W.E.B. - Slow and steady wins the race
We adjust our estimates following the strong FY22 and incorporating the latest acquisition of Espace 98 in May.In line with our study, we increase the WACC to 8.1%, we also assume a slight portfolio revaluation, and higher interest expenses in 2024e as we expect still strong hedging in 2023.We reiterate our ‘Hold' rating but decrease our TP to EUR 39.0 (from EUR 43.0).More details in our Note released 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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