Warehouses De Pauw SA
Warehouses De Pauw SA develops and invests in logistics real estate warehouses and offices. WDP's property portfolio comprises more than 9 million m. This international portfolio of semi-industrial and logistics buildings is spread over more than 350 sites at prime logistics locations for storage a…
Warehouses De Pauw SA develops and invests in logistics real estate warehouses and offices. WDP's property portfolio comprises more than 9 million m. This international portfolio of semi-industrial and logistics buildings is spread over more than 350 sites at prime logistics locations for storage and distribution in Belgium, the Netherlands, France, Luxembourg, Germany and Romania. Warehouses De Pauw SA was incorporated in May 27th, 1977 in Belgium.Priced within the modelled range
5-year outlook: Not shown because confidence is low: Free-cash-flow DCF agrees.
Other models: EUR 5.72–24.76 (median 7.89). The recommended value is 132% above that median, so treat the upside with extra caution.
Why: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Details and the full model are below.
Market price within modeled range
Uses reported dividends of EUR 1.2000 per share from TTM through 30 Sep 2026, with 2.3% perpetual growth (base growth capped at the terminal rate) and 9% discount rates. The range varies growth and discount assumptions by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice.
Assumptions: growth 10.22%, discount rate 9%, terminal growth 2.30% (sector defaults). See a worked example.
Blended growth assumption: 10.2% (sector default 5.1%, own revenue history 14.5%, analyst revenue consensus 10.6%).
Analyst consensus expects revenue growth of 10.6% a year; the growth assumption used is 10.2%.
Adjust assumptions
Why this model: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Compare models- Recommended: Dividend discount model — EUR 18.32 (-4.1%)
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EPS-based Gordon proxy
— EUR 24.76 (+29.6%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— EUR 14.28 (-25.2%)
Not used: Not chosen: Dividend discount model ranks ahead of it for this company.
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FCFF (steady state)
— EUR 5.72 (-70.1%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
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EV/EBITDA (12x)
— EUR 7.89 (-58.7%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— EUR 14.03 (-26.6%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
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EV/Sales (Rule of 40)
— EUR 19.65 (+2.9%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear EUR 13.97 | -36.7% |
| Base EUR 18.32 | -4.2% |
| Bull EUR 26.37 | 27.6% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At EUR 19.10 the market implies perpetual dividend growth of about this rate (discount rate 9.0%).
Compare: the market implies 2.6% a year, this model assumes 2.3%. The market expects more than this model does, which is why it reads as overvalued.
How the Dividend discount model value changes with growth (rows) and discount rate (columns). Green cells are above the current price. Dividend growth cannot exceed the long-run rate, so duplicate capped scenarios are omitted.
| Growth \ Discount | 7.0% | 8.0% | 9.0% | 10.0% | 11.0% |
|---|---|---|---|---|---|
| -1.7% | 13.56 | 12.16 | 11.02 | 10.08 | 9.29 |
| 0.3% | 17.96 | 15.63 | 13.83 | 12.41 | 11.25 |
| 2.3% | 26.12 | 21.54 | 18.32 | 15.94 | 14.11 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 80 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +14.7% a year | 20 / 20 |
| Balance sheet | net debt 8.0x EBITDA | 0 / 20 |
| Margins | EBITDA margin 84% | 20 / 20 |
Peers in Real Estate
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| WDP.BR (this company) | EUR 19.10 | -4.2% | 11.8 | 0.9 | 6.3% | 80 |
| HST Host Hotels & Resorts | USD 24.49 | 44.5% | 16.3 | 2.6 | 3.9% | 100 |
| ARE Alexandria Real Estate Equities | USD 44.19 | 25.4% | – | 0.5 | 7.9% | 44 |
| VMRK Vivmark Residential | USD 64.21 | 23.8% | 28.2 | 2.3 | 4.3% | 82 |
| UDR UDR, Inc. | USD 37.01 | 8.2% | 17.2 | 3.8 | 7.1% | 82 |
| VICI Vici Properties | USD 24.90 | 7.4% | 11.7 | 0.9 | 7.1% | 80 |
| UTG.L Unite Group PLC | GBP 4.89 | -2.1% | 24.6 | 0.5 | 6.4% | 68 |
| DLN.L Derwent London Plc | GBP 19.37 | -3.8% | 13.5 | 0.6 | 4.2% | 60 |
| DOC Healthpeak Properties | USD 19.87 | -6.3% | 35.3 | 1.7 | 6.2% | 76 |
| Peer median | 17.2 | 1.3 | ||||
Dividends
Paid in the last 12 months: EUR 1.23 per share · yield 6.44% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 1.230 |
| 2025 | 1.200 |
| 2024 | 1.120 |
| 2023 | 1.000 |
| 2022 | 0.880 |
| 2021 | 0.800 |
Trailing 12-month financials
TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 15:18
| Revenue | EUR 571,386,999 |
|---|---|
| EBITDA | EUR 477,964,000 |
| EBIT | EUR 468,593,000 |
| Net income | EUR 390,886,000 |
| Free cash flow | EUR 341,433,000 |
| Capital expenditures | EUR 26,689,000 |
| Debt | EUR 3,855,553,000 |
| Cash | EUR 20,780,000 |
| Working capital | EUR -296,434,000 |
| Shares outstanding | 241,063,479 |