Financials Warehouse REIT plc

Equities

WHR

GB00BD2NCM38

Specialized REITs

Market Closed - London S.E. Other stock markets 11:35:07 2024-07-17 am EDT			5-day change	1st Jan Change
85.3 ^GBX	0.00%		+1.19%	-7.28%

Jun. 25	Warehouse REIT Acquires Portion of UK Retail Park for GBP38.6 Million	MT
Jun. 25	Warehouse REIT swings to profit as disposal programme continues	AN

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	247.6	629.2	875.6	493.8	410.4	431	-	-
Enterprise Value (EV) ¹	247.6	629.2	1,170	493.8	410.4	711.4	713	700.3
P/E ratio	-	-	-	-	-	5.3 x	-	-
Yield	6.74%	4.83%	3.62%	6.39%	-	7.47%	7.47%	7.48%
Capitalization / Revenue	7.35 x	16.3 x	17.5 x	9.48 x	8.08 x	6.75 x	6.34 x	6.4 x
EV / Revenue	7.35 x	16.3 x	23.3 x	9.48 x	8.08 x	11.1 x	10.5 x	10.4 x
EV / EBITDA	10.3 x	22 x	28.4 x	13.2 x	9.91 x	15.7 x	14.6 x	13.8 x
EV / FCF	12.7 x	23.5 x	51.2 x	18.1 x	-	25 x	25 x	21.2 x
FCF Yield	7.85%	4.25%	1.95%	5.54%	-	4.01%	4%	4.72%
Price to Book	-	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	240,254	424,862	424,862	424,862	424,862	424,862	-	-
Reference price ²	1.031	1.481	2.061	1.162	0.9660	1.015	1.015	1.015
Announcement Date	6/2/20	5/25/21	5/24/22	6/6/23	6/25/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	33.68	38.65	50.13	52.08	50.81	63.88	67.96	67.31
EBITDA ¹	24.06	28.66	41.25	37.39	41.43	45.27	48.9	50.6
EBIT ¹	-	-	41.25	37.39	-	53.62	58.11	-
Operating Margin	-	-	82.29%	71.79%	-	83.95%	85.51%	-
Earnings before Tax (EBT) ¹	-	-	-	-212	40.58	50.87	67.55	85.88
Net income ¹	-	-	-	-	40.58	81.33	-	-
Net margin	-	-	-	-	79.87%	127.32%	-	-
EPS ²	-	-	-	-	-	0.1916	-	-
Free Cash Flow ¹	19.44	26.73	22.84	27.36	-	28.5	28.52	33.09
FCF margin	57.71%	69.17%	45.57%	52.53%	-	44.62%	41.97%	49.16%
FCF Conversion (EBITDA)	80.79%	93.29%	55.37%	73.17%	-	62.96%	58.33%	65.39%
FCF Conversion (Net income)	-	-	-	-	-	35.04%	-	-
Dividend per Share ²	0.0695	0.0716	0.0747	0.0743	-	0.0758	0.0758	0.0759
Announcement Date	6/2/20	5/25/21	5/24/22	6/6/23	6/25/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2023 S1
Net sales	-
EBITDA	-
EBIT	-
Operating Margin	-
Earnings before Tax (EBT)	-
Net income ¹	-53.19
Net margin	-
EPS ²	-0.1251
Dividend per Share	-
Announcement Date	11/8/22

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	294	-	-	280	282	269
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	7.134 x	-	-	6.194 x	5.766 x	5.321 x
Free Cash Flow ¹	19.4	26.7	22.8	27.4	-	28.5	28.5	33.1
ROE (net income / shareholders' equity)	-	-	4.14%	-	-	4%	-	-
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share	-	-	-	-	-	-	-	-
Cash Flow per Share ²	-	-	-	-	-	0.0700	0.0800	0.0800
Capex ¹	3.79	1.2	10.1	13.7	-	123	-	-
Capex / Sales	11.24%	3.11%	20.18%	26.25%	-	191.81%	-	-
Announcement Date	6/2/20	5/25/21	5/24/22	6/6/23	6/25/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Warehouse REIT plc

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.015 EUR

Average target price

1.26 EUR

Spread / Average Target

+24.22%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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