ENXTBR:WDP

Stock Analysis Report

Executive Summary

WDP develops and invests in logistics property (warehouses and offices).

Snowflake

Fundamentals

Established dividend payer with proven track record.

Share Price & News

How has Warehouses De Pauw's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: WDP has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-0.1%

WDP

0.5%

BE REITs

0.4%

BE Market


1 Year Return

48.6%

WDP

31.9%

BE REITs

9.7%

BE Market

Return vs Industry: WDP exceeded the Belgian REITs industry which returned 31.9% over the past year.

Return vs Market: WDP exceeded the Belgian Market which returned 9.7% over the past year.


Shareholder returns

WDPIndustryMarket
7 Day-0.1%0.5%0.4%
30 Day-1.7%2.0%-4.4%
90 Day7.3%8.8%-2.4%
1 Year52.2%48.6%37.1%31.9%12.1%9.7%
3 Year124.8%105.7%59.7%39.7%0.8%-6.1%
5 Year240.0%189.3%98.2%60.0%18.2%4.8%

Price Volatility Vs. Market

How volatile is Warehouses De Pauw's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Warehouses De Pauw undervalued compared to its fair value and its price relative to the market?

10.4x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: WDP (€165.2) is trading above our estimate of fair value (€165.13)

Significantly Below Fair Value: WDP is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: WDP is good value based on its PE Ratio (10.4x) compared to the REITs industry average (15.4x).

PE vs Market: WDP is good value based on its PE Ratio (10.4x) compared to the Belgian market (16.3x).


Price to Earnings Growth Ratio

PEG Ratio: WDP's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: WDP is overvalued based on its PB Ratio (2.8x) compared to the BE REITs industry average (1.4x).


Next Steps

Future Growth

How is Warehouses De Pauw forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

-2.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: WDP's earnings are forecast to decline over the next 3 years (-2.4% per year).

Earnings vs Market: WDP's earnings are forecast to decline over the next 3 years (-2.4% per year).

High Growth Earnings: WDP's earnings are forecast to decline over the next 3 years.

Revenue vs Market: WDP's revenue (9.1% per year) is forecast to grow faster than the Belgian market (3.8% per year).

High Growth Revenue: WDP's revenue (9.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: WDP's Return on Equity is forecast to be low in 3 years time (11.6%).


Next Steps

Past Performance

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

32.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: WDP has large one-off items impacting its financial results.

Growing Profit Margin: WDP's current net profit margins (162.9%) are higher than last year (121.8%).


Past Earnings Growth Analysis

Earnings Trend: WDP's earnings have grown significantly by 32.1% per year over the past 5 years.

Accelerating Growth: WDP's earnings growth over the past year (50%) exceeds its 5-year average (32.1% per year).

Earnings vs Industry: WDP earnings growth over the past year (50%) exceeded the REITs industry 28.2%.


Return on Equity

High ROE: Whilst WDP's Return on Equity (20.86%) is high, this metric is skewed due to their high level of debt.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Warehouses De Pauw's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: WDP has a high level of physical assets or inventory.

Debt Coverage by Assets: WDP's debt is not covered by short term assets (assets are 0x debt).


Financial Institutions Analysis

Asset Level: WDP's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if WDP has a sufficient allowance for bad loans.

Low Risk Liabilities: WDP reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if WDP has an acceptable proportion of non-loan assets held.

Low Risk Deposits: WDP has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if WDP has an appropriate level of bad loans.


Next Steps

Dividend

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

2.91%

Current Dividend Yield


Dividend Yield vs Market

company2.9%marketbottom25%2.1%markettop25%4.4%industryaverage3.8%forecastin3Years3.5%

Current dividend yield vs market & industry

Notable Dividend: WDP's dividend (2.91%) is higher than the bottom 25% of dividend payers in the Belgian market (2.12%).

High Dividend: WDP's dividend (2.91%) is low compared to the top 25% of dividend payers in the Belgian market (4.37%).


Stability and Growth of Payments

Stable Dividend: WDP's dividends per share have been stable in the past 10 years.

Growing Dividend: WDP's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (45.4%), WDP's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: WDP's dividends in 3 years are forecast to be thoroughly covered by earnings (2.8% payout ratio).


Next Steps

Management

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

9.8yrs

Average management tenure


CEO

Joost Uwents (50yo)

9.8yrs

Tenure

€683,000

Compensation

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, ma ...


CEO Compensation Analysis

Compensation vs Market: Joost's total compensation ($USD753.86K) is about average for companies of similar size in the Belgian market ($USD753.86K).

Compensation vs Earnings: Joost's compensation has been consistent with company performance over the past year.


Management Age and Tenure

9.8yrs

Average Tenure

Experienced Management: WDP's management team is seasoned and experienced (9.8 years average tenure).


Board Age and Tenure

4.8yrs

Average Tenure

58yo

Average Age

Experienced Board: WDP's board of directors are considered experienced (4.8 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 4.1%.


Management Team

  • Joost Uwents (50yo)

    Co-CEO & Executive Director

    • Tenure: 9.8yrs
    • Compensation: €683.00k
  • Tony De Pauw

    Co-CEO & Executive Director

    • Tenure: 20.5yrs
    • Compensation: €597.45k
  • Mickaël Van Den Hauwe

    CFO & Risk Manager

    • Tenure: 0yrs
  • Michiel Assink

    General Manager - Netherlands

    • Tenure: 1.8yrs
  • Joke Cordeels

    Investor Relations Officer

    • Tenure: 0yrs

Board Members

  • Frank L. Meysman (67yo)

    Non-Executive Director

    • Tenure: 13.6yrs
    • Compensation: €30.00k
  • Jürgen Ingels (48yo)

    Independent Non-Executive Director

    • Tenure: 1.6yrs
    • Compensation: €20.00k
  • Cynthia Van Hulle (63yo)

    Independent Non-Executive Director

    • Tenure: 4.8yrs
    • Compensation: €30.00k
  • Joost Uwents (50yo)

    Co-CEO & Executive Director

    • Tenure: 9.8yrs
    • Compensation: €683.00k
  • Tony De Pauw

    Co-CEO & Executive Director

    • Tenure: 20.5yrs
    • Compensation: €597.45k
  • Rik Vandenberghe (58yo)

    Independent Chairman of the Board

    • Tenure: 0.6yrs
  • Anne Leclercq

    Independent Non-Executive Director

    • Tenure: 4.6yrs
    • Compensation: €30.00k

Company Information

Warehouses De Pauw's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Warehouses De Pauw
  • Ticker: WDP
  • Exchange: ENXTBR
  • Founded:
  • Industry: Industrial REITs
  • Sector: Real Estate
  • Market Cap: €4.855b
  • Shares outstanding: 29.39m
  • Website: https://www.wdp.eu

Number of Employees


Location

  • Warehouses De Pauw
  • Blakebergen 15
  • Wolvertem
  • Liège
  • 1861
  • Belgium

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
WPHDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJun 1999
WDPENXTBR (Euronext Brussels)YesOrdinary SharesBEEURJun 1999
0MU2LSE (London Stock Exchange)YesOrdinary SharesGBEURJun 1999
WDPBBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJun 1999
WDPS.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJun 1999

Biography

WDP develops and invests in logistics property (warehouses and offices). WDP's property portfolio amounts to around 5 million m². This international portfolio of semi-industrial and logistics buildings is  ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/11 20:53
End of Day Share Price2019/11/11 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


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.