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1. Company Snapshot

1.a. Company Description

WDP develops and invests in logistics property (warehouses and offices).WDP's property portfolio amounts to more than 5 million m².This international portfolio of semi-industrial and logistics buildings is spread over around 250 sites at prime logistics locations for storage and distribution in Belgium, France, the Netherlands, Luxembourg, Germany and Romania.

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1.b. Last Insights on WDP

Warehouses De Pauw's recent performance was driven by robust financial results, with a 7% EPS growth reported in its Full Year 2025 earnings call. The company unveiled ambitious goals for 2030, including expansion into new markets, signaling a promising growth trajectory. According to its recent earnings release, the company's strong performance is likely attributed to its successful execution of strategic initiatives. Citing a recent report, some analysts have a "buy" rating on the stock. Additionally, the company's potential for share buybacks could further enhance shareholder value.

1.c. Company Highlights

2. WDP's Strong FY2025 Performance and Ambitious 2030 Targets

WDP delivered a robust full-year 2025 performance, with an EPS of EUR 1.53, representing a 7% year-on-year growth. The company's occupancy rate stood at 97.7%, with over 0.5 million square meters of new leases, and a portfolio value growing to EUR 9 billion. The actual EPS came out at EUR 0.38 relative to estimates at EUR 0.36 for the quarter. WDP secured EUR 600 million in new investments at a net initial yield of 6.8% and maintained a strong balance sheet with a loan-to-value ratio of 40% and a net debt to EBITDA of 7.5.

Publication Date: 08:31

📋 Highlights
  • Strong EPS Growth:: 2025 EPS of EUR 1.53, up 7% YoY, with 2026 guidance at EUR 1.60 (5% growth).
  • High Occupancy & Portfolio Expansion:: 97.7% occupancy, EUR 9 billion portfolio value, and 0.5 million sqm new leases secured.
  • Balance Sheet Strength:: Loan-to-value ratio of 40%, net debt/EBITDA of 7.5x, and A3 credit rating from Moody's.
  • 2030 Growth Targets:: EUR 2 EPRA EPS (6% CAGR) and 10%+ total returns annually, with EUR 500M/year investments in Energy division (solar/battery IRR: 8–20%).
  • Strategic Expansion:: EUR 1 billion in development projects by 2030, 10% stake in Catena for EU logistics integration, and EUR 250–300M annual equity raises to reduce leverage.

Financial Guidance and Outlook

WDP targets an EPS of EUR 1.7 by 2027 and has extended its horizon to 2030 with a goal to scale into an integrated EU platform, providing total supply chain infrastructure solutions. The company targets an EPRA EPS of at least EUR 2 by 2030, with a 6% average growth rate, and aims to achieve double-digit total returns of at least 10% per year. For 2026, WDP is guiding for an EPS of EUR 1.60, representing 5% growth year-on-year.

Valuation Metrics

With a P/E Ratio of 15.08 and an EV/EBITDA of 18.17, the market is pricing in a certain level of growth for WDP. The company's ROE is 7.83%, and its ROIC is 3.51%. The Net Debt / EBITDA ratio is 6.87, indicating a relatively high level of leverage. Analysts estimate next year's revenue growth at 8.0%.

Investment Strategy and Energy Division

WDP's strategy, BLEND&EXTEND2030, focuses on scaling, selective acquisitions, and decarbonizing the logistics supply chain. The company plans to invest EUR 500 million per year, mainly internally funded, and maintain a stable capital structure. The Energy division's investments will focus on the rollout of the solar panel program, on-site batteries, and stand-alone battery projects, targeting a doubling of revenue to EUR 50 million in 2030.

Market Trends and Partnerships

WDP is well-positioned to capture market demand, with a high-quality portfolio and a strong commercial platform. The company is expanding its presence in Spain and Italy, with a focus on selective acquisitions and developments. The partnership with Catena is viewed as a strategic partnership that expands WDP's capabilities and offers total solutions to clients across Western Europe.

3. NewsRoom

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Warehouses De Pauw SA (WDPSF) Full Year 2025 Earnings Call Highlights: Strong Growth and ...

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Is Warehouses De Pauw’s 2025 Recovery for Real After Improving Logistics Demand?

Sep -15

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Warehouses De Pauw SA (WDPSF) (FY 2024) Earnings Call Highlights: Strategic Growth and ...

Feb -06

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Warehouses De Pauw SA (WDPSF) Q3 2024 Earnings Call Highlights: Strong Financial Growth Amid ...

Oct -19

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Warehouses De Pauw SA (WDPSF) (Q2 2024) Earnings Call Highlights: Strategic Investments and ...

Oct -09

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Warehouses De Pauw SA's Dividend Analysis

Apr -24

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.00%)

6. Segments

Logistics Site Leasing

Expected Growth: 4%

The 4% growth in Logistics Site Leasing from Warehouses De Pauw is driven by increasing e-commerce demand, rising need for efficient supply chain management, and growing importance of strategic warehouse locations. Additionally, the rise of urban logistics and last-mile delivery, coupled with limited warehouse supply, contribute to the growth of this segment.

7. Detailed Products

Agricultural Commodities

Warehouses De Pauw offers a wide range of agricultural commodities such as grains, oilseeds, and pulses, sourced from top producers around the world.

Food Ingredients

The company provides a variety of food ingredients, including starches, sweeteners, and emulsifiers, used in the production of food products.

Animal Feed

Warehouses De Pauw supplies animal feed ingredients, such as grains, proteins, and minerals, to the livestock industry.

Biofuels

The company offers biofuels, such as biodiesel and ethanol, as a sustainable alternative to fossil fuels.

Logistics and Supply Chain Management

Warehouses De Pauw provides logistics and supply chain management services, including storage, transportation, and customs clearance.

8. Warehouses De Pauw's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes is moderate for Warehouses De Pauw, as there are some alternative options available for customers, but they are not very attractive.

Bargaining Power Of Customers

The bargaining power of customers is high for Warehouses De Pauw, as customers have many options and can easily switch to competitors.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low for Warehouses De Pauw, as the company has a strong negotiating position and can dictate prices.

Threat Of New Entrants

The threat of new entrants is low for Warehouses De Pauw, as there are significant barriers to entry and it would be difficult for new companies to enter the market.

Intensity Of Rivalry

The intensity of rivalry is moderate for Warehouses De Pauw, as there are several competitors in the market, but they are not extremely aggressive.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 34.27%
Debt Cost 3.95%
Equity Weight 65.73%
Equity Cost 6.29%
WACC 5.49%
Leverage 52.15%

11. Quality Control: Warehouses De Pauw passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Tritax Big Box

A-Score: 6.5/10

Value: 3.8

Growth: 5.7

Quality: 7.0

Yield: 8.1

Momentum: 5.5

Volatility: 8.7

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WDP

A-Score: 6.2/10

Value: 4.5

Growth: 5.7

Quality: 6.4

Yield: 6.2

Momentum: 6.0

Volatility: 8.7

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Innovative Industrial Properties

A-Score: 6.1/10

Value: 6.8

Growth: 6.2

Quality: 8.2

Yield: 10.0

Momentum: 0.5

Volatility: 5.0

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Safestore

A-Score: 6.0/10

Value: 5.1

Growth: 5.8

Quality: 7.5

Yield: 7.5

Momentum: 4.0

Volatility: 6.0

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Big Yellow

A-Score: 5.5/10

Value: 3.7

Growth: 4.4

Quality: 6.4

Yield: 7.5

Momentum: 5.0

Volatility: 5.7

1-Year Total Return ->

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SEGRO

A-Score: 5.0/10

Value: 2.8

Growth: 3.4

Quality: 6.2

Yield: 6.2

Momentum: 3.0

Volatility: 8.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

24.18$

Current Price

24.18$

Potential

-0.00%

Expected Cash-Flows