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Warehouses De Pauw

ENXTBR:WDP
Snowflake Description

Proven track record and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
WDP
ENXTBR
€3B
Market Cap
  1. Home
  2. BE
  3. Real Estate
Company description

WDP develops and invests in logistics property (warehouses and offices). The last earnings update was 32 days ago. More info.


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WDP Share Price and Events
7 Day Returns
3.8%
ENXTBR:WDP
1.2%
BE REITs
-0.9%
BE Market
1 Year Returns
34.5%
ENXTBR:WDP
13.1%
BE REITs
-9.5%
BE Market
WDP Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Warehouses De Pauw (WDP) 3.8% 4.1% 9.3% 34.5% 68.3% 157.5%
BE REITs 1.2% 1.6% 6.2% 13.1% 16.2% 43.7%
BE Market -0.9% -5.2% 3.9% -9.5% -17.7% 2.3%
1 Year Return vs Industry and Market
  • WDP outperformed the REITs industry which returned 13.1% over the past year.
  • WDP outperformed the Market in Belgium which returned -9.5% over the past year.
Price Volatility
WDP
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Warehouses De Pauw undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Warehouses De Pauw to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Warehouses De Pauw.

ENXTBR:WDP Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Funds From Operations
Levered Funds From Operations Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.3%
Perpetual Growth Rate 10-Year BE Government Bond Rate 0.8%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ENXTBR:WDP
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year BE Govt Bond Rate 0.8%
Equity Risk Premium S&P Global 6.8%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.52
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.52 (1 + (1- 29%) (52.86%))
0.81
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.81
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.77% + (0.81 * 6.8%)
6.28%

Discounted Cash Flow Calculation for ENXTBR:WDP using 2 Stage Free Cash Flow to Equity using Funds From Operations Model

The calculations below outline how an intrinsic value for Warehouses De Pauw is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Warehouses De Pauw is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

ENXTBR:WDP DCF 1st Stage: Next 10 year cash flow forecast
Funds From Operations (FFO) (EUR, Millions) Source Present Value
Discounted (@ 6.28%)
2019 157.60 Analyst x1 148.29
2020 186.60 Analyst x1 165.21
2021 191.40 Analyst x2 159.46
2022 226.40 Analyst x1 177.48
2023 243.50 Analyst x1 179.61
2024 260.61 Est @ 7.03% 180.89
2025 274.04 Est @ 5.15% 178.97
2026 284.55 Est @ 3.84% 174.86
2027 292.85 Est @ 2.92% 169.34
2028 299.51 Est @ 2.27% 162.96
Present value of next 10 years cash flows €1,697.08
ENXTBR:WDP DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €299.51 × (1 + 0.77%) ÷ (6.28% – 0.77%)
€5,482.23
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €5,482.23 ÷ (1 + 6.28%)10
€2,982.87
ENXTBR:WDP Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €1,697.08 + €2,982.87
€4,679.95
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €4,679.95 / 23.39
€200.07
ENXTBR:WDP Discount to Share Price
Calculation Result
Value per share (EUR) From above. €200.07
Current discount Discount to share price of €141.00
= -1 x (€141.00 - €200.07) / €200.07
29.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Warehouses De Pauw is available for.
Intrinsic value
30%
Share price is €141 vs Future cash flow value of €200.07
Current Discount Checks
For Warehouses De Pauw to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Warehouses De Pauw's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Warehouses De Pauw's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Warehouses De Pauw's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Warehouses De Pauw's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTBR:WDP PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €14.31
ENXTBR:WDP Share Price ** ENXTBR (2019-05-24) in EUR €141
Belgium REITs Industry PE Ratio Median Figure of 15 Publicly-Listed REITs Companies 14.29x
Belgium Market PE Ratio Median Figure of 87 Publicly-Listed Companies 14.54x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Warehouses De Pauw.

ENXTBR:WDP PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTBR:WDP Share Price ÷ EPS (both in EUR)

= 141 ÷ 14.31

9.85x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Warehouses De Pauw is good value based on earnings compared to the BE REITs industry average.
  • Warehouses De Pauw is good value based on earnings compared to the Belgium market.
Price based on expected Growth
Does Warehouses De Pauw's expected growth come at a high price?
Raw Data
ENXTBR:WDP PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.85x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
-1.5%per year
Belgium REITs Industry PEG Ratio Median Figure of 6 Publicly-Listed REITs Companies 0.42x
Belgium Market PEG Ratio Median Figure of 41 Publicly-Listed Companies 1.88x

*Line of best fit is calculated by linear regression .

ENXTBR:WDP PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.85x ÷ -1.5%

-6.54x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Warehouses De Pauw earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Warehouses De Pauw's assets?
Raw Data
ENXTBR:WDP PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €70.23
ENXTBR:WDP Share Price * ENXTBR (2019-05-24) in EUR €141
Belgium REITs Industry PB Ratio Median Figure of 16 Publicly-Listed REITs Companies 1.27x
Belgium Market PB Ratio Median Figure of 120 Publicly-Listed Companies 1.53x
ENXTBR:WDP PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTBR:WDP Share Price ÷ Book Value per Share (both in EUR)

= 141 ÷ 70.23

2.01x

* Primary Listing of Warehouses De Pauw.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Warehouses De Pauw is overvalued based on assets compared to the BE REITs industry average.
X
Value checks
We assess Warehouses De Pauw's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Warehouses De Pauw has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Warehouses De Pauw expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-1.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Warehouses De Pauw expected to grow at an attractive rate?
  • Warehouses De Pauw's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.8%.
Growth vs Market Checks
  • Warehouses De Pauw's earnings are expected to decrease over the next 1-3 years, this is below the Belgium market average.
  • Warehouses De Pauw's revenue growth is expected to exceed the Belgium market average.
Annual Growth Rates Comparison
Raw Data
ENXTBR:WDP Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTBR:WDP Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts -1.5%
ENXTBR:WDP Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 10.3%
Belgium REITs Industry Earnings Growth Rate Market Cap Weighted Average 6.2%
Belgium REITs Industry Revenue Growth Rate Market Cap Weighted Average 7.4%
Belgium Market Earnings Growth Rate Market Cap Weighted Average 9.3%
Belgium Market Revenue Growth Rate Market Cap Weighted Average 3.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ENXTBR:WDP Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTBR:WDP Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 317 261 272 2
2022-12-31 293 243 245 2
2021-12-31 264 206 252 5
2020-12-31 237 188 238 5
2019-12-31 207 156 257 5
ENXTBR:WDP Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 214 324
2018-12-31 203 178 329
2018-09-30 201 245
2018-06-30 190 174 192
2018-03-31 183 228
2017-12-31 176 129 235
2017-09-30 161 244
2017-06-30 162 122 224
2017-03-31 155 170
2016-12-31 150 119 130
2016-09-30 148 131
2016-06-30 145 130 124

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Warehouses De Pauw's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Warehouses De Pauw's revenue is expected to grow by 10.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ENXTBR:WDP Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Warehouses De Pauw Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTBR:WDP Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 9.97 9.97 9.97 1.00
2022-12-31 9.56 9.56 9.56 1.00
2021-12-31 14.43 18.07 10.78 2.00
2020-12-31 12.34 14.32 10.35 2.00
2019-12-31 12.68 13.13 12.22 2.00
ENXTBR:WDP Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 14.31
2018-12-31 14.69
2018-09-30 11.03
2018-06-30 8.73
2018-03-31 10.43
2017-12-31 10.84
2017-09-30 11.53
2017-06-30 10.97
2017-03-31 8.61
2016-12-31 6.86
2016-09-30 7.01
2016-06-30 6.69

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Warehouses De Pauw is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Warehouses De Pauw's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Belgium market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Belgium market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Warehouses De Pauw has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Warehouses De Pauw performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Warehouses De Pauw's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Warehouses De Pauw has delivered over 20% year on year earnings growth in the past 5 years.
  • Warehouses De Pauw's 1-year earnings growth exceeds its 5-year average (42.1% vs 31.6%)
  • Warehouses De Pauw's earnings growth has exceeded the BE REITs industry average in the past year (42.1% vs 16.7%).
Earnings and Revenue History
Warehouses De Pauw's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Warehouses De Pauw Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTBR:WDP Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 213.86 324.00 12.91
2018-12-31 202.55 328.78 12.42
2018-09-30 200.85 244.66 10.52
2018-06-30 189.53 192.36 9.84
2018-03-31 182.87 227.96 9.04
2017-12-31 176.22 235.16 8.44
2017-09-30 160.63 243.62 8.47
2017-06-30 161.67 223.96 8.08
2017-03-31 154.94 169.54 8.10
2016-12-31 150.01 130.23 7.56
2016-09-30 147.56 130.89 7.46
2016-06-30 144.70 124.20 9.00
2016-03-31 140.79 139.37 7.69
2015-12-31 135.17 142.70 8.03
2015-09-30 123.70 99.26 7.12
2015-06-30 120.69 103.06 5.49
2015-03-31 110.91 68.76 6.88
2014-12-31 107.46 64.75 6.83
2014-09-30 106.93 65.73 7.11
2014-06-30 102.52 55.24 6.52
2014-03-31 100.31 71.22 6.55
2013-12-31 95.43 79.67 6.08
2013-09-30 95.87 74.83 5.91
2013-06-30 92.55 69.48 5.79
2013-03-31 91.77 47.16 5.90
2012-12-31 88.83 35.33 5.96
2012-09-30 77.59 31.33 5.78
2012-06-30 81.21 16.58 5.68

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Warehouses De Pauw has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Warehouses De Pauw used its assets more efficiently than the BE REITs industry average last year based on Return on Assets.
  • Warehouses De Pauw's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Warehouses De Pauw's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Warehouses De Pauw has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Warehouses De Pauw's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Warehouses De Pauw's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Warehouses De Pauw's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Warehouses De Pauw's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Warehouses De Pauw's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Warehouses De Pauw Company Filings, last reported 1 month ago.

ENXTBR:WDP Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,650.67 1,743.49 5.24
2018-12-31 1,610.52 1,738.92 1.72
2018-09-30 1,414.12 1,660.59 2.30
2018-06-30 1,307.93 1,653.08 1.32
2018-03-31 1,306.70 1,497.89 1.90
2017-12-31 1,238.44 1,349.82 1.23
2017-09-30 1,185.57 1,265.32 0.58
2017-06-30 1,120.15 1,219.38 0.55
2017-03-31 1,083.43 1,070.74 0.64
2016-12-31 1,032.35 1,045.94 0.34
2016-09-30 798.15 1,163.48 0.93
2016-06-30 770.32 1,225.41 0.63
2016-03-31 779.39 1,080.29 0.13
2015-12-31 768.27 1,042.32 0.55
2015-09-30 710.70 1,042.52 0.73
2015-06-30 689.72 1,026.49 0.82
2015-03-31 676.03 883.28 1.47
2014-12-31 613.49 863.82 0.23
2014-09-30 542.82 838.26 0.39
2014-06-30 518.56 803.35 2.04
2014-03-31 537.14 708.74 1.04
2013-12-31 527.08 688.38 1.58
2013-09-30 489.14 705.72 0.39
2013-06-30 475.23 684.99 3.72
2013-03-31 468.65 647.21 2.17
2012-12-31 450.18 659.86 1.80
2012-09-30 410.28 641.11 2.58
2012-06-30 398.25 646.24 2.18
  • Warehouses De Pauw's level of debt (105.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (132.2% vs 105.6% today).
  • Debt is not well covered by operating cash flow (10.2%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 8.9x coverage).
X
Financial health checks
We assess Warehouses De Pauw's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Warehouses De Pauw has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Warehouses De Pauw's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.4%
Current annual income from Warehouses De Pauw dividends. Estimated to be 4.08% next year.
If you bought €2,000 of Warehouses De Pauw shares you are expected to receive €68 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Warehouses De Pauw's pays a higher dividend yield than the bottom 25% of dividend payers in Belgium (2.44%).
  • Warehouses De Pauw's dividend is below the markets top 25% of dividend payers in Belgium (4.86%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ENXTBR:WDP Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Belgium REITs Industry Average Dividend Yield Market Cap Weighted Average of 16 Stocks 4.3%
Belgium Market Average Dividend Yield Market Cap Weighted Average of 78 Stocks 3.7%
Belgium Minimum Threshold Dividend Yield 10th Percentile 1.2%
Belgium Bottom 25% Dividend Yield 25th Percentile 2.4%
Belgium Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTBR:WDP Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 6.46 3.00
2022-12-31 6.16 3.00
2021-12-31 5.91 5.00
2020-12-31 5.56 5.00
2019-12-31 5.13 5.00
ENXTBR:WDP Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-22 4.800 3.454
2019-02-01 4.800 3.608
2018-03-23 4.500 4.014
2018-02-02 4.500 4.540
2017-04-03 4.260 4.583
2017-02-03 4.260 4.911
2016-03-24 4.000 4.753
2016-02-17 4.000 5.067
2015-03-30 3.400 4.741
2015-02-11 3.400 4.634
2014-03-26 3.250 5.685
2014-02-12 3.250 5.995
2013-05-08 3.110 6.026
2012-05-15 2.940 6.821
2011-05-20 2.940 7.748
2010-03-31 2.940 8.095
2010-02-17 2.940 8.778

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Warehouses De Pauw has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Warehouses De Pauw only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Warehouses De Pauw's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (33.5x coverage).
X
Income/ dividend checks
We assess Warehouses De Pauw's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Warehouses De Pauw afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Warehouses De Pauw has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Warehouses De Pauw's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Joost Uwents
COMPENSATION €683,000
AGE 49
TENURE AS CEO 9.3 years
CEO Bio

Mr. Joost Uwents has been the Chief Executive Officer of Warehouses De Pauw SCA since 2010. and serves as MD & Director of Warehouses De Pauw. Mr. Uwents is responsible for Warehouses' financial policy, marketing and external communication, internal reporting and investors relations. He serves as Compliance Officer of Warehouses De Pauw. He served as Chief Financial Officer of Warehouses Estates Belgium SCA. He served as the Chief Financial Officer at Warehouses De Pauw. He served as Chief Executive Officer of WDP Comm. VA. He has been Non-Executive Independent Director at Xior Student Housing NV since November 23, 2015. He has been an Executive Director of Warehouses De Pauw SCA since April 2002. He served as an Executive Director of Warehouses Estates Belgium SCA. He is a Commercial Engineer and holds an MBA.

CEO Compensation
  • Joost's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Joost's remuneration is about average for companies of similar size in Belgium.
Management Team Tenure

Average tenure of the Warehouses De Pauw management team in years:

9.3
Average Tenure
  • The average tenure for the Warehouses De Pauw management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Joost Uwents

TITLE
Co-CEO & Executive Director
COMPENSATION
€683K
AGE
49
TENURE
9.3 yrs

Tony De Pauw

TITLE
Co-CEO & Executive Director
COMPENSATION
€597K
TENURE
20.3 yrs

Mickaël Van Den Hauwe

TITLE
CFO & Risk Manager

Joke Cordeels

TITLE
Investor Relations Officer

Michiel Assink

TITLE
General Manager - Netherlands
TENURE
1.3 yrs
Board of Directors Tenure

Average tenure and age of the Warehouses De Pauw board of directors in years:

4.3
Average Tenure
57
Average Age
  • The tenure for the Warehouses De Pauw board of directors is about average.
Board of Directors

Rik Vandenberghe

TITLE
Chairman of the Board
AGE
57
TENURE
0.1 yrs

Joost Uwents

TITLE
Co-CEO & Executive Director
COMPENSATION
€683K
AGE
49
TENURE
17.1 yrs

Tony De Pauw

TITLE
Co-CEO & Executive Director
COMPENSATION
€597K
TENURE
20 yrs

Frank L. Meysman

TITLE
Non-Executive Director
COMPENSATION
€30K
AGE
66
TENURE
13.1 yrs

Cynthia Van Hulle

TITLE
Independent Non-Executive Director
COMPENSATION
€30K
AGE
62
TENURE
4.3 yrs

Anne Leclercq

TITLE
Independent Non-Executive Director
COMPENSATION
€30K
TENURE
4.1 yrs

Jürgen Ingels

TITLE
Independent Non-Executive Director
COMPENSATION
€20K
AGE
47
TENURE
1.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Warehouses De Pauw's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Warehouses De Pauw has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

What Type Of Shareholder Owns Warehouses De Pauw's (EBR:WDP)?

View our latest analysis for Warehouses De Pauw ENXTBR:WDP Ownership Summary, May 17th 2019 What Does The Institutional Ownership Tell Us About Warehouses De Pauw? … We can see that Warehouses De Pauw does have institutional investors; and they hold 27% of the stock. … Insider Ownership Of Warehouses De Pauw The definition of company insiders can be subjective, and does vary between jurisdictions.

Simply Wall St -

I Ran A Stock Scan For Earnings Growth And Warehouses De Pauw (EBR:WDP) Passed With Ease

In contrast to all that, I prefer to spend time on companies like Warehouses De Pauw (EBR:WDP), which has not only revenues, but also profits. … Not all of Warehouses De Pauw's revenue this year is revenue from operations, so keep in mind the revenue and margin numbers I've used might not be the best representation of the underlying business. … On the one hand, Warehouses De Pauw's EBIT margins fell over the last year, but on the other hand, revenue grew.

Simply Wall St -

Boasting A 21% Return On Equity, Is Warehouses De Pauw (EBR:WDP) A Top Quality Stock?

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … Our data shows Warehouses De Pauw has a return on equity of 21% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Why Warehouses De Pauw (EBR:WDP) Could Have A Place In Your Portfolio

Building up an investment case requires looking at a stock holistically. … Today I've chosen to put the spotlight on Warehouses De Pauw (EBR:WDP) due to its excellent fundamentals in more than one area.

Simply Wall St -

Does Warehouses De Pauw's (EBR:WDP) CEO Pay Reflect Performance?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does Joost Uwents's Compensation Compare With Similar Sized Companies. … At the time of writing our data says that Warehouses De Pauw has a market cap of €3.1b, and is paying total annual CEO compensation of €641k.

Simply Wall St -

Can You Imagine How Chuffed Warehouses De Pauw's Shareholders Feel About Its 138% Share Price Gain?

For example, the Warehouses De Pauw (EBR:WDP) share price has soared 138% in the last half decade. … During five years of share price growth, Warehouses De Pauw achieved compound earnings per share (EPS) growth of 23% per year. … The EPS growth is more impressive than the yearly share price gain of 19% over the same period.

Simply Wall St -

Warehouses De Pauw (EBR:WDP): Are Analysts Bull Or Bear?

Want to participate in a short research study? … Help shape the future of investing tools and you could win a $250 gift card! … The latest earnings announcement Warehouses De Pauw (EBR:WDP) released in December 2018a

Simply Wall St -

Should You Invest In Warehouses De Pauw (EBR:WDP)?

real estate investment trust (REIT) based in Wolvertem, Belgium. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent

Simply Wall St -

How Much Money Does Warehouses De Pauw (EBR:WDP) Make?

Today we will examine Warehouses De Pauw’s ability to generate cash flows, as well as the level of capital expenditure it is expected to incur over the next couple of years, which will result in how much money goes to you. … Warehouses De Pauw’s free cash flow (FCF) is the level of cash flow the business generates from its operational activities, after it reinvests in the company as capital expenditure. … I will be analysing Warehouses De Pauw’s FCF by looking at its FCF yield and its operating cash flow growth.

Simply Wall St -

How To Look At Warehouses De Pauw (EBR:WDP)

real estate investment trust (REIT) based in Wolvertem, Belgium. … REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities … These items can distort the bottom line and not necessarily reflective of WDP’s daily operations.

Simply Wall St -

Company Info

Description

WDP develops and invests in logistics property (warehouses and offices). WDP's property portfolio amounts to around 4.5 million m². This international portfolio of semi-industrial and logistics buildings is spread over more than 200 sites at prime logistics locations for storage and distribution in Belgium, France, the Netherlands, Luxembourg and Romania.

Details
Name: Warehouses De Pauw
WDP
Exchange: ENXTBR
Founded:
€3,298,175,415
23,391,315
Website: http://www.wdp.eu
Address: Warehouses De Pauw
Blakebergen 15,
Wolvertem,
Liège, 1861,
Belgium
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTBR WDP Ordinary Shares Euronext Brussels BE EUR 28. Jun 1999
OTCPK WDPS.F Ordinary Shares Pink Sheets LLC US USD 28. Jun 1999
DB WPH Ordinary Shares Deutsche Boerse AG DE EUR 28. Jun 1999
LSE 0MU2 Ordinary Shares London Stock Exchange GB EUR 28. Jun 1999
BATS-CHIXE WDPB Ordinary Shares BATS 'Chi-X Europe' GB EUR 28. Jun 1999
Number of employees
Current staff
Staff numbers
70
Warehouses De Pauw employees.
Industry
Industrial REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/26 21:05
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/05/21
Last earnings filing: 2019/04/24
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.