Forecast

Financial forecast

Project revenue, EBITDA, net income and free cash flow for the next 5 or 10 years. Growth starts at the same rate the valuation uses and fades to the long-run rate, with margins held at today's level. Bear and bull cases move growth by the company's own revenue volatility. It is a model of what the assumptions imply, not a prediction.

Warehouses De Pauw SA (WDP.BR)

Price updated 06 Nov 2026 14:42; TTM through 30 Sep 2026; TTM financials updated 06 Nov 2026 15:54.

Starts from TTM through 30 Sep 2026 financials in EUR and a share price of EUR 19.10. Growth begins at 10.2% a year (the valuation's blended assumption) and fades to 2.3% by year 10. Margins held at EBITDA 83.6%, net 68.4%, free cash flow 59.8% of revenue. Bear and bull move starting growth by 1.5 points and long-run growth by 1 point.

Year 1 uses analyst consensus revenue growth (10.6%); year 2 is halfway back to the model's own path.
EUR 18.32Model fair value (Dividend discount model); range EUR 13.97 to EUR 26.37
-4%Fair value vs today's price
LowModel confidence
25%Share of the gap to fair value the price closes by year 5

Confidence: Free-cash-flow DCF agrees; trailing-twelve-month data; profit and cash flow steady for 3 years; real estate: free cash flow after property spending is a poor guide; funds from operations fit better.

10.8%/yrModel-implied annual total return over 10 years, base case (price plus dividends). Raw model level; the screener shows a calibrated ranking instead
EUR 1.06BRevenue in year 10 (base)
EUR 722.15MNet income in year 10 (base)
EUR 630.79MFree cash flow in year 10 (base)
EUR 2.22Dividend per share in year 10 (base)
EUR 34.93Implied share price in year 10 (base), today EUR 19.10
13.7%Year-10 free cash flow per share vs today's price

Dividend per share over time

EUR 0.00 EUR 0.62 EUR 1.25 EUR 1.87 EUR 2.49 FY2022 FY2023 FY2024 FY2025 TTM through 30 Sep 2026 +1 +2 +3 +4 +5 +6 +7 +8 +9 +10
Solid: reported Dashed: base projection Shaded: bear to bull range
Dividend per share in year 10 by scenario
CaseStarting growthYear 10Annual growth
Bear 9.1% EUR 1.97 5.1%
Base 10.6% EUR 2.22 6.3%
Bull 12.1% EUR 2.49 7.6%

Base case by year

YearGrowthRevenueEBITDANet incomeFree cash flowEPSFCF / shareDividend / shareBook / shareImplied price
TTM through 30 Sep 2026– EUR 571.39MEUR 477.96MEUR 390.89MEUR 341.43M 1.621.421.2021.3319.10
Year 110.6% EUR 632.07MEUR 528.72MEUR 432.40MEUR 377.69M 1.791.571.3321.7921.09
Year 210.0% EUR 695.15MEUR 581.49MEUR 475.55MEUR 415.39M 1.971.721.4622.3123.14
Year 38.5% EUR 753.96MEUR 630.68MEUR 515.78MEUR 450.53M 2.141.871.5822.8625.05
Year 47.6% EUR 811.11MEUR 678.49MEUR 554.88MEUR 484.68M 2.302.011.7023.4626.89
Year 56.7% EUR 865.45MEUR 723.95MEUR 592.06MEUR 517.15M 2.462.151.8224.1028.64
Year 65.8% EUR 915.82MEUR 766.08MEUR 626.51MEUR 547.25M 2.602.271.9224.7730.30
Year 74.9% EUR 961.06MEUR 803.93MEUR 657.46MEUR 574.28M 2.732.382.0225.4831.80
Year 84.1% EUR 1.00BEUR 836.57MEUR 684.16MEUR 597.60M 2.842.482.1026.2233.09
Year 93.2% EUR 1.03BEUR 863.17MEUR 705.91MEUR 616.60M 2.932.562.1726.9834.14
Year 102.3% EUR 1.06BEUR 883.02MEUR 722.15MEUR 630.79M 3.002.622.2227.7634.93

EPS and free cash flow per share assume today's share count. Dividends assume today's payout ratio and book value grows with retained earnings. The implied share price follows the valuation models and is not a price target; override growth settings do not change the model fair value. Margins stay at today's level except where the notes say they drift toward their average, so it does not model margin expansion, buybacks, acquisitions or recessions. It is for information and education only and is not investment advice. See the methodology for how the growth rate is blended.