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Warehouses De Pauw

0MU2.L
62
REIT - Industrial · Real Estate
Price
19.08 GBp
+0.14 (+0.71%)
Market Cap
£448.5M
Exchange
London Stock Exchange
Winston Score
62
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 10, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
22/30
Growth
Mixed
5/20
Cash Flow
Exceptional
9/10
Stability
Strong
8/10
Valuation
Good
5/10
Ownership
Good
10/15
Dividends
Good
3/5

62 of 100 counted points = Winston Score 62.

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Share count rising — dilution

+1162.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 18.3M (2021) → 230.5M (2025)

§Winston Score History

The full picture

Warehouses De Pauw (WDP) is a Belgian real estate company that owns and rents out large warehouse and logistics buildings. Its customers are businesses that need storage and distribution space — think e-commerce retailers, manufacturers, and logistics companies. WDP is one of the largest listed logistics property owners in the Benelux region, with a portfolio spanning millions of square meters.

WDP makes money by collecting rent from long-term leases on its warehouse properties, which explains its high gross margins. The company operates mainly across Belgium, the Netherlands, Romania, and France, giving it a diversified European footprint. Its competitive edge comes from owning well-located, modern logistics hubs that are expensive and slow to replace — but rising interest rates are a key risk, since higher borrowing costs can compress property valuations and make it harder to finance new developments, which are central to WDP's growth strategy.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+16.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+22.6% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

€0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

20.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€412M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Warehouses De Pauw is a rare growth stock that's already generating positive cash flow while growing at 16%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
89.8%
Premium pricing power — 89.8% gross margin
Profit after running costs
Operating Margin
85.7%
Excellent — 85.7% operating margin
Return on the money invested
ROCE
5.9%
Weak — 5.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+11.7%
Steady sales growth (+11.7% YoY)
Profit growth
EPS YoY
-87.0%
Earnings shrinking (-87.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
99%
Turns 99% of profit into real cash
Spare cash per sale
FCF Margin
66.4%
Converts sales into free cash efficiently (66.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.74
Moderate — manageable debt (0.74)
Covers its interest
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
11.1x
Attractive valuation — P/E 11.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
4.13%
Healthy income — 4.13% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
-87.4%
Dividend cut (-87.4% YoY) — warning sign

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