Warehouses De Pauw Model update after EUR 300m ABB adds to war chest
WDP raised 300m in an ABB on 29/11 and gave additional details on the use of proceeds. The immediate impact is a decline in the Debt ratio, but WDP also detailed a 255m investment program. The effect of the ABB/investments on our EPS estimates is limited. WDP issued new shares above NTA. Investments will be earnings enhancing and offset the NOSH dilution. The expected yield/cost in Romania of 12.5% stands out and increases the expected average yield/cost of the 255m investments to 9%. All projects will be completed by FY25 end. The current pipeline amounts to approx. EUR 500m with a cost-to-come of 348m for a total GLA of 638k sqm. We reinstate our target price of EUR 34.0 and our Accumulate rating.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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