# Warehouses de Pauw Comm VA (WDP.BR)

Canonical: https://gigainvestors.com/s/WDP.BR

Analysis as of: 2026-10-16T07:37:24.164Z. Financial observations: FY2005–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 19.33 per share; close as of 2026-10-15.

Estimated value: low EUR 27.23 per share, central EUR 34.21 per share, high EUR 39.93 per share. Buy at or below the central value EUR 34.21 per share. Valuation as of 2026-10-16T07:37:24.164Z; scenarios are not confidence intervals.

Expected annual return: 15.4% at the stated quote. About 15.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; BE 10-year bond 4.3% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.70×

Chart: Operating margin; fiscal year observations.

- FY2016: 1.14×

- FY2017: 1.51×

- FY2018: 2.04×

- FY2019: 2.16×

- FY2020: 1.61×

- FY2021: 3.89×

- FY2022: 0.39×

- FY2023: 0.22×

- FY2024: 0.83×

- FY2025: 0.79×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 8.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 8.9%

- ROIC, second-lowest year: 1.9%

- Typical minus recent gross margin: 8.4 pp

- Typical gross margin (annual median): 90.2%

- Recent gross margin (lower of latest and 3-year median): 81.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.3%

- ROIC including acquisitions, ten-year median: 7.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.1%

- FY2017: 10.3%

- FY2018: 11.3%

- FY2019: 11.6%

- FY2020: 8.7%

- FY2021: 16.8%

- FY2022: 1.9%

- FY2023: 1.0%

- FY2024: 4.5%

- FY2025: 4.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.1B

- Net income, five-year total: EUR 2.1B

- Return on incremental invested capital: 602.9%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -2.6 pp

- Working capital / revenue, final three-year average: -7.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.99×

- FY2022: 0.97×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 1.00×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 10.3% vs 4.1%

- Per-share earnings: 1.09 to 1.54 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.9%

- Ordinary dilution, 5-year annual growth: 5.2%

- Market cap gain: EUR 3.3B

- Cumulative retained earnings: EUR 327M

- Diluted shares, 10-year annual growth: 5.9%

- Diluted shares, 5-year annual growth: 5.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.3%

- Per-share value change: EUR 0.44

- Per-share value, starting three-year median: EUR 1.09

- Per-share value, ending three-year median: EUR 1.54

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 1.9M

- Cumulative net income, 10 years: EUR 3.6B

- ROIC, first three-year median: 10.3%

- ROIC, last three-year median: 4.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.87

- FY2017: EUR 1.53

- FY2018: EUR 2.04

- FY2019: EUR 2.28

- FY2020: EUR 1.81

- FY2021: EUR 5.31

- FY2022: EUR 1.76

- FY2023: EUR 0.11

- FY2024: EUR 1.93

- FY2025: EUR 1.54

### accounting: pass

- Sloan accruals: 0.3%

- Receivables to sales index (DSRI): 0.82×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.92×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.5%

- FY2017: 4.0%

- FY2018: 4.3%

- FY2019: 5.7%

- FY2020: 2.7%

- FY2021: 12.4%

- FY2022: 0.0%

- FY2023: -3.7%

- FY2024: 1.0%

- FY2025: 0.3%

## Holders

## Price story

Down 54% since Dec 2021 · sales +19.1%

Story as of 2026-10-16T10:00:09.039Z; price observation 2026-10-15.

Price needs cash profits to shrink 3.9% a year for ten years

### Sales · FY2024–2025

sales +19.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 141M 

- FY2017: EUR 155M 

- FY2018: EUR 187M 

- FY2019: EUR 221M 

- FY2020: EUR 249M 

- FY2021: EUR 279M 

- FY2022: EUR 331M 

- FY2023: EUR 400M 

- FY2024: EUR 438M 

- FY2025: EUR 522M 

### Gross margin · FY2025

gross margin 81.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 91.5% 

- FY2017: 91.7% 

- FY2018: 92.0% 

- FY2019: 90.5% 

- FY2020: 90.1% 

- FY2021: 90.3% 

- FY2022: 87.3% 

- FY2023: 85.8% 

- FY2024: 87.7% 

- FY2025: 81.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are EUR 522.1 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.164Z); FY2025: revenue 522131999; grossProfit 427276999; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 81.8% to 87.7% during 2023–25; it earns 8.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.164Z); FY2023: grossProfit / revenue = 85.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.164Z); FY2024: grossProfit / revenue = 87.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.164Z); FY2025: grossProfit / revenue = 81.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.164Z); 10-year return on capital observations [[2016,0.09067557823189637],[2017,0.1033350414487189],[2018,0.11313533763872603],[2019,0.11632984438738454],[2020,0.08703173503628729],[2021,0.16818919121917061],[2022,0.01895166492826624],[2023,0.010091846658102316],[2024,0.04461490506074205],[2025,0.04095197330196018]]; median 0.08885365663409184. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 4.8% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.164Z); FY2016: growth capex 8278846.661762147; upkeep 2308153.338237853; owner earnings 128827846.66176215. Growth capex / owner earnings = 0.06426286611386342.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.164Z); FY2017: growth capex 7247000; upkeep 4364000; owner earnings 235156000. Growth capex / owner earnings = 0.030817840072122335.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.164Z); FY2018: growth capex 3094000; upkeep 5823000; owner earnings 328784000. Growth capex / owner earnings = 0.009410433597741982.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.164Z); FY2019: growth capex 3130000; upkeep 7573000; owner earnings 385562000. Growth capex / owner earnings = 0.008118019929349884.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.164Z); FY2020: growth capex 0; upkeep 6286000; owner earnings 317507800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.164Z); FY2021: growth capex 4480000; upkeep 3155000; owner earnings 972172800. Growth capex / owner earnings = 0.004608234256296823.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.164Z); FY2022: growth capex 5153000; upkeep 8893000; owner earnings 341202600. Growth capex / owner earnings = 0.01510246404921885.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.164Z); FY2023: growth capex 6978000; upkeep 17441000; owner earnings 22299000. Growth capex / owner earnings = 0.31292883088927753.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.164Z); FY2024: growth capex 17349000; upkeep 11918000; owner earnings 435499000. Growth capex / owner earnings = 0.03983706047545459.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.164Z); FY2025: growth capex 16884000; upkeep 12766000; owner earnings 353918000. Growth capex / owner earnings = 0.047705965788685516.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.164Z); Incremental return on capital 6.0294847446330655, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.164Z); Dividend observations: [[2016,41401000],[2017,50190000],[2018,52263000],[2019,67580000],[2020,78264000],[2021,86818000],[2022,163620000],[2023,127496000],[2024,143255000],[2025,163574000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 17.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WDP.BR SharesStats.PercentInsiders = 17.43 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 3.9% yearly over ten years; actual growth was 3.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.164Z); Ten-year compound average after fade. Initial solved rate -0.06700004285801736. Price 19.33; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.0932626648248724 → FY2025 1.5352381927361203. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 11.98 per share

- 2016-11: EUR 11.57 per share

- 2016-12: EUR 12.13 per share

- 2017-01: EUR 12.00 per share

- 2017-02: EUR 12.54 per share

- 2017-03: EUR 12.47 per share

- 2017-04: EUR 12.55 per share

- 2017-05: EUR 12.97 per share

- 2017-06: EUR 13.15 per share

- 2017-07: EUR 13.40 per share

- 2017-08: EUR 13.57 per share

- 2017-09: EUR 13.64 per share

- 2017-10: EUR 13.26 per share

- 2017-11: EUR 13.03 per share

- 2017-12: EUR 13.35 per share

- 2018-01: EUR 14.24 per share

- 2018-02: EUR 13.97 per share

- 2018-03: EUR 14.43 per share

- 2018-04: EUR 14.57 per share

- 2018-05: EUR 15.20 per share

- 2018-06: EUR 15.49 per share

- 2018-07: EUR 16.40 per share

- 2018-08: EUR 17.34 per share

- 2018-09: EUR 16.20 per share

- 2018-10: EUR 16.37 per share

- 2018-11: EUR 16.57 per share

- 2018-12: EUR 16.46 per share

- 2019-01: EUR 18.23 per share

- 2019-02: EUR 18.51 per share

- 2019-03: EUR 20.43 per share

- 2019-04: EUR 19.11 per share

- 2019-05: EUR 19.89 per share

- 2019-06: EUR 21.14 per share

- 2019-07: EUR 21.57 per share

- 2019-08: EUR 24.20 per share

- 2019-09: EUR 24.06 per share

- 2019-10: EUR 23.74 per share

- 2019-11: EUR 22.94 per share

- 2019-12: EUR 23.17 per share

- 2020-01: EUR 25.79 per share

- 2020-02: EUR 24.20 per share

- 2020-03: EUR 26.17 per share

- 2020-04: EUR 25.00 per share

- 2020-05: EUR 23.71 per share

- 2020-06: EUR 24.30 per share

- 2020-07: EUR 27.15 per share

- 2020-08: EUR 29.60 per share

- 2020-09: EUR 31.06 per share

- 2020-10: EUR 28.72 per share

- 2020-11: EUR 28.40 per share

- 2020-12: EUR 28.26 per share

- 2021-01: EUR 29.64 per share

- 2021-02: EUR 28.34 per share

- 2021-03: EUR 28.18 per share

- 2021-04: EUR 29.32 per share

- 2021-05: EUR 31.20 per share

- 2021-06: EUR 32.20 per share

- 2021-07: EUR 36.28 per share

- 2021-08: EUR 38.94 per share

- 2021-09: EUR 35.00 per share

- 2021-10: EUR 39.40 per share

- 2021-11: EUR 40.96 per share

- 2021-12: EUR 42.18 per share

- 2022-01: EUR 38.12 per share

- 2022-02: EUR 35.22 per share

- 2022-03: EUR 39.10 per share

- 2022-04: EUR 36.78 per share

- 2022-05: EUR 34.34 per share

- 2022-06: EUR 30.00 per share

- 2022-07: EUR 33.16 per share

- 2022-08: EUR 30.38 per share

- 2022-09: EUR 25.12 per share

- 2022-10: EUR 25.98 per share

- 2022-11: EUR 25.30 per share

- 2022-12: EUR 26.70 per share

- 2023-01: EUR 29.06 per share

- 2023-02: EUR 28.96 per share

- 2023-03: EUR 27.32 per share

- 2023-04: EUR 27.12 per share

- 2023-05: EUR 26.24 per share

- 2023-06: EUR 25.12 per share

- 2023-07: EUR 26.88 per share

- 2023-08: EUR 26.40 per share

- 2023-09: EUR 23.44 per share

- 2023-10: EUR 23.32 per share

- 2023-11: EUR 25.78 per share

- 2023-12: EUR 28.50 per share

- 2024-01: EUR 27.28 per share

- 2024-02: EUR 24.68 per share

- 2024-03: EUR 26.46 per share

- 2024-04: EUR 24.94 per share

- 2024-05: EUR 26.76 per share

- 2024-06: EUR 25.30 per share

- 2024-07: EUR 25.08 per share

- 2024-08: EUR 24.14 per share

- 2024-09: EUR 23.94 per share

- 2024-10: EUR 21.82 per share

- 2024-11: EUR 20.92 per share

- 2024-12: EUR 19.00 per share

- 2025-01: EUR 20.80 per share

- 2025-02: EUR 20.96 per share

- 2025-03: EUR 21.92 per share

- 2025-04: EUR 22.48 per share

- 2025-05: EUR 21.46 per share

- 2025-06: EUR 20.70 per share

- 2025-07: EUR 20.52 per share

- 2025-08: EUR 21.92 per share

- 2025-09: EUR 21.28 per share

- 2025-10: EUR 22.02 per share

- 2025-11: EUR 22.38 per share

- 2025-12: EUR 22.12 per share

- 2026-01: EUR 23.90 per share

- 2026-02: EUR 26.04 per share

- 2026-03: EUR 22.32 per share

- 2026-04: EUR 22.40 per share

- 2026-05: EUR 22.24 per share

- 2026-06: EUR 22.06 per share

- 2026-07: EUR 22.32 per share

- 2026-08: EUR 21.00 per share

- 2026-09: EUR 19.24 per share

- 2026-10: EUR 19.30 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 9.69 per share, central EUR 11.77 per share, high EUR 13.72 per share

- FY2017: low EUR 11.05 per share, central EUR 13.95 per share, high EUR 16.29 per share

- FY2018: low EUR 15.13 per share, central EUR 18.79 per share, high EUR 21.92 per share

- FY2019: low EUR 24.01 per share, central EUR 31.05 per share, high EUR 36.30 per share

- FY2020: low EUR 27.87 per share, central EUR 38.54 per share, high EUR 45.20 per share

- FY2021: low EUR 35.74 per share, central EUR 51.04 per share, high EUR 59.95 per share

- FY2022: low EUR 31.61 per share, central EUR 35.97 per share, high EUR 41.77 per share

- FY2023: low EUR 26.46 per share, central EUR 30.10 per share, high EUR 34.95 per share

- FY2024: low EUR 26.70 per share, central EUR 37.32 per share, high EUR 43.79 per share

- FY2025: low EUR 27.05 per share, central EUR 33.98 per share, high EUR 39.66 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:43:09.211Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.