Warehouses De Pauw S.A. (WDP.BR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-17.1%

€16.00

vs €19.29 price

Levered DCF

€24.60

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.93

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	14.36×	9.69×	259.09×	14.35×	7.84×	15.11×	9.65×	7.84×
P/B	1.02×	0.89×	1.33×	1.18×	2.19×	2.1×	1.81×	1.63×
P/S	9.77×	9.65×	14.75×	15.3×	27.64×	19.83×	17.2×	13.8×
EV / EBITDA	16.83×	13.66×	154.85×	19.6×	8.72×	19.42×	12.91×	11.87×
Gross margin	81.8%	87.7%	85.8%	87.3%	90.3%	90.1%	90.5%	92.0%
Operating margin	79.2%	83.5%	21.6%	38.5%	388.9%	160.5%	215.9%	204.1%
Net margin	67.8%	99.3%	5.6%	106.4%	352.5%	130.4%	178.2%	176.0%
Current ratio	0.33×	0.36×	0.37×	0.2×	0.21×	0.14×	0.18×	0.13×
Debt / equity	0.7×	0.65×	0.52×	0.57×	0.64×	0.92×	0.9×	1.1×
Interest coverage	5.29×	7.57×	1.23×	4.05×	49.93×	18.21×	20.72×	21.5×
Dividend yield	3.2%	3.4%	2.2%	3.2%	1.1%	1.6%	1.8%	2.0%
Payout ratio	46.2%	32.9%	571.8%	46.5%	8.8%	24.1%	17.2%	15.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.1%	9.2%	0.5%	8.2%	28.0%	13.8%	18.7%	20.8%
Return on invested capital	3.9%	4.3%	-0.9%	1.8%	16.0%	8.3%	11.2%	11.0%
Return on assets	4.0%	5.3%	0.3%	5.0%	16.1%	6.8%	9.3%	9.4%
Free cash flow yield	5.8%	7.7%	4.5%	6.7%	2.8%	3.8%	3.7%	6.5%
Earnings yield	6.9%	10.3%	0.4%	7.0%	12.8%	6.6%	10.4%	12.8%
Enterprise value	€8.6B	€7.3B	€8.2B	€7.5B	€9.9B	€7.1B	€5.7B	€4.3B
Net debt / EBITDA	6.84×	5.73×	43.5×	6.39×	1.96×	5.9×	4.29×	4.77×
Cash conversion cycle (days)	-306	-506	-252	-464	-451	-491	-788	-989