Warehouses De Pauw Conference call feedback, confident on execution

The tone in the call is cautious optimistic on the targets of the Blend27 program. The company stays focused on its 5 countries. In The Netherlands it is slow due to grid limitations. In France they have established a position and work on extending it. In Germany, prices and opportunities in the right regions have not occurred. Romania has just announced a development and acquired 400k sqm land. In Belgium, the Amazon €1bn will be spread over multiple investments and WDP is looking at the Audi a...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 10/17/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 17/10/2025

Benelux Morning Notes

ABN AMRO: 3Q may still support shares to CMD. Aedifica: €13m investment in the Netherlands. Basic-Fit: Strong 3Q25 results; beat on membership ingrowth, on track to reiterated FY25. BE Semiconductor Industries: 3Q25 Preview, order intake is key. IMCD: Acquisition of Dong Yang FT. RELX: Preview 9M25. Signify: 3Q25 preview, more back-end loaded. Staffing: Manpower 3Q25 in line on better revenue trend, 4Q25 outlook cautious. WDP: Results in line, guidance reconfirmed

Morning Notes : BFIT NA, GLPG NA, WDP BB, IMCD NA

: BFIT NA, GLPG NA, WDP BB, IMCD NA

WDP : Q3 2025 results: In line results, with a stabilization in occupa...

Warehouses De Pauw 3Q25 results: solid results, “boring is good” in un...

EPRA EPS 9m25 came at our expectation of €1.15. EPRA EPS yoy growth of 5.2% is still impressive as its average share count increased by 3.3% YoY and the abolition of the Dutch FBI regime. The GRI also beat our expectations by 2.2% as investments accelerated and occupancy remained strong. WDP repeated its EPRA EPS25 outlook at €1.53, slightly below our 1.54 estimate. The “Blend27” strategy was also repeated with a guidance of 1.70 EPRA EPS by FY27. Current development pipeline stands at 434k sqm ...

Benelux Morning Notes

DEME Group: First Havfram vessel ready. Fastned: 3Q25 trading update – new stations boost growth, organic lags BEV penetration. NN Group & ASR: Pension reform on track for 1st tranche move from DB to DC in Jan 26. Sligro: Another weak trading update, but FY25 guidance reiterated. Talabat: Surprise CEO departure

Morning Notes : ASML NA, SIP BB, DEME BB, FAST NA

: ASML NA, SIP BB, DEME BB, FAST NA

Moody's Ratings assigns provisional (P)A3 rating to Warehouses De Pauw...

Moody's Ratings (Moody's) has today assigned a provisional (P)A3 senior unsecured rating to the Euro Medium-Term Note (EMTN) programme proposed by Warehouses De Pauw NV/SA (WDP or the company, A3 stable). We expect to assign a definitive A3 rating to the €500 million green notes to be issued under t...

Benelux Morning Notes

ASR: Small funeral deal, waiting for larger M&A. DEME Group: Bags another offshore wind contract. GBL: Sienna Investment Managers transaction pending. Kinepolis: Sept 2025 box office in US/Canada at 83% of pre covid levels, France at 84%

Morning Notes : GLPG NA, GBLB BB, PROX BB, TUB BB, DEME BB

: GLPG NA, GBLB BB, PROX BB, TUB BB, DEME BB

Benelux Morning Notes

Belgian telcos: Digi launches new mobile offer at €7 per month with 30GB D'Ieteren: Belgium Sept car registration, Febiac cuts 2025 outlook to 405-410k new cars Dutch insurance: Achmea Sixth Steet JV done, new entrant for buyouts for ASR and NN Heijmans: I'm a steamroller baby Prosus: Just Eat Takeaway offer unconditional WDP: €22m investment in Romania

Morning Notes : EVS BB, EXM BB, GLPG NA, WKL NA, TKWY NA

: EVS BB, EXM BB, GLPG NA, WKL NA, TKWY NA

Warehouses De Pauw WDP announces 32k sqm development in Bucharest

WDP announced a new 32k sqm distribution center in WDP Park Bucharest – ?tefane?ti for FAN Courier Group. This marks the completion of the first phase in its largest logistics park. WDP invests around €22m for a 10-year lease. We estimate a YoC of around 8.5% (NOI), close to its 9% target in Romania. This facility will support FAN Courier's parcel operations and further establish ?tefane?ti as a logistics hub. The park now offers over 400k sqm GLA. WDP plans to expand further in this area, using...

Dynamic Top Pick List Update October: Removing VGP – Adding Shurgard a...

In this October update of our Dynamic Top Pick List we are removing VGP while adding Shurgard and Wolters Kluwer. Since its recent inclusion in our Dynamic Top Pick List in July-25, VGPs share rose by 10.6%. While we still believe there is significant upside to the share price, we don't see short term catalysts. In fact, the macro picture remains cloudy with the jury still out on the impact of tariffs and the erratic US policy shifts. Also, we are a bit concerned that competition in Western Eur...