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Warehouse REIT

AIM:WHR
Snowflake Description

Average dividend payer and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
WHR
AIM
£258M
Market Cap
  1. Home
  2. GB
  3. Real Estate
Company description

Warehouse REIT plc owns and manages a diversified portfolio of warehouse real estate assets in UK urban areas. The last earnings update was 14 days ago. More info.


Add to Portfolio Compare Print
WHR Share Price and Events
7 Day Returns
1.4%
AIM:WHR
2%
GB REITs
-0.1%
GB Market
1 Year Returns
10.6%
AIM:WHR
8.2%
GB REITs
4.6%
GB Market
WHR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Warehouse REIT (WHR) 1.4% 0.9% 2.4% 10.6% - -
GB REITs 2% -0.5% 14.9% 8.2% 13% 6.6%
GB Market -0.1% 1.8% 4.5% 4.6% 6.9% 3.1%
1 Year Return vs Industry and Market
  • WHR outperformed the REITs industry which returned 8.2% over the past year.
  • WHR outperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned 4.6% over the past year.
Price Volatility
WHR
Industry
5yr Volatility vs Market

Value

 Is Warehouse REIT undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Warehouse REIT to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Warehouse REIT.

AIM:WHR Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.8%
Perpetual Growth Rate 10-Year GB Government Bond Rate 1.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for AIM:WHR
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 1.2%
Equity Risk Premium S&P Global 6.7%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.47
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.468 (1 + (1- 19%) (73.92%))
0.831
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.83
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.23% + (0.831 * 6.65%)
6.75%

Discounted Cash Flow Calculation for AIM:WHR using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Warehouse REIT is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

AIM:WHR DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (GBP, Millions) Source Present Value
Discounted (@ 6.75%)
2020 12.00 Analyst x1 11.24
2021 18.00 Analyst x1 15.79
2022 21.00 Analyst x1 17.26
2023 22.00 Analyst x1 16.94
2024 23.00 Analyst x1 16.59
2025 23.74 Est @ 3.22% 16.04
2026 24.36 Est @ 2.62% 15.42
2027 24.90 Est @ 2.21% 14.76
2028 25.38 Est @ 1.91% 14.09
2029 25.81 Est @ 1.71% 13.43
Present value of next 10 years cash flows £151.00
AIM:WHR DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= £25.81 × (1 + 1.23%) ÷ (6.75% – 1.23%)
£472.89
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= £472.89 ÷ (1 + 6.75%)10
£246.04
AIM:WHR Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= £151.00 + £246.04
£397.04
Equity Value per Share
(GBP)
= Total value / Shares Outstanding
= £397.04 / 240.25
£1.65
AIM:WHR Discount to Share Price
Calculation Result
Value per share (GBP) From above. £1.65
Current discount Discount to share price of £1.08
= -1 x (£1.08 - £1.65) / £1.65
35%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Warehouse REIT is available for.
Intrinsic value
35%
Share price is £1.08 vs Future cash flow value of £1.65
Current Discount Checks
For Warehouse REIT to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Warehouse REIT's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Warehouse REIT's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Warehouse REIT's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Warehouse REIT's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
AIM:WHR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in GBP £0.07
AIM:WHR Share Price ** AIM (2019-11-19) in GBP £1.08
United Kingdom of Great Britain and Northern Ireland REITs Industry PE Ratio Median Figure of 40 Publicly-Listed REITs Companies 14.36x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 752 Publicly-Listed Companies 17.14x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Warehouse REIT.

AIM:WHR PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= AIM:WHR Share Price ÷ EPS (both in GBP)

= 1.08 ÷ 0.07

14.88x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Warehouse REIT is overvalued based on earnings compared to the GB REITs industry average.
  • Warehouse REIT is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Warehouse REIT's expected growth come at a high price?
Raw Data
AIM:WHR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.88x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
Not available
United Kingdom of Great Britain and Northern Ireland REITs Industry PEG Ratio Median Figure of 22 Publicly-Listed REITs Companies 1.11x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 561 Publicly-Listed Companies 1.41x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Warehouse REIT, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Warehouse REIT's assets?
Raw Data
AIM:WHR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in GBP £1.05
AIM:WHR Share Price * AIM (2019-11-19) in GBP £1.08
United Kingdom of Great Britain and Northern Ireland REITs Industry PB Ratio Median Figure of 53 Publicly-Listed REITs Companies 0.95x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,305 Publicly-Listed Companies 1.5x
AIM:WHR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= AIM:WHR Share Price ÷ Book Value per Share (both in GBP)

= 1.08 ÷ 1.05

1.02x

* Primary Listing of Warehouse REIT.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Warehouse REIT is overvalued based on assets compared to the GB REITs industry average.
X
Value checks
We assess Warehouse REIT's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Warehouse REIT has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Warehouse REIT expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
15.2%
Expected annual growth in revenue.
Earnings growth vs Low Risk Savings
Is Warehouse REIT expected to grow at an attractive rate?
  • Unable to compare Warehouse REIT's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Warehouse REIT's earnings growth to the United Kingdom of Great Britain and Northern Ireland market average as no estimate data is available.
  • Warehouse REIT's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
AIM:WHR Future Growth Rates Data Sources
Data Point Source Value (per year)
AIM:WHR Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 15.2%
United Kingdom of Great Britain and Northern Ireland REITs Industry Earnings Growth Rate Market Cap Weighted Average 22.9%
United Kingdom of Great Britain and Northern Ireland REITs Industry Revenue Growth Rate Market Cap Weighted Average 5.8%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 12.5%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 3.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
AIM:WHR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
AIM:WHR Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-03-31 50 1
2023-03-31 46 1
2022-03-31 41 25 1
2021-03-31 35 21 1
2020-03-31 28 19 1
2019-11-19
AIM:WHR Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2019-09-30 25 23 15
2019-06-30 23 19 19
2019-03-31 22 15 23
2018-12-31 26 23 30
2018-03-31 10 12 13

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Warehouse REIT is high growth as no earnings estimate data is available.
  • Warehouse REIT's revenue is expected to grow by 15.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
AIM:WHR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Warehouse REIT Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AIM:WHR Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-03-31
2023-03-31
2022-03-31
2021-03-31
2020-03-31
2019-11-19
AIM:WHR Past Financials Data
Date (Data in GBP Millions) EPS *
2019-09-30 0.07
2019-06-30 0.10
2019-03-31 0.14
2018-12-31 0.15
2018-03-31 0.08

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Warehouse REIT will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Warehouse REIT's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Warehouse REIT has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Warehouse REIT performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Warehouse REIT's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Unable to establish if Warehouse REIT's year on year earnings growth rate was positive over the past 5 years as it has been trading publicly for less than 3 years.
  • Unable to compare Warehouse REIT's 1-year earnings growth to the 5-year average as it has been trading publicly for less than 3 years.
  • Warehouse REIT's 1-year earnings growth is negative, it can't be compared to the GB REITs industry average.
Earnings and Revenue History
Warehouse REIT's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Warehouse REIT Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AIM:WHR Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 24.83 14.66 3.98
2019-06-30 23.41 18.72 3.69
2019-03-31 21.99 22.77 3.40
2018-12-31 26.21 30.08 4.58
2018-03-31 9.85 12.55 2.35

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Warehouse REIT has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Warehouse REIT used its assets less efficiently than the GB REITs industry average last year based on Return on Assets.
  • Unable to establish if Warehouse REIT improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Warehouse REIT's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Warehouse REIT has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Warehouse REIT's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Warehouse REIT's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Warehouse REIT's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Warehouse REIT's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Warehouse REIT's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Warehouse REIT Company Filings, last reported 1 month ago.

AIM:WHR Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 252.73 182.65 7.73
2019-06-30 252.73 182.65 7.73
2019-03-31 182.33 125.51 4.87
2018-12-31 182.33 125.51 4.87
2018-03-31 169.51 123.05 6.57
  • Warehouse REIT's level of debt (72.3%) compared to net worth is high (greater than 40%).
  • Unable to establish if Warehouse REIT's debt level has increased without past 5-year debt data.
  • Debt is not well covered by operating cash flow (12.6%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.5x coverage).
X
Financial health checks
We assess Warehouse REIT's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Warehouse REIT has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Warehouse REIT's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.58%
Current annual income from Warehouse REIT dividends. Estimated to be 6.42% next year.
If you bought £2,000 of Warehouse REIT shares you are expected to receive £112 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Warehouse REIT's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (1.97%).
  • Warehouse REIT's dividend is above the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.35%).
Upcoming dividend payment

Purchase Warehouse REIT before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
AIM:WHR Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland REITs Industry Average Dividend Yield Market Cap Weighted Average of 48 Stocks 4%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 680 Stocks 4.5%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.1%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 5.3%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

AIM:WHR Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2024-03-31 0.08 1.00
2023-03-31 0.08 1.00
2022-03-31 0.07 2.00
2021-03-31 0.07 2.00
2020-03-31 0.06 2.00
2019-11-19
AIM:WHR Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2019-11-05 0.060 5.646
2019-08-01 0.060 5.712
2019-06-19 0.060 5.835
2019-05-21 0.060 5.810
2019-02-08 0.060 5.818
2018-11-12 0.060 6.189
2018-09-06 0.060 6.225
2018-06-20 0.060 5.951
2018-05-22 0.060 5.869
2018-01-30 0.040 3.980

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Warehouse REIT has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Warehouse REIT only paid a dividend in the past 2 years.
Current Payout to shareholders
What portion of Warehouse REIT's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.1x coverage).
X
Income/ dividend checks
We assess Warehouse REIT's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Warehouse REIT afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Warehouse REIT has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Warehouse REIT's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Andrew Bird
AGE 57
CEO Bio

Mr. Andrew Charles Bird is a Founder, Managing Director and Director at Tilstone Estates Ltd. Mr. Bird has over 25 years of experience in the commercial property investment and development markets. He serves as Managing Director of Warehouse REIT plc. He has held directorship of both quoted and unquoted companies. He has obtained a wealth of experience leading projects through planning and development phases, as well as managing funding and joint new partnerships.

CEO Compensation
  • Insufficient data for Andrew to compare compensation growth.
  • Insufficient data for Andrew to establish whether their remuneration is reasonable compared to companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team

Andrew Bird

TITLE
Managing Director
AGE
57

Peter Greenslade

TITLE
Finance Director
AGE
62

Paul Makin

TITLE
Investment Director
TENURE
1.4 yrs

Pam Williamson

TITLE
Group Financial Controller - Tilstone Partners Limited
TENURE
1.3 yrs
Board of Directors Tenure

Average tenure and age of the Warehouse REIT board of directors in years:

2.3
Average Tenure
55
Average Age
  • The average tenure for the Warehouse REIT board of directors is less than 3 years, this suggests a new board.
Board of Directors

Neil Kirton

TITLE
Non-Executive Chairman
COMPENSATION
£37K
AGE
56
TENURE
2.3 yrs

Aimée Joan Pitman

TITLE
Non-Executive Director
COMPENSATION
£30K
AGE
53
TENURE
2.3 yrs

Lynette Lackey

TITLE
Independent Non-Executive Director
COMPENSATION
£13K
AGE
57
TENURE
1 yrs

Martin Meech

TITLE
Senior Independent Director
COMPENSATION
£30K
AGE
62

Stephen Barrow

TITLE
Non-Executive Director
AGE
53
TENURE
2.3 yrs

Simon Hope

TITLE
Non-Executive Director
AGE
54
TENURE
2.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (£) Value (£)
04. Apr 19 Buy Harry Ingham Individual 02. Apr 19 02. Apr 19 10,000 £1.03 £10,300
04. Apr 19 Buy Andrew Bird Individual 02. Apr 19 02. Apr 19 136,892 £1.03 £140,999
04. Apr 19 Buy Lynette Lackey Individual 02. Apr 19 02. Apr 19 25,000 £1.03 £25,750
04. Apr 19 Buy Aimée Joan Pitman Individual 02. Apr 19 02. Apr 19 72,814 £1.03 £74,998
04. Apr 19 Buy Peter Greenslade Individual 02. Apr 19 02. Apr 19 25,000 £1.03 £25,750
04. Apr 19 Buy Paul Makin Individual 02. Apr 19 02. Apr 19 25,000 £1.03 £25,750
04. Apr 19 Buy Neil Kirton Individual 02. Apr 19 02. Apr 19 100,000 £1.03 £103,000
04. Apr 19 Buy Stephen Barrow Individual 02. Apr 19 02. Apr 19 390,000 £1.03 £401,700
04. Apr 19 Buy Martin Meech Individual 02. Apr 19 02. Apr 19 100,000 £1.03 £103,000
04. Apr 19 Buy Simon Hope Individual 02. Apr 19 02. Apr 19 291,888 £1.03 £300,645
X
Management checks
We assess Warehouse REIT's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Warehouse REIT has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Here's Why I Think Warehouse REIT (LON:WHR) Might Deserve Your Attention Today

Check out our latest analysis for Warehouse REIT Warehouse REIT's Improving Profits Over the last three years, Warehouse REIT has grown earnings per share (EPS) like young bamboo after rain; fast, and from a low base. … It's a pleasure to note that insiders spent UK£1.3m buying Warehouse REIT shares, over the last year, without reporting any share sales whatsoever. … So if you like the sound of Warehouse REIT, you'll probably love this free list of growing companies that insiders are buying.

Simply Wall St -

What Kind Of Investor Owns Most Of Warehouse REIT plc (LON:WHR)?

As Nassim Nicholas Taleb said, 'Don’t tell me what you think, tell me what you have in your portfolio.' Warehouse REIT is a smaller company with a market capitalization of UK£249m, so it may still be flying under the radar of many institutional investors. … See our latest analysis for Warehouse REIT AIM:WHR Ownership Summary, June 12th 2019 What Does The Institutional Ownership Tell Us About Warehouse REIT? … We can see that Warehouse REIT does have institutional investors; and they hold 69% of the stock.

Simply Wall St -

Is Warehouse REIT plc (LON:WHR) A High Quality Stock To Own?

The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Warehouse REIT: 12% = UK£23m ÷ UK£182m (Based on the trailing twelve months to March 2019.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … Does Warehouse REIT Have A Good Return On Equity? … Combining Warehouse REIT's Debt And Its 12% Return On Equity Warehouse REIT has a debt to equity ratio of 0.71, which is far from excessive.

Simply Wall St -

Is Warehouse REIT plc (LON:WHR) A Smart Choice For Dividend Investors?

Is Warehouse REIT plc (LON:WHR) a good dividend stock? … Yet sometimes, investors buy a stock for its dividend and lose money because the share price falls by more than they earned in dividend payments. … Some readers mightn't know much about Warehouse REIT's 5.9% dividend, as it has only been paying distributions for a year or so.

Simply Wall St -

You May Have Been Looking At Warehouse REIT plc (LON:WHR) All Wrong

real estate investment trust (REIT) based in Chester, United Kingdom. … They have to meet certain requirements in order to become a REIT, meaning they should be analyzed a different way. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent

Simply Wall St -

One Metric To Rule Them All: Warehouse REIT plc (LON:WHR)

Warehouse REIT plc is a UK£160m. … real estate investment trust (REIT) based in Chester, United Kingdom. … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation.

Simply Wall St -

Company Info

Description

Warehouse REIT plc owns and manages a diversified portfolio of warehouse real estate assets in UK urban areas. This is a compelling market. The structural rise in e-commerce and investment in 'last-mile' delivery contribute to high tenant demand, while limited vacant space and our active asset management lead to growing rents. Capturing this income allows us to offer our shareholders an attractive dividend and the prospect of capital and further dividend growth. Our portfolio of well-located assets is let to occupiers ranging from pure e-commerce to traditional light industrial. As we expand, our vision is for Warehouse REIT to become the warehouse provider of choice across the UK.

Details
Name: Warehouse REIT plc
WHR
Exchange: AIM
Founded: 2017
£258,273,096
240,254,043
Website: http://www.warehousereit.co.uk
Address: Warehouse REIT plc
Gorse Stacks House,
Ground Floor,
Chester,
CH1 3EQ,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
AIM WHR Ordinary Shares London Stock Exchange AIM Market GB GBP 20. Sep 2017
Number of employees
Current staff
Staff numbers
0
Warehouse REIT employees.
Industry
Industrial REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/19 22:05
End of day share price update: 2019/11/19 00:00
Last estimates confirmation: 2019/11/13
Last earnings filing: 2019/11/05
Last earnings reported: 2019/09/30
Last annual earnings reported: 2019/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.