reports
Warehouses De Pauw SA: 3 directors
Three Directors at Warehouses De Pauw SA bought 27,750 shares at between 20.480EUR and 20.612EUR. The significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors...
- Inna Maslova
WDP - In-line Q1, portfolio seeing signs of stabilisation
Q1 property result stood at EUR 89.5m, up 9.6% YoY. LfL rental growth stood at 3.5%, driven primarily by lease indexation with -0.5% impact from increased vacancy. The reversionary potential on the existing portfolio stands at ca. 13%.Operating margin declined 290bps since December end to 88.6% as a result of G&A expenses increasing ca. 75% YoY and property charges being up 23.7% (rental income up 11.8%).Portfolio EPRA NIY remained flat at 5.3%, with portfolio witnessing a +EUR 26m revaluation (...
- ING Helpdesk
Benelux Morning Notes
Belgian telecoms: Wyre reached 44k homes passed at end 2023, below 100k ambition. Corbion: A long time coming. DWS: Promises, promises. PostNL: Preliminary 4Q23 - profit warning on weaker parcel volumes and fixed capacity. Signify: 4Q23 Results - weak top line, margins protected. WDP: 2024-27 ambitions revealed
- Inna Maslova
WDP - In-line results, new growth plan announced
WDP posted an update in line with expectations, with EPRA EPS up 12% YoY partly driven by the strong +6% rental growth.Portfolio value declines remained highly contained (-0.5% in Q4), with portfolio EPRA NIY remaining at 5.3% (unch vs Q3, +26bps YoY). New growth plan #BLEND2027 announced, targeting EUR 1.5bn of investments through developments, acquisitions, internal growth and energy solutions. 2027 EPRA EPS stands at EUR 1.70 (+6% CAGR vs 2023). 2024 EPRA EPS guidance set at EUR 1.47 (+5% YoY...
- Francesca Ferragina
- Javier Campos Unda
Benelux Real Estate update/Different environment, new opportunities
We enter 2024 cautiously optimistic on the real estate sector on the back of the rates outlook and appealing valuations. We are positive on companies that have easy access to capital as this could be a good time to be ambitious and speed up growth with acquisitive deals. For companies with high LTV (and trading at an NTA discount) we expect an accentuated effort on disposals with the aim of being ‘investment neutral' where possible, ahead of taking any potentially painful equity decisions. The c...
- Francesca Ferragina
WDP/Model update/BUY
We incorporate WDP's latest ABB of €300m and the announced c.€250m for new investments. The dilutive effect of the ABB is expected to be offset by the planned investments, further supporting the unchanged guidance until 2025F. Our BUY and target price of €33 remains unchanged. WDP trades at a 35.2% premium to its 2023F EPRA NTA ps versus logistics peers at a 3.4% premium.
- Inna Maslova
- ING Helpdesk
Benelux Morning Notes
ASML: Top management succession. ASR: Update (CMD) on AEGON NL deal, increased synergies. ASR: Woekerpolis settlement at €300m, well below even our lower estimate. Mithra Pharmaceuticals: US FDA requests additional data analyses for Donesta. NN Group: ASR Woekerpolis settlement implies €218m for NN. UCB: Key Opinion Leaders roundtable on Bimzelx. WDP: €300m ABB, guidance unchanged Wereldhave: Strengthens its credit profile
- Inna Maslova
WDP - Raises EUR 300m through an ABB
WDP raised EUR 300m through ABB at EUR 24.76, a 2.13% discount to yesterday's undisturbed share price & 26% premium to latest EPRA NTA.The majority of the proceeds (EUR 250m) to finance new as well previously identified investments around EuropeWe will update our estimates to reflect this transaction, reiterating our ‘Hold'More details in our Note published this morning
- ING Helpdesk
- Francesca Ferragina
WDP/Good results, guidance confirmed/BUY
No surprises for the 9M results. Sound organic performance (+6.0% LFL) driven by indexation. Guidance is confirmed: 2023 ambitions look very realistic while 2025 indications are on the prudent side especially considering the good progression on investments and their improved profitability levels (Benelux 7% YoC). Write-downs were limited (-1%) in 3Q and, importantly, are slowing down. We leave our estimates broadly unchanged but cut our target price from €37 to €33 to reflect a higher WACC. Valu...
- ING Helpdesk
Benelux Morning Notes
Allfunds Group Plc: 3Q23 Preview, ASML: 3Q23 results, inflection point is near, Barco: 3Q23 trading update, growth collapsed, IBA: $80-100m restoration contract for IBA first legacy PT system, Just Eat Takeaway: 3Q23 trading update, Cash for shareholders, UCB: Bimzelx finally approved in the US in PsO, UCB: Zilbrysq approved in the US in gMG, WDP: Good and in line 3Q results – Guidance confirmed, Results calendar
- Inna Maslova
WDP - Another quarter of steady performance
EPRA EPS up 12% YoY on the back of strong portfolio growth. LfL rental income +6% YoY driven primarily by the lease indexation. WDP expects a 5.5% LfL growth over 2023 (vs 5% previously).Portfolio saw a mild negative revaluation (-1% or -EUR 55.5m) in Q3, with EPRA NIY now at 5.3% (+10bps). EPRA NTA at EUR 19.6 (stable vs June end). EPRA NIY for Western Europe now stands at 4.89% (up 7bps vs June end).2023 guidance reiterated with EPRA EPS expected at EUR 1.40.The company hosts a ConfCall today ...
- Inna Maslova
WDP - Feedback from Capital Markets Days
WDP hosted its first CMD since 2018. The two-day CMD, which took place in The Netherlands and Belgium, comprised multiple asset visits as well as a strategy update from management.WDP places a significant focus on its energy business, with a target IRR of 8% on solar panels. As energy transition is becoming more of a pressing topic, WDP sees sizeable potential in EV charging infrastructure in addition to its assets. Two new projects have been announced in France (Port of Dunkirk) and Germany (Lo...
- Francesca Ferragina
WDP/Effective focus on profitability/BUY
1H was driven by a strong rent indexation, limited write offs (€142m YTD, down 2.2%) with yield expansion slowing down, an excellent profitability for the new developments (7% in Western Europe and 9% in Romania). Recently increased FY23 guidance was confirmed at €1.40, or a very satisfactory 12% YoY growth. FY25 guidance looks cautious, implying a 3.5% 2-year CAGR (vs 9.3% CAGR reported over the last five years). We understand a level cautiousness in the current environment but expect an update...
- ING Helpdesk
Benelux Morning Notes
Air France-KLM: 10% beat 2Q23, outlook good on more and better-paying passengers. Allfunds Group plc: Surprise buyback & acquisition. Bekaert: Solid 1H23 beat, CEO succession. Brunel International: Solid 2Q23 - 1% beat; NL strong; EBIT growth accelerated. Cofinimmo: Guidance confirmed, high LTV seen declining slightly by the end of the year. Euronext: Surprise! buyback. Lotus Bakeries: Mondelez International 2Q23 results. Ontex: Marching to a new beat. Proximus: 2Q23 a notch bett...
- Inna Maslova
WDP - In-line H1, with limited portfolio devaluation
Property result stood at EUR 173.3m, up 12.7% YoY, primarily driven by portfolio expansion and indexation (+6.1%).EPRA EPS up 14% YoY to EUR 0.71 including a EUR 0.05 one-off positive impact from provision reversal related to the Dutch FBI status.Portfolio value was down 2.2% since December end as a result of an upward yield shift of +27bps in the discount rates applied by property experts, partly offset by the +3.5% increase in ERVs. EPRA NIY on the portfolio stands at 5.2%, with 4.8% for Weste...
- Inna Maslova
- ING Helpdesk
Benelux Morning Notes
ASML: Order weakness and low quality beat in 1Q23. Barco: Order strength in Digital Cinema. Flow Traders: Positive end to the first quarter but still down YoY. Flow Traders: 1Q23 preview. Heineken: Missing in action. Just Eat Takeaway.com: Cash is king. Staffing: Dutch period 3 - March stable on easier comps: vol -17.0%, rev -6.0% WDP: Sound operational performance and limited yield expansion
- Francesca Ferragina
WDP/Quality, visibility and profitability all in one/BUY
We like WDP. Its investment case is simple, with its sound financials, high visibility, focus on profitable investments and efficient capital deployment. FY results again demonstrated the soundness of the logistics niche. 2023 guidance is slightly above our estimates (and consensus), so we update our forecasts and increase our 2023-24F EPRA EPS numbers by c.3-5%. We revise upward our target price to €37.0 (from €35.0). BUY confirmed.
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