Bitcoin price today: gains to $120k, near record high on U.S. regulatory cheer
Investing.com - Berenberg has upgraded WDP NV/SA (BR:WDP) from Hold to Buy while lowering its price target to EUR27.00 from EUR31.00, citing an attractive entry point after the stock’s 30% decline in 2024.
The research firm noted that WDP’s historical premium valuation compared to sector peers has largely disappeared, partly due to lower letting and pre-letting volumes in European logistics property markets this year following pandemic-inflated activity over the previous three years.
Berenberg expressed confidence in WDP’s mid-term guidance, which targets EUR1.70 in cash EPS by fiscal year 2027, up from EUR1.50 last year, calling this goal "very much achievable" given the company’s diversified tenant solvency, high lease-retention rates, rent reversionary potential, and long debt maturities with favorable low rates.
The firm’s price target reduction from EUR31.00 to EUR27.00 reflects somewhat lowered assumptions for WDP’s longer-term development investments, though Berenberg still expects the company to maintain its traditionally high payout ratios.
The upgrade to Buy is further supported by WDP’s current valuation levels, with the stock trading at an earnings yield of 8.0% for fiscal year 2026.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.