WDP: Price is what you pay, value is what you get
While the warehouse boom is pushing up property values across Europe and its peers’ NAV, we see WDP’s portfolio lagging the market and so the warehouse gold rush, being fuelled by the growth of ecommerce a.o. is expected to boast WDP’s NAV the years ahead. On the back of this tremendous market growth, WDP announced a new 2019-23 growth plan, growing its portfolio with € 1.5bn and EPS with a 6% CAGR. Based on an in-depth analysis testing WDP’s balance sheet flexibility, we increase our Target Price from € 115 to € 140 and rating from Hold to Accumulate.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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