olivLaw · European equity research
WDP (Warehouses De Pauw) WDP.BR
Belgium · Euronext Brussels · Vertical: Listed companies from Belgium
WDP is a European owner and developer of logistics real estate, active in several countries including France and Romania, focusing on energy-efficient buildings integrated with energy solutions. In 2024 the company added 950 million EUR of investments, and its 2027 EPRA earnings target depends on completing the projects in progress.
At the close of 05 Nov 2026, WDP (Warehouses De Pauw) (WDP.BR) stock was 19.40 EUR (+0.10% on the day), with market capitalisation 4.3 bn EUR, P/E 9.9 on diluted EPS of 1.96 EUR over the last 12 months, dividend yield 3.32%, beta 0.48, 52-week range 18.75–26.04 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 48.6
- neutral
- Bollinger (20, 2)
- 19.01 – 19.49
- in the upper half of the band · %B 0.82 · band width 2.5%
- SMA 50 / 200
- 20.01 / 22.16
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.17 / -0.26
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.5% | −0.6% | +1.2 pp | — |
| 3 months | −11.1% | −4.2% | −6.9 pp | — |
| 6 months | −13.5% | +4.3% | −17.8 pp | — |
| Year to date | −12.3% | +7.5% | −19.8 pp | — |
| 1 year | −11.3% | +9.9% | −21.3 pp | +7.2% |
| 3 years | −21.1% | +49.8% | −71.0 pp | −5.5% |
| 5 years | −51.7% | +42.8% | −94.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 9.7, median 14.4, max 259.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 351.7 m | 22.3 m | 435.5 m |
| Net income YoY | unavailable | −93.7% | +1,853.0% |
| Diluted EPS | 1.86 | 0.11 | 1.96 |
| Diluted EPS YoY | unavailable | −94.1% | +1,681.8% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 10.4 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 4.8 bn EUR
- Total assets
- 8.2 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.36x
- ROE
- 9.3%
- ROA
- 5.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 127.4 m | 86.2 m | 517.9 m | esef· 15 Apr 2025verified |
| Interest expense | 42.0 m | 39.6 m | 38.6 m | esef· 15 Apr 2025verified |
| Pre-tax income | 342.6 m | -34.7 m | 472.9 m | esef· 15 Apr 2025verified |
| Income tax | -20.8 m | -60.6 m | 23.3 m | esef· 15 Apr 2025verified |
| Net income | 351.7 m | 22.3 m | 435.5 m | esef· 15 Apr 2025verified |
| Diluted EPS | 1.86 | 0.11 | 1.96 | esef· 15 Apr 2025verified |
| Dividend per share | 0.87 | 0.63 | 0.64 | esef· 15 Apr 2025derived |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 8.0 m | 13.0 m | 10.4 m | esef· 15 Apr 2025verified |
| Current assets | 63.3 m | 73.6 m | 78.7 m | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 860.0 k | 1.2 m | 1.6 m | esef· 15 Apr 2025verified |
| Total assets | 7.1 bn | 7.1 bn | 8.2 bn | esef· 15 Apr 2025verified |
| Accounts payable | 88.6 m | 57.6 m | 91.8 m | esef· 15 Apr 2025verified |
| Current liabilities | 318.7 m | 196.7 m | 219.3 m | esef· 15 Apr 2025verified |
| Total liabilities | 2.7 bn | 2.6 bn | 3.4 bn | esef· 15 Apr 2025verified |
| Equity | 4.3 bn | 4.5 bn | 4.8 bn | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 189.1 m | 202.7 m | 222.2 m | esef· 15 Apr 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 350.5 m | 286.9 m | 356.1 m | esef· 15 Apr 2025verified |
| Investing cash flow | -732.6 m | -334.1 m | -776.9 m | esef· 15 Apr 2025verified |
| Financing cash flow | 380.9 m | 52.1 m | 418.1 m | esef· 15 Apr 2025verified |
| Dividends paid | 163.6 m | 127.5 m | 143.3 m | esef· 15 Apr 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.3 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8.77 – 45.70 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E20.97 – 45.70 (Mid 28.65)25 companies used · median multiple 14.6x · quartiles 10.7x – 23.3xACKB.BR, AGS.BR, AZE.BR, BANI.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR, MOUR.BR
- Dividend discount (DDM)8.77 – 11.96 (Mid 10.12)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 13.4x | 100 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 9.9x | 79 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.3% | 47 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet60/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial47/100 · 1/2 factors with a value
- Valuation· partial79/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
WAREHOUSES DE PAUW (WDP.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: ROE 9.5%.
The estimated value range is 14.87–28.83 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 19.38 EUR, the price of 19.40 EUR leaves a potential of -0.1% (value / price − 1) and a margin of safety of -0.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 13.4x
- P/E (TTM): 9.9x
What contradicts it
- Current ratio: 0.4x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for WDP.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
WDP is a European owner and developer of logistics real estate, active in several countries including France and Romania, focusing on energy-efficient buildings integrated with energy solutions. In 2024 the company added 950 million EUR of investments, and its 2027 EPRA earnings target depends on completing the projects in progress 1.
SWOT
Strengths
- Extended portfolio across several European countries, with a crosscountry structure that lets experience move between regions.
- Clear focus on energy-efficient buildings, with integrated solar and storage solutions.
- Access to comfortable financing, with undrawn credit lines and controlled leverage.
Weaknesses
- Reliance on new developments, which can be slowed by the difficulty of finding land and by permit processes.
- Exposure to property valuations, which could fall and affect the balance sheet.
- Complexity of operating in several countries with different teams and regulatory requirements.
Opportunities
- Nearshoring in Eastern Europe, especially Romania, could generate demand for combined production and logistics space.
- Electrification of transport opens room for charging stations and energy solutions integrated into logistics projects.
- Brownfield redevelopment of abandoned industrial sites could extend supply without new land.
Threats
- An economic slowdown could reduce demand for space and slow leasing.
- Rising financing costs could affect the returns on new investments.
- Regulatory changes to the Dutch REIT regime could reduce expected earnings.
Risks
- Delays in permits and landmedium
Difficulty finding land and the length of the permit process can delay projects and affect the achievement of growth targets 1.
- Grid capacitymedium
Grid limitations can postpone projects or raise costs for buildings and energy facilities 1.
- Decline in portfolio valuehigh
A fall in the real value of buildings could reduce equity and affect leverage indicators 1.
- Portfolio vacancymedium
A rise in vacant space could reduce rental income and EPRA earnings 1.
- Cost of financingmedium
Higher interest rates could raise the cost of debt and reduce earnings per share 1.
Investment thesis
What would need to be true (bull case)
- If nearshoring continues in Europe, demand for modern logistics space could support rent growth and portfolio expansion.
- If projects in progress are completed, the investment pipeline could support the 2027 EPRA earnings target.
- A solid balance sheet and available credit lines could offer flexibility for acquisitions and developments.
What would break the thesis
- If permits and access to land remain difficult, new projects could be postponed and growth could be slower than planned.
- A fall in property values could affect leverage indicators and equity.
- A change in the Dutch REIT tax regime could reduce earnings per share in the coming years.
What to watch
- Progress of projects in progress and the 1.1 billion EUR pipeline2025
- Delivery of the 1.53 EUR EPRA earnings per share estimated for 20252025
- Evolution of solar capacity toward the 350 MWp target2027
- Loan-to-value level and cost of debt after the 2025 investmentsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
WDP builds, acquires and leases modern logistics buildings, which it calls 'warehouses with brains', meaning hubs that optimise clients' supply chains through energy efficiency, strategic locations and innovative technologies 1. The #BLEND2027 growth plan combines internal growth, new developments, selective acquisitions and energy solutions, along with expansion of the platforms in France and Germany 1. The company relies on a crosscountry structure in which regional teams share experience, from renovations in Belgium to nearshoring in Romania 1.
Segments
Logistics leasing (property portfolio)
Main revenue comes from leasing logistics buildings to clients on long-term contracts, and the portfolio includes multimodal sites such as the Bollène and Puceul platforms in France, acquired in 2024 1. These acquisitions roughly doubled the company's presence in France, with a significant part of the portfolio now a new strategic segment 1.
Market context
The European logistics market is shaped by nearshoring, rising mobility and demand for sustainable buildings, while finding suitable land and obtaining permits are getting harder and grid capacity is under strain 1. In Romania, demand from the manufacturing industry and nearshoring supports facilities that combine production and logistics, although the market is still developing 1.
Competitive position
The European logistics space market includes several specialised developers and property owners that compete for land, clients and build-to-suit projects. The supplied sources do not identify competitors in detail, so direct comparison remains limited to the information in the annual report 1.
- European logistics developers
Compete for land, permits and long-term contracts; no detailed data in the supplied source.
- Regional industrial park owners
Compete especially in France and Romania for industrial and distribution clients.
- Logistics real estate funds
Compete for acquisition deals and for investors seeking logistics assets.
- Self-owned storage operators
May compete for clients who prefer in-house or self-managed warehouse space.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202415 Apr 2025
- Annual report 202326 Mar 2024
- Annual report 202326 Mar 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / WDP (Warehouses De Pauw) · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.