Degroof Petercam - Warehouses De Pauw SCA (WDP) WDP - A well-oiled logistics engine

Report

Degroof Petercam

Inna Maslova

WDP - A well-oiled logistics engine

A well-oiled logistics engine

12/12/2023 1 EN

Underlying

Warehouses De Pauw SCA

Warehouses De Pauw and its subsidiaries are engaged in investment in the Belgian semi-industrial property market. Co. is a closed-end property investment company which specializes in: development of storage and distribution premises; customized projects in line with the user's request; acquiring premises for customers who wish to engage in sale and leaseback transactions.

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BE0003763779 Belgium

Provider

Degroof Petercam

We are an investment house with Belgian roots founded on more than 150 years of trust.

As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.

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Analysts

Inna Maslova

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WDP - In-line Q1, portfolio seeing signs of stabilisation

Q1 property result stood at EUR 89.5m, up 9.6% YoY. LfL rental growth stood at 3.5%, driven primarily by lease indexation with -0.5% impact from increased vacancy. The reversionary potential on the existing portfolio stands at ca. 13%.Operating margin declined 290bps since December end to 88.6% as a result of G&A expenses increasing ca. 75% YoY and property charges being up 23.7% (rental income up 11.8%).Portfolio EPRA NIY remained flat at 5.3%, with portfolio witnessing a +EUR 26m revaluation (+0.4% QoQ) ‘Hold' rating reiterated on the back of demanding multiples.WDP reiterates its 2024 ...

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January 26, 2024 January 26, 2024 1 EN

Aperam - Have we now seen the trough quarter?

• Q1 EBITDA was in line, while the outlook of a higher Q2 is encouraging. • Nevertheless, improvement is already anticipated and we do not expect to materially change our estimates. • We stick to our Hold rating with a TP of EUR 30, based on our 2025E SOTP with an overall target EV/EBITDA of around 5x.

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• The Q1-24 REBIT was somewhat below expectations, mainly on higher corporate costs. No concrete FY24 guidance as not all negotiations on press distribution are finalized yet and impact is still unclear.• The planned acquisition of Staci can strategically be justified, but in our view it looks stretched financially, both on multiple paid and on resulting leverage. • Although multiples appear undemanding, we stick to Hold. There are still many uncertainties.

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Klepierre - Q1 trading update

NRI was up 4.8% to EUR 253.4m, with indexation representing 2.8% and the remainder being driven by reversion and higher additional revenues.Q1 retailer sales were up 4.3% YoY, with Health & Beauty (+12.2%), Food & Beverage (+5.8%) and Fashion (+4.5%) showing the strongest performance. Household equipment was the only segment posting negative growth (-2.0%). 2024 net current cash flow (NCCF) per share guidance confirmed at EUR 2.45-2.50 (-1.2% to +0.8% YoY), EBITDA to grow 4% YoY.The update is in line with expectations. We reiterate our ‘Hold' rating on the back of the company trading at m...

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WDP - A well-oiled logistics engine

Warehouses De Pauw SA: 1 director

WDP - In-line Q1, portfolio seeing signs of stabilisation

Benelux Morning Notes

Aperam - Have we now seen the trough quarter?

bpost - Waiting for impact of press negotiations

Klepierre - Q1 trading update

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