KBC Securities - Warehouses Estates Belgium S.C.A. (WEB) Warehouses Estates Belgium 3Q24 trading update: results in line

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KBC Securities

Lynn Hautekeete

Warehouses Estates Belgium 3Q24 trading update: results in line

Warehouses Estates Belgium reported yesterday evening its 3Q24 trading update. The trading update is in line with our increased estimates. As a reminder we increased our FY24 and FY25 estimates by 2% and 6% respectively on the back of higher operational efficiency and positive rental reversion reported in the 1H24 results. The 3Q24 trading update contains little new information. The occupancy rate is flat vs 2Q24. There is a small fair value uplift in 3Q24 of EUR 3.0m indicating fair value corrections have bottomed out in line with other BE-REITS active in the same industries. The trading update has no material impact on our estimates hence we repeat our EUR 40.0 TP and Hold recommendation.

19/11/2024 1 EN

Underlying

Warehouses Estates Belgium S.C.A.

Warehouses 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.

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BE0003734481 Euronext Brussels Belgium

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KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Lynn Hautekeete

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Warehouses Estates Belgium 3Q24 trading update: results in line

We are a financial services provider for several types of professional clients, each with distinct needs.

Warehouses Estates Belgium 1H24 results: strong operations, increased TP

Warehouses Estates Belgium 1Q24 results reporting in line

Onward Medical FIRST LOOK: Grant to assess ARC-BCI in stroke patients

UCB FIRST LOOK: First takes on dapimap's Ph3 results in SLE

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