AIM:WHR

Stock Analysis Report

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Executive Summary

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


Snowflake Analysis

Mediocre balance sheet second-rate dividend payer.


Similar Companies

Share Price & News

How has Warehouse REIT's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: WHR is less volatile than 75% of UK stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: WHR's weekly volatility (3%) has been stable over the past year.


Market Performance


7 Day Return

0%

WHR

0.8%

GB REITs

-2.3%

GB Market


1 Year Return

15.9%

WHR

-41.7%

GB REITs

1.1%

GB Market

Return vs Industry: WHR exceeded the UK REITs industry which returned -41.7% over the past year.

Return vs Market: WHR exceeded the UK Market which returned 1.1% over the past year.


Shareholder returns

WHRIndustryMarket
7 Day0%0.8%-2.3%
30 Day1.6%1.7%-0.1%
90 Day7.6%4.7%4.2%
1 Year20.8%15.9%-8.0%-41.7%7.1%1.1%
3 Year50.7%28.8%0.6%-0.7%9.7%-3.4%
5 Yearn/a7.4%1.5%36.9%10.5%

Long-Term Price Volatility Vs. Market

How volatile is Warehouse REIT's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

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

5.97x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: WHR (£1.28) is trading above our estimate of fair value (£0.74)

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


Price To Earnings Ratio

PE vs Industry: WHR is good value based on its PE Ratio (6x) compared to the GB REITs industry average (18.1x).

PE vs Market: WHR is good value based on its PE Ratio (6x) compared to the UK market (23.6x).


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 (0.8x).


Next Steps

Future Growth

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

18.6%

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 (1%).

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 (18.6% per year) is forecast to grow faster than the UK market (7.3% per year).

High Growth Revenue: WHR's revenue (18.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if WHR's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Warehouse REIT performed over the past 5 years?

296.3%

Last years earnings growth


Earnings and Revenue History

Quality Earnings: WHR has a large one-off gain of £42.2M impacting its September 30 2020 financial results.

Growing Profit Margin: WHR's current net profit margins are higher than last year (59.1%).


Past Earnings Growth Analysis

Earnings Trend: Insufficient data to determine if WHR's year-on-year earnings growth rate was positive over the past 5 years.

Accelerating Growth: Insufficient data to compare WHR's past year earnings growth to its 5-year average.

Earnings vs Industry: WHR earnings growth over the past year (296.3%) exceeded the REITs industry -4.2%.


Return on Equity

High ROE: WHR's Return on Equity (13%) is considered low.


Next Steps

  • Explore strong past performing companies in the Real Estate industry.

Financial Health

How is Warehouse REIT's financial position?


Financial Position Analysis

Short Term Liabilities: WHR's short term assets (£56.5M) exceed its short term liabilities (£14.1M).

Long Term Liabilities: WHR's short term assets (£56.5M) do not cover its long term liabilities (£164.9M).


Debt to Equity History and Analysis

Debt Level: WHR's debt to equity ratio (34.3%) 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 (9.8%).

Interest Coverage: WHR's interest payments on its debt are well covered by EBIT (3.6x coverage).


Balance Sheet


Next Steps

Dividend

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

5.02%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: WHR's dividend (5.02%) is higher than the bottom 25% of dividend payers in the UK market (1.49%).

High Dividend: WHR's dividend (5.02%) is in the top 25% of dividend payers in the UK market (4.57%)


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 3 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (75.6%), WHR's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: WHR's dividends in 3 years are not forecast to be well covered by earnings (100.7% payout ratio).


Next Steps

Management

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

2.6yrs

Average management tenure


CEO

Andrew Bird (58 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

NamePositionTenureCompensationOwnership
Andrew Bird
Managing Directorno datano datano data
Peter Greenslade
Finance Directorno datano data0.032%
£ 171.6k
Paul Makin
Investment Director2.67yrsno datano data
Adrian Daminato
Head of Financial Planning & Reporting0.25yrno datano data
Pam Williamson
Group Financial Controller - Tilstone Partners Limited2.58yrsno datano data

2.6yrs

Average Tenure

Experienced Management: WHR's management team is considered experienced (2.6 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Simon Hope
Non-Independent Non-Executive Director3.58yrsno data2.92%
£ 15.8m
Martin Meech
Senior Independent Directorno dataUK£35.00k0.068%
£ 370.9k
Stephen Barrow
Non-Independent Non-Executive Director3.58yrsno data2.33%
£ 12.6m
Neil Kirton
Independent Non-Executive Chairman3.5yrsUK£45.00k0.092%
£ 498.4k
Aimée Joan Pitman
Independent Non-Executive Director3.5yrsUK£35.00k0.13%
£ 723.0k
Lynette Lackey
Independent Non-Executive Director2.25yrsUK£35.00k0.012%
£ 65.8k

3.5yrs

Average Tenure

56yo

Average Age

Experienced Board: WHR's board of directors are considered experienced (3.5 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.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 76.8%.


Top Shareholders

Company Information

Warehouse REIT plc's company bio, 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
  • Market Cap: UK£541.699m
  • 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

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
WHRAIM (London Stock Exchange AIM Market)YesOrdinary SharesGBGBPSep 2017

Biography

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' d...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/02/27 19:14
End of Day Share Price2021/02/26 00:00
Earnings2020/09/30
Annual Earnings2020/03/31


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.