Warehouses De Pauw WDP on the minibus to join the AEX

WDP has been selected to enter the AEX as it is set to expand from 25 to 30 constituents starting on 22nd September. We published on the highly likelihood of its inclusion on 26/8. This marks a significant change since its last expansion in 1994. The other 4 names that rank highest : CVC, JDE Peet, Inpost and and Just Eat. The latter is under offer from Prosus. Also JDE Peet is now under offer. About 1.5bn is invested in AEX-ETF's. The impact is estimated to 1-2 day volume for new entrants, but also has a symbolic value of the success of WDP in the Netherlands. Since 2001, WDP established a portfolio of > €3bn. This equals a 6% market share and amounts to 40% of its portfolio. We maintain our BUY and 32.0 target price. The share price has been weak vs. the logistic peers over the last 12 months, despite cheap valuation metrics.