Warehouses Estates Belgium FY23 results in line with our expectations
Warehouses Estates Belgium reports FY23 results in line with our expectations. The EPRA earnings are 9.1% higher than the initial outlook given at FY22 results. The EUR 12.7m outlook given for FY24 is 2.4% lower than our expectations but we keep our estimates given the conservative outlook of the previous years. The occupancy rate remains high and the portfolio is resilient for cap rate increases. The debt ratio is high at 47.5% but with a strong reference shareholder this risk is mitigated. This was proven by the CiK transaction last month. Given that results are in line with our expectations we repeat our HOLD recommendation and EUR 38.0 TP.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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