATS)?
The return on equity (ROE) of What's Cooking Group NV/SA is 9.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of What's Cooking Group NV/SA (WHATS)?
On an EBIT basis the return on assets of What's Cooking Group NV/SA is 4.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of What's Cooking Group NV/SA (WHATS)?
The operating margin of What's Cooking Group NV/SA is 3.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at What's Cooking Group NV/SA (WHATS)?
Revenue at What's Cooking Group NV/SA is growing +18.8% versus a year earlier (3y avg −15.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at What's Cooking Group NV/SA (WHATS)?
Earnings per share at What's Cooking Group NV/SA are growing −50.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does What's Cooking Group NV/SA (WHATS) generate?
The free cash flow of What's Cooking Group NV/SA is −€9.5M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does What's Cooking Group NV/SA (WHATS) hold?
What's Cooking Group NV/SA holds more cash than debt, €2.6M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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