Warehouses De Pauw SA

ENXTBR:WDP Stock Report

Market Cap: €4.5b

Warehouses De Pauw Valuation

Is WDP undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of WDP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: WDP (€20.12) is trading below our estimate of fair value (€23.86)

Significantly Below Fair Value: WDP is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for WDP?

Key metric: As WDP is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for WDP. This is calculated by dividing WDP's market cap by their current earnings.
What is WDP's PE Ratio?
PE Ratio16.2x
Earnings€279.89m
Market Cap€4.54b

Price to Earnings Ratio vs Peers

How does WDP's PE Ratio compare to its peers?

The above table shows the PE ratio for WDP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average38.1x
MONT Montea Comm. VA
9.4x2.1%€1.5b
INTO Intervest Offices & Warehouses
108.6x95.9%€642.7m
SHUR Shurgard Self Storage
9.4x-8.5%€3.8b
AED Aedifica/SA
25.1x38.3%€2.7b
WDP Warehouses De Pauw
16.2x14.9%€4.5b

Price-To-Earnings vs Peers: WDP is good value based on its Price-To-Earnings Ratio (16.2x) compared to the peer average (38.1x).

Price to Earnings Ratio vs Industry

How does WDP's PE Ratio compare vs other companies in the Global Industrial REITs Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
WDP 16.2xIndustry Avg. 20.0xNo. of Companies10PE01224364860+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: WDP is good value based on its Price-To-Earnings Ratio (16.2x) compared to the Global Industrial REITs industry average (20.1x).

Price to Earnings Ratio vs Fair Ratio

What is WDP's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

WDP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio16.2x
Fair PE Ratio15.6x

Price-To-Earnings vs Fair Ratio: WDP is expensive based on its Price-To-Earnings Ratio (16.2x) compared to the estimated Fair Price-To-Earnings Ratio (15.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst WDP forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€20.12
€27.69
+37.6%
12.2%€33.00€21.00n/a14
Nov ’25€21.84
€27.69
+26.8%
12.2%€33.00€21.00n/a14
Oct ’25€24.50
€27.91
+13.9%
11.6%€33.00€21.00n/a14
Sep ’25€24.14
€28.31
+17.3%
11.3%€33.00€22.00n/a14
Aug ’25€25.16
€28.45
+13.1%
11.4%€33.00€22.00n/a14
Jul ’25€25.36
€28.69
+13.1%
12.1%€34.00€22.00n/a14
Jun ’25€26.76
€28.64
+7.0%
12.0%€34.00€22.00n/a14
May ’25€24.94
€28.49
+14.2%
12.1%€34.00€22.00n/a13
Apr ’25€26.46
€28.38
+7.2%
12.8%€34.00€22.00n/a13
Mar ’25€24.94
€28.22
+13.1%
13.3%€34.00€21.00n/a13
Feb ’25€26.38
€28.22
+7.0%
13.3%€34.00€21.00n/a13
Jan ’25€28.50
€27.23
-4.5%
14.6%€34.00€20.00n/a13
Dec ’24€26.14
€26.54
+1.5%
13.4%€33.00€20.00n/a12
Nov ’24€23.64
€27.65
+17.0%
12.3%€34.00€21.00€21.8413
Oct ’24€23.44
€28.04
+19.6%
14.1%€37.00€21.00€24.5013
Sep ’24€25.74
€28.58
+11.0%
12.2%€37.00€24.00€24.1413
Aug ’24€26.28
€28.92
+10.1%
12.2%€37.00€24.00€25.1613
Jul ’24€25.12
€28.80
+14.6%
15.4%€37.00€23.00€25.3610
Jun ’24€26.26
€28.70
+9.3%
15.4%€37.00€23.00€26.7610
May ’24€27.12
€28.70
+5.8%
15.4%€37.00€23.00€24.9410
Apr ’24€27.32
€28.75
+5.2%
17.8%€38.00€21.50€26.4610
Mar ’24€28.02
€28.55
+1.9%
18.4%€38.00€21.50€24.9410
Feb ’24€28.86
€27.25
-5.6%
19.7%€38.00€21.50€26.3810
Jan ’24€26.70
€27.95
+4.7%
25.4%€44.00€21.50€28.5010
Dec ’23€25.88
€29.23
+12.9%
25.9%€44.00€21.50€26.1411
Nov ’23€26.70
€30.70
+15.0%
24.2%€44.00€22.00€23.6410

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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