Warehouses De Pauw 3Q24 Results, Analyst Call Feedback
The share price has been under pressure lately and again today. However, we believe that the tone of the statement nor the contents differs much from previous statements. The market is now in a post-COVID consolidation phase. Especially in the consumer segment, the utilisation has dropped from >100% to 80% vs. a normal 90% as they are confronted with slower demand. We are at the end-of-cycle (post-COVID), WDP has to work harder to continue its growth. It has the balance sheet to execute its Blend2027 strategy. We believe the market is focused too much on the NTA premium, while WDP is now trading on 15.1x PE (EPRA), > 35% discount to Segro. We believe that is unfair given the track record.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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