ENXTBR:WDP

Stock Analysis Report

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Executive Summary

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


Snowflake Analysis

Established dividend payer with imperfect balance sheet.

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 is not significantly more volatile than the rest of Belgian stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: WDP's weekly volatility (4%) has been stable over the past year.


Market Performance


7 Day Return

1.4%

WDP

0.2%

BE REITs

-0.4%

BE Market


1 Year Return

20.4%

WDP

-9.8%

BE REITs

-8.4%

BE Market

Return vs Industry: WDP exceeded the Belgian REITs industry which returned -7.1% over the past year.

Return vs Market: WDP exceeded the Belgian Market which returned -9.5% over the past year.


Shareholder returns

WDPIndustryMarket
7 Day1.4%0.2%-0.4%
30 Day2.9%3.6%2.4%
90 Day-5.7%1.8%14.3%
1 Year23.0%20.4%-6.2%-9.8%-7.1%-8.4%
3 Year123.9%107.5%39.1%22.2%-13.1%-17.9%
5 Year218.8%175.6%72.6%39.9%-8.3%-17.4%

Long-Term 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?

13.74x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: WDP (€28.66) is trading above our estimate of fair value (€25.67)

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


Price To Earnings Ratio

PE vs Industry: WDP's PE Ratio (13.7x) is in line with the BE REITs industry average.

PE vs Market: WDP is good value based on its PE Ratio (13.7x) compared to the Belgian market (16.1x).


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 (2.3x) compared to the BE REITs industry average (1.1x).


Next Steps

Future Growth

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

-2.1%

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 (-2.1% per year).

Earnings vs Market: WDP's earnings are forecast to decline over the next 3 years (-2.1% per year).

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

Revenue vs Market: WDP's revenue (7.5% per year) is forecast to grow faster than the Belgian market (6.6% per year).

High Growth Revenue: WDP's revenue (7.5% 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 (12.3%).


Next Steps

Past Performance

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

25.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: WDP has a large one-off gain of €201.5M impacting its September 30 2020 financial results.

Growing Profit Margin: WDP's current net profit margins are lower than last year .


Past Earnings Growth Analysis

Earnings Trend: WDP's earnings have grown significantly by 25.4% per year over the past 5 years.

Accelerating Growth: WDP's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: WDP had negative earnings growth (-2.2%) over the past year, making it difficult to compare to the REITs industry average (-2.2%).


Return on Equity

High ROE: WDP's Return on Equity (16.1%) is considered low.


Next Steps

Financial Health

How is Warehouses De Pauw's financial position?


Financial Position Analysis

Short Term Liabilities: WDP's short term assets (€67.9M) do not cover its short term liabilities (€467.1M).

Long Term Liabilities: WDP's short term assets (€67.9M) do not cover its long term liabilities (€1.9B).


Debt to Equity History and Analysis

Debt Level: WDP's debt to equity ratio (90.2%) is considered high.

Reducing Debt: WDP's debt to equity ratio has reduced from 144.5% to 90.2% over the past 5 years.

Debt Coverage: WDP's debt is not well covered by operating cash flow (8.7%).

Interest Coverage: WDP's interest payments on its debt are well covered by EBIT (10.1x coverage).


Balance Sheet


Next Steps

Dividend

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

2.58%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: WDP's dividend (2.58%) is higher than the bottom 25% of dividend payers in the Belgian market (1.97%).

High Dividend: WDP's dividend (2.58%) is low compared to the top 25% of dividend payers in the Belgian market (4.75%).


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 (44%), 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 covered by earnings (85.3% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

11.0yrs

Average management tenure


CEO

Joost Uwents (51 yo)

11yrs

Tenure

€856,250

Compensation

Mr. Joost Uwents has been the Chief Executive Officer of Warehouses De Pauw since 2010 and serves as its MD. Mr. Uwents is responsible for Warehouses' financial policy, marketing and external communication...


CEO Compensation Analysis

Compensation vs Market: Joost's total compensation ($USD1.05M) is below average for companies of similar size in the Belgian market ($USD2.37M).

Compensation vs Earnings: Joost's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Joost Uwents
MD, Co-CEO & Executive Director11yrs€856.25k0.013%
€ 659.0k
Tony De Pauw
MD, Co-CEO & Executive Director21.67yrs€735.00k3.48%
€ 174.1m
Mickaël Van Den Hauwe
CFO & Risk Managerno datano datano data
Marc Bosscher
Chief Technical Officerno datano datano data
Joke Cordeels
Investor Relations Officerno datano datano data
Johanna Vermeeren
General Counselno datano datano data
Michiel Assink
General Manager - Netherlands3yrsno datano data

11.0yrs

Average Tenure

54yo

Average Age

Experienced Management: WDP's management team is seasoned and experienced (11 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Joost Uwents
MD, Co-CEO & Executive Director11yrs€856.25k0.013%
€ 659.0k
Tony De Pauw
MD, Co-CEO & Executive Director21.67yrs€735.00k3.48%
€ 174.1m
Frank L. Meysman
Non-Executive Director14.75yrs€30.00k0.0019%
€ 97.6k
Jürgen Ingels
Independent Non-Executive Director2.75yrs€30.00kno data
Cynthia Van Hulle
Independent Non-Executive Director5.92yrs€30.00kno data
Rik Vandenberghe
Independent Chairman of the Board1.75yrs€75.00k0.00059%
€ 29.5k
Anne Leclercq
Independent Non-Executive Director5.75yrs€30.00kno data

5.9yrs

Average Tenure

64yo

Average Age

Experienced Board: WDP's board of directors are considered experienced (5.9 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

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 not been meaningfully diluted in the past year.


Top Shareholders

Company Information

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


Key Information

  • Name: Warehouses De Pauw NV
  • Ticker: WDP
  • Exchange: ENXTBR
  • Founded: NaN
  • Industry: Industrial REITs
  • Sector: Real Estate
  • Market Cap: €5.007b
  • Shares outstanding: 174.71m
  • Website: https://www.wdp.eu

Number of Employees


Location

  • Warehouses De Pauw NV
  • Blakebergen 15
  • Wolvertem
  • Flemish Brabant
  • 1861
  • Belgium

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
WPHBDB (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 more than 5 million m². This international portfolio of semi-industrial and logistics buildings ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/01/09 19:12
End of Day Share Price2021/01/08 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


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.