Warehouses Estates Belgium S.C.A Valuation

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

WPK (€37.6) is trading above our estimate of [[fair value]] (€34.16)

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

Valuation Score

2/6

Valuation Score 2/6

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 WPK when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: WPK (€37.6) is trading above our estimate of fair value (€34.16)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for WPK. This is calculated by dividing WPK's market cap by their current earnings.
What is WPK's PE Ratio?
PE Ratio	20.1x
Earnings	€6.63m
Market Cap	€133.46m

WPK key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	10.4x
Enterprise Value/EBITDA	n/a
PEG Ratio	1x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for WPK vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	30.3x
HABA Hamborner REIT	63.7x	11.0%	€521.4m
YVIT Vitruvio Real Estate SOCIMI	50.2x	20.7%	€132.3m
REIT Emirates REIT (CEIC)	1.1x	n/a	US$157.3m
FCD.UN Firm Capital Property Trust	6.2x	n/a	CA$217.9m
WPK Warehouses Estates Belgium S.C.A	20.1x	20.8%	€133.5m

Price-To-Earnings vs Peers: WPK is good value based on its Price-To-Earnings Ratio (20.1x) compared to the peer average (30.3x).

Price to Earnings Ratio vs Industry

How does WPK's PE Ratio compare vs other companies in the European REITs Industry?

2 Companies	Price / Earnings	Estimated Growth	Market Cap

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: WPK is good value based on its Price-To-Earnings Ratio (20.1x) compared to the European REITs industry average (22.8x).

Price to Earnings Ratio vs Fair Ratio

What is WPK'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.

WPK PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	20.1x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate WPK's Price-To-Earnings Fair Ratio for valuation analysis.

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 WPK forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	€37.60	€41.00 +9.0%	2.4%	€42.00	€40.00	n/a	2
Nov ’25	€38.30	€41.00 +7.0%	2.4%	€42.00	€40.00	n/a	2
Oct ’25	€38.60	€39.75 +3.0%	0.6%	€40.00	€39.50	n/a	2
Sep ’25	€38.30	€38.75 +1.2%	1.9%	€39.50	€38.00	n/a	2
Aug ’25	€38.30	€38.75 +1.2%	1.9%	€39.50	€38.00	n/a	2
Jul ’25	€37.40	€38.75 +3.6%	1.9%	€39.50	€38.00	n/a	2
Jun ’25	€37.70	€38.75 +2.8%	1.9%	€39.50	€38.00	n/a	2
May ’25	€39.00	€38.75 -0.6%	1.9%	€39.50	€38.00	n/a	2
Apr ’25	€38.00	€38.75 +2.0%	1.9%	€39.50	€38.00	n/a	2
Mar ’25	€36.00	€38.75 +7.6%	1.9%	€39.50	€38.00	n/a	2
Feb ’25	€36.40	€39.25 +7.8%	0.6%	€39.50	€39.00	n/a	2
Jan ’25	€35.60	€39.25 +10.3%	0.6%	€39.50	€39.00	n/a	2

Analyst Forecast: Target price is less than 20% higher than the current share price.

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