Warehouses Estates Belgium Model update after CiK, pending approval at EGM
Warehouses Estates Belgium announced a contribution in kind this week contingent on approval at the EGM of 23/04/2024. If approved, 336.545 new shares will be issued at a fixed price of EUR 41.48 per share. The fixed price is approx. 13% above the 30-day moving average and 22% below the YE23 NTA. The assets are acquired from the Wagner family which is the largest shareholder of WEB. The deal lowers our debt-to-assets ratio by 2.1% and increases our FY24/FY25 EPRA earnings estimates by 4% and 8% respectively. However, on an EPRA EPS basis there is a dilution of -2% in FY25. Since we initiated WEB in 4Q23 the share price rose by 6% vs. the EPRA index -11%. The dillution lowers our target price from EUR 39.0 to EUR 38.0 per share. We therefore update our recommendation from ACCUMULATE to HOLD. FY23 results will be announced at 22/03/2024.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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