Warehouse Reit (WHR)

Sector:

Property Investment Trusts

Index:

FTSE Small Cap

80.20p
   
  • Change Today:
    -1.20p
  • 52 Week High: 105.00
  • 52 Week Low: 69.70
  • Currency: UK Pounds
  • Shares Issued: 424.86m
  • Volume: 96,749
  • Market Cap: £340.74m
  • RiskGrade: 92

Key Financials

  £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 31-Mar-23 31-Mar-22 31-Mar-21
Annualisation Factor 1.0 1.0 1.0
Dividend Yield 6.3% 3.7% 4.9%
       
Continuing Operations      
PE Ratio - Adjusted 21.7 27.1 23.8
PE Ratio - Diluted n/a
n/a		 3.9
27.1		 3.6
23.7
PEG - Adjusted n/a 1.3 n/a
PEG - Diluted n/a
n/a		 0.1
1.4		 n/a
n/a
Return on Capital Employed n/a
n/a		 n/a
n/a		 n/a
n/a
Operating Margin (354.01%)
(326.62%)		 408.58%
71.91%		 361.69%
69.43%
       
Continuing & Discontinued Operations      
PE Ratio - Adjusted 21.7 27.1 23.8
PE Ratio - Diluted n/a
n/a		 3.9
27.1		 3.6
23.7
PEG - Adjusted n/a 1.3 n/a
PEG - Diluted n/a
n/a		 0.1
1.4		 n/a
n/a

  £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Mar-23 31-Mar-22 31-Mar-21
Net Gearing 55.64% 36.05% 36.02%

  £ (Millions) £ (Millions) £ (Millions)
Value Metrics 31-Mar-23 31-Mar-22 31-Mar-21
Price/Book Value 0.8 1.0 0.8
Price/Tangible Book Value 0.8 1.0 0.8
Price/ Cash Flow 12.3 26.1 18.2
Price/Revenue 9.08 15.14 12.32
Price/R&D n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 124.39p 173.93p 164.19p
Net Cash per Share n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 31-Mar-23 31-Mar-22 31-Mar-21
Continuing Operations      
Revenue 47.85 48.71 35.76
EBITDA (169.37)
(156.27)		 199.04
35.03		 129.48
24.96
Depreciation n/a
n/a		 n/a
n/a		 (0.13)
(0.13)
Net Interest (13.49)
(16.31)		 (7.83)
(7.83)		 (6.23)
(6.23)
Profit Before Tax (182.86)
(172.58)		 191.20
27.20		 123.11
18.60
       
Revenue per Share 11.26p 11.47p 10.23p
Pre-Tax Profit per Share (43.04p)
(40.62p)		 45.00p
6.40p		 35.21p
5.32p
Market Capitalisation £ (Millions) 434.21 737.56 535.33
Enterprise Value (EV) £ (Millions) 752.70 1,020.67 769.32
EBITDA/EV (22.50%)
(20.76%)		 19.50%
3.43%		 16.83%
3.24%
Operating Margin (354.01%)
(326.62%)		 408.58%
71.91%		 361.69%
69.43%
Capital Employed £ (Millions) 847.59 1,022.07 808.09
Return on Capital Employed n/a
n/a		 n/a
n/a		 n/a
n/a
Invested Equity Capital £ (Millions) 528.47 738.95 574.09
       
Earnings per Share - Basic (43.00p)
(40.62p)		 45.00p
6.40p		 35.20p
5.32p
Earnings per Share - Diluted (43.00p)
(40.62p)		 45.00p
6.40p		 35.20p
5.32p
Earnings per Share - Adjusted 4.70p 6.40p 5.30p
Earnings per Share Growth - Basic n/a
n/a		 28%
20%		 n/a
n/a
Earnings per Share Growth - Diluted n/a
n/a		 28%
20%		 n/a
n/a
Earnings per Share Growth - Adjusted -27% 21% n/a
PE Ratio - Diluted n/a
n/a		 3.9
27.1		 3.6
23.7
PEG - Diluted n/a
n/a		 0.1
1.4		 n/a
n/a
Tax Rate n/a n/a n/a
Dividend Cover 0.73
(6.35)		 1.00
1.00		 0.85
0.86
Interest Cover (10.78)
(11.78)		 24.45
4.34		 20.68
3.97
       
Continuing & Discontinued Operations      
Earnings per Share - Basic (43.00p)
(40.62p)		 45.00p
6.40p		 35.20p
5.32p
Earnings per Share - Diluted (43.00p)
(40.62p)		 45.00p
6.40p		 35.20p
5.32p
Earnings per Share - Adjusted 4.70p 6.40p 5.30p
Earnings per Share Growth - Basic n/a
n/a		 28%
20%		 n/a
n/a
Earnings per Share Growth - Diluted n/a
n/a		 28%
20%		 n/a
n/a
Earnings per Share Growth - Adjusted -27% 21% n/a
PE Ratio - Diluted n/a
n/a		 3.9
27.1		 3.6
23.7
PEG - Diluted n/a
n/a		 0.1
1.4		 n/a
n/a
Dividend Cover 0.73
(6.35)		 1.00
1.00		 0.85
0.86
Return on Equity (ROE) (34.60%)
(32.66%)		 25.87%
3.68%		 21.44%
3.24%
Operating Cash Flow per Share 8.31p 6.65p 6.92p
Gross Cash Flow per Share cn/a cn/a cn/a
Cash Incr/Decr per Share 1.96p (2.47p) 6.21p
Capital Expenditure per Share n/a n/a n/a
Dividend per Share 6.40p 6.40p 6.20p
Dividend per Share Growth n/a 3.23% n/a
Dividend Yield 6.3% 3.7% 4.9%
Shareholders Funds 528.47 738.95 574.09
Net Borrowings £ (Millions) 294.06 266.41 206.81
Net Asset Value per Share (inc. Intangibles) 124.39p 173.93p 164.19p

  £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 31-Mar-23 31-Mar-22 31-Mar-21
Shareholders' Funds inc Intangibles 528.47 738.95 574.09
Net Borrowings £ (Millions) 294.06 266.41 206.81
Net Gearing 55.64% 36.05% 36.02%
Cash & Near Cash 25.05 16.71 27.18
Cash 4.74% 2.26% 4.74%
Gross Borrowings 319.12 283.11 234.00
Gross Gearing 60.38% 38.31% 40.76%
Borrowings Under 5 years 319.12 283.11 234.00
Under 5 years 60.38% 38.31% 40.76%
Borrowings Under 1 year n/a n/a n/a
Under 1 year n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions)
Gearing - exc Intangibles 31-Mar-23 31-Mar-22 31-Mar-21
Shareholders' Funds exc Intangibles 528.47 738.95 574.09
Net Borrowings £ (Millions) 294.06 266.41 206.81
Net Gearing 55.64% 36.05% 36.02%
Cash & Near Cash 25.05 16.71 27.18
Cash 4.74% 2.26% 4.74%
Gross Borrowings 319.12 283.11 234.00
Gross Gearing 60.38% 38.31% 40.76%
Borrowings Under 5 years 319.12 283.11 234.00
Under 5 years 60.38% 38.31% 40.76%
Borrowings Under 1 year n/a n/a n/a
Under 1 year n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions)
Cover 31-Mar-23 31-Mar-22 31-Mar-21
Quick Ratio n/a n/a n/a
Current Ratio 1.16 1.77 2.11

Key

* GAAP

a. Includes discontinued activities

b. Based on operating cash flow before tax

c. Not disclosed under IFRS

d. Includes non-current assets

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

Note 3: Above ratios are on a 'per annum' basis, adjusted for corporate actions and based on the fundamentals of the primary listed security.

Note 4: Under IFRS, all figures are based on 'Continuing' operations unless otherwise stated.

Note 5: Normalised ratios are shown in blue text

Note 6: Forecast figures based on normalised accounts.

 

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