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Details on WDP shares

WDP has been listed on Euronext since June 1999.

DETAILS PER SHARE

31.12.2021 31.12.2020 31.12.2019

Number of shares in circulation on closing date

184,772,193 174,713,867 172,489,205

Free float

76% 75% 75%

Market capitalisation (in euros)

7,793,691,101 4,937,413,881 3,996,821,367

Traded volume in shares per year

55,353,642 67,393,146 65,984,303

Average daily volume (in euros)

7,132,819 6,812,194 5,533,360

Free float velocity(1)

39.3% 51.1% 50.7%

Stock exchange price

     

highest

42.3 31.4 23.1

lowest

26.7 17.0 16.3

closing

42.2 28.3 23.2

EPRA NAV(2) (in euros)

19.0 13.5 12.8

IFRS NAV(3) (in euros)

20.1 14.3 12.2

Distribution percentage

81% 80% 84%

EPRA Earnings/share(4) (in euros)

1.10 1.00 0.93

EPRA Earnings/share(5) (in euros)

1.08 1.00 0.88

Gross dividend/share (in euros)

0.88 0.80 0.74

Net dividend/share (in euros)

0.62 0.56 0.52



(1) The number of shares traded per year divided by the total number of free float shares at the end of the year.

(2) EPRA NAV: this is the NAV that was adjusted to include properties and other investments at their fair value and exclude certain line items that are not expected to take shape in a business model with real estate investments over the long term. See also www.epra.com.

(3) IFRS NAV: calculated as the sharholders' equity divided by the total number of shares entitled to dividend on the balance sheet date. This refers to the net value in line with the GVV/SIR legislation.

(4) On the basis of the weighted average number of shares.

(5) On the basis of the number of shares entitled to dividend.

Analyst estimates - consensus (January 2022)

  FY 2021 high low #   FY 2022 high low #   FY 2023 high low #
Rental income, net of rental-related expenses (in million euros) 255.8 271.2 244.0 13   282.1 298.0 256.5 13   308.7 334.0 263.0 13
Operating result (before result on the portfolio) (in million euros) 249.0 256.5 209.0 13   274.0 285.0 230.0 13   301.4 320.0 254.0 13
EPRA Earnings (in million euros) 202.5 215.0 197.6 13   226.5 246.0 215.0 13   250.3 276.0 235.0 13
EPRA EPS (in euros) 1.11 1.15 1.09 13   1.21 1.25 1.16 13   1.33 1.40 1.26 13
Dividend per share (in euros) 0.88 0.90 0.86 13   0.96 0.99 0.93 13   1.05 1.10 1.00 13
EPRA NTA per share (in euros) 18.91 19.99 17.42 12   21.65 24.61 17.87 12   24.41 29.76 18.38 12
Loan-to-value (in %) 39.0 41.2 37.0 12   38.1 42.2 35.0 12   37.4 43.0 32.0 12

# : Number of analyst estimates

High: the highest data point out of all estimates

Low: the lowest data point out of all estimates

The consensus is calculated as the average of analyst estimates which are submitted by sell-side analysts covering WDP. Data has been aggregated using a standard template. Any opinions, estimates or forecasts regarding WDP's performance made by these analysts, and therefore also the consensus  figures are theirs alone and do not represent opinions or forecasts of WDP or its Management. By making this consensus information of its results available on a semi annual basis, WDP does not mean or otherwise imply to endorse such information.

WDP analysts

The WDP share is being followed by analysts, giving their recommendations regarding the share. Feel free to send a question by e-mail to these analysts, and they will gladly give you their vision on the WDP share. 

NAME COMPANY ADVICE TARGET PRICE (€) UPDATE
A.Aboulkhouatem [at] degroofpetercam.com (I)i.maslova [at] research.degroofpetercam.com (nna Maslova) Degroof Petercam HOLD 41.00 12/01/2022
Alvaro.Soriano [at] exanebnpparibas.com (Alvaro Soriano) Exane BNP Paribas UNDERPERFORM 33.00 12/01/2022
wim.lewi [at] kbcsecurities.be (Wim Lewi) KBC Securities HOLD 38.00 12/01/2022
Pieter.Runneboom [at] kempen.com (Pieter Runneboom) Kempen & Co. NEUTRAL 41.00 12/01/2022
Francesca.Ferragina [at] ing.com (Francesca Ferragina) ING BUY 44.00 12/01/2022
steven.boumans [at] aa-ob.com (Steven Boumans) ABN AMRO - ODDO OUTPERFORM 33.00 12/01/2022
frenard [at] keplercheuvreux.com (Frédéric Renard) Kepler Cheuvreux HOLD 41.00

12/01/2022

Bart.Gysens [at] morganstanley.com (Bart Gysens) Morgan Stanley EQUAL WEIGHT 43.00 12/01/2022
markus.kulessa [at] bofa.com (Markus Kulessa) Bank of America BUY 45.00 12/01/2022
charles.boissier [at] ubs.com (Charles Boissier) UBS BUY 44.00 31/08/2021
PAUL.J.MAY [at] BARCLAYS.COM (Paul May, CFA) Barclays OVERWEIGHT 39.00 12/01/2022
neil.d.green [at] jpmorgan.com (Neil Green, CFA) JP Morgan OVERWEIGHT 38.00 07/07/2021
saravana.bala [at] rbccm.com (Saravana Bala) RBC SECTOR PERFORM 41.00 12/01/2022
rvirdee [at] greenstreet.com (Rob Virdee)

Green Street Advisors

SELL 39.45 12/01/2022
info [at] VFB.be (Gert De Mesure)
Vlaamse Federatie van Beleggersclubs en Beleggers VZW  
     
Liquidity provider

Kempen & Co

Elbert Rodenburg

Managing Director, Head of Securities

elbert.rodenburg [at] kempen.com

+31 20 348 8408

Financial service of the share

Single Paying Agent

ING België NV

Marc Sanders : +32 2 547 31 40 - marc.sanders [at] ing.be

Sint-Michielswarande 60, 1040 Brussels

Performance report

An excellent investment

WDP has concluded an agreement with the Dutch Global Property Research to draw up a monthly ‘performance report’. You can download the most recent version of this report as a pdf-file. In this report the global return on WDP shares is measured and compared with the performances in the whole sector. Various different comparison points are taken:

1. Comparable European quoted property funds, active in the same segment as WDP, namely semi-industrial property

  • Montea in Belgium

2. Sector partners, active in the other market segments such as office market or retailing

  • Cofinimmo offices in Belgium
  • Intervest Offices Offices (80%) and semi-industrial property (20%) in Belgium
  • Retail Estates commercial property (retail parks) in Belgium

The three above-mentioned Belgian companies are also representative of the performance of B-REITs in general.

Furthermore, some general property and stock indexes are also included, for example:

  • The GPR 250 Europe, which reflects the performances of the European quoted property sector in its entirety.
  • The GPR 250 Belgium, which reflects the performances of the Belgian quoted property sector.
  • The BEL 20, the index that reflects the 20 most important Belgian quoted companies and their performance.

Dual listing

WDP announces the coming into effect of a second share listing on Euronext Amsterdam on 18 November 2015. This dual listing underlines the importance WDP attaches to its core Benelux market, and more specifically its increasingly larger Dutch share – which now has the same weight as WDP's historical home market of Belgium – in the property portfolio. WDP has not placed any new shares. Its reference market remains Euronext Brussels.

Exempt accelerated private placement of new shares by way of a capital increase in cash (completed)

The publications are, subject to certain restrictions, available here.

THE PUBLIC OFFERING OF NEW SHARES WITHIN THE FRAMEWORK OF A CAPITAL INCREASE IN CASH WITH A PRIORITY ALLOCATION RIGHT (COMPLETED)

The publications are, subject to certain restrictions, available on the following page of the website: www.wdp.eu/capitalincrease2016.