W.E.B. - FY23 - Solid results and positive outlook
Net rents are up 10.4% YoY, landing at EUR 22.6m.Occupancy ratio slightly down to 96.4%. LTV increases to 47.3%.EPRA EPS lands at EUR 3.80/share, flat YoY. Management proposes aDPS of EUR 3.35/share, implying an 8.9% on latest close.We reiterate our ‘Hold rating and EUR 39.50 TP.More details in our Note published this morningWarehouses Estates Belgium SCA is a Belgium-based real estate investment trust, mutual fund. It mainly invests in commercial, office, semi-industrial and industrial buildings. The Company has rental agreements with public administrations, international and national companies. Warehouses Estates Belgium SCA has a property portfolio in Anderlues, Berchem, Binche, Charteroi, Couillet, Courcelles, Eupen, Fleurus, Gosselies, Jumet, Leuze, Lodelinsart, Marchienne-au-Pont, Nalinnes and Naninne, Jette and Ypres. The Company's tenants are Media Markt, Cedicora, Rackstore, Tractebel Engineering, Forever Products, Michelin Belux, Intercarrelages, Eupener Karting, Tercel Oilfield Products Belgium and Hainaut Caravaning Center, among others.
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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