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WHR

Warehouse REITAIM:WHR Stock Report

Last Price

UK£1.66

Market Cap

UK£706.1m

7D

0.6%

1Y

36.2%

Updated

20 Jan, 2022

Data

Company Financials +
WHR fundamental analysis
Snowflake Score
Valuation3/6
Future Growth1/6
Past Performance5/6
Financial Health3/6
Dividends3/6

WHR Stock Overview

Warehouse REIT plc owns and manages a diversified portfolio of warehouse real estate assets in UK urban areas.

Warehouse REIT Competitors

SEGRO

LSE:SGRO

UK£15.8b

Aroundtown

XTRA:AT1

€6.4b

alstria office REIT-AG

XTRA:AOX

€3.5b

TLG Immobilien

XTRA:TLG

€3.4b

Price History & Performance

Summary of all time highs, changes and price drops for Warehouse REIT
Historical stock prices
Current Share PriceUK£1.66
52 Week HighUK£1.78
52 Week LowUK£1.20
Beta0.76
1 Month Change-0.36%
3 Month Change4.27%
1 Year Change36.23%
3 Year Change66.20%
5 Year Changen/a
Change since IPO62.94%

Recent News & Updates

Shareholder Returns

WHRGB REITsGB Market
7D0.6%0.8%-1.0%
1Y36.2%22.5%8.3%

Return vs Industry: WHR exceeded the UK REITs industry which returned 22.5% over the past year.

Return vs Market: WHR exceeded the UK Market which returned 8.3% over the past year.

Price Volatility

Is WHR's price volatile compared to industry and market?
WHR volatility
WHR Average Weekly Movement3.7%
REITs Industry Average Movement2.6%
Market Average Movement5.0%
10% most volatile stocks in GB Market10.7%
10% least volatile stocks in GB Market2.5%

Stable Share Price: WHR is not significantly more volatile than the rest of UK stocks over the past 3 months, typically moving +/- 4% a week.

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

About the Company

FoundedEmployeesCEOWebsite
2017n/aAndrew Birdhttps://www.warehousereit.co.uk

Warehouse REIT plc owns and manages a diversified portfolio of warehouse real estate assets in UK urban areas. This is a compelling market. The structural rise in e-commerce and investment in 'last-mile' delivery contribute to high tenant demand, while limited vacant space and our active asset management lead to growing rents.

Warehouse REIT Fundamentals Summary

How do Warehouse REIT's earnings and revenue compare to its market cap?
WHR fundamental statistics
Market CapUK£706.12m
Earnings (TTM)UK£169.17m
Revenue (TTM)UK£43.46m

4.2x

P/E Ratio

16.2x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
WHR income statement (TTM)
RevenueUK£43.46m
Cost of RevenueUK£5.17m
Gross ProfitUK£38.29m
Expenses-UK£130.88m
EarningsUK£169.17m

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.40
Gross Margin88.11%
Net Profit Margin389.26%
Debt/Equity Ratio40.2%

How did WHR perform over the long term?

See historical performance and comparison

Dividends

3.7%

Current Dividend Yield

86%

Payout Ratio

Valuation

Is Warehouse REIT undervalued compared to its fair value and its price relative to the market?

5.5%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: WHR (£1.66) is trading below our estimate of fair value (£1.76)

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


Price To Earnings Ratio

PE vs Industry: WHR is good value based on its PE Ratio (4.2x) compared to the UK REITs industry average (13.2x).

PE vs Market: WHR is good value based on its PE Ratio (4.2x) compared to the UK market (19.1x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate WHR's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: WHR is overvalued based on its PB Ratio (1.1x) compared to the GB REITs industry average (0.9x).


Future Growth

How is Warehouse REIT forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

11.4%

Forecasted annual revenue growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if WHR's forecast earnings growth is above the savings rate (0.9%).

Earnings vs Market: Insufficient data to determine if WHR's earnings are forecast to grow faster than the UK market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: WHR's revenue (11.4% per year) is forecast to grow faster than the UK market (4.8% per year).

High Growth Revenue: WHR's revenue (11.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: WHR's Return on Equity is forecast to be low in 3 years time (3.3%).


Past Performance

How has Warehouse REIT performed over the past 5 years?

75.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: WHR has a large one-off gain of £145.1M impacting its September 30 2021 financial results.

Growing Profit Margin: WHR's current net profit margins are higher than last year .


Past Earnings Growth Analysis

Earnings Trend: WHR's earnings have grown significantly by 75.9% per year over the past 5 years.

Accelerating Growth: WHR's earnings growth over the past year (190.6%) exceeds its 5-year average (75.9% per year).

Earnings vs Industry: WHR earnings growth over the past year (190.6%) exceeded the REITs industry 150.1%.


Return on Equity

High ROE: WHR's Return on Equity (26.1%) is considered high.


Financial Health

How is Warehouse REIT's financial position?


Financial Position Analysis

Short Term Liabilities: WHR's short term assets (£34.4M) exceed its short term liabilities (£17.5M).

Long Term Liabilities: WHR's short term assets (£34.4M) do not cover its long term liabilities (£290.9M).


Debt to Equity History and Analysis

Debt Level: WHR's net debt to equity ratio (36.3%) is considered satisfactory.

Reducing Debt: Insufficient data to determine if WHR's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: WHR's debt is not well covered by operating cash flow (11.1%).

Interest Coverage: WHR's interest payments on its debt are well covered by EBIT (4.6x coverage).


Balance Sheet


Dividend

What is Warehouse REIT current dividend yield, its reliability and sustainability?

3.73%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: WHR's dividend (3.73%) is higher than the bottom 25% of dividend payers in the UK market (1.39%).

High Dividend: WHR's dividend (3.73%) is low compared to the top 25% of dividend payers in the UK market (4.04%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, WHR has been paying a dividend for less than 10 years.

Growing Dividend: WHR's dividend payments have increased, but the company has only paid a dividend for 4 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (86.1%), WHR's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: WHR's dividends in 3 years are forecast to be covered by earnings (88.2% payout ratio).


Next Steps

Management

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

2.3yrs

Average management tenure


CEO

Andrew Bird (59 yo)

no data

Tenure

Mr. Andrew Charles Bird is a Founded Tilstone Estates Ltd. in 2010 and serves as its Managing Director and Director. Mr. Bird has over 25 years of experience in the commercial property investment and devel...


Leadership Team

Experienced Management: WHR's management team is considered experienced (2.3 years average tenure).


Board Members

Experienced Board: WHR's board of directors are considered experienced (4.4 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: WHR insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 9.8%.


Top Shareholders

Company Information

Warehouse REIT plc's employee growth, exchange listings and data sources


Key Information

  • Name: Warehouse REIT plc
  • Ticker: WHR
  • Exchange: AIM
  • Founded: 2017
  • Industry: Industrial REITs
  • Sector: Real Estate
  • Implied Market Cap: UK£706.120m
  • Shares outstanding: 424.86m
  • Website: https://www.warehousereit.co.uk

Location

  • Warehouse REIT plc
  • Gorse Stacks House
  • Ground Floor
  • Chester
  • CH1 3EQ
  • United Kingdom

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/01/20 21:27
End of Day Share Price2022/01/20 00:00
Earnings2021/09/30
Annual Earnings2021/03/31


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.