Financials Unibail-Rodamco-Westfield SE

Equities

URW

FR0013326246

Commercial REITs

Market Closed - Euronext Paris 16:35:23 19/06/2024 BST After market 20:44:15
72.58 EUR +0.30% Intraday chart for Unibail-Rodamco-Westfield SE 72.51 -0.10%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 19,463 8,943 8,540 6,748 9,305 10,084 - -
Enterprise Value (EV) 1 45,872 36,631 34,485 29,720 31,279 31,176 29,671 29,206
P/E ratio 17.9 x -1.24 x -8.78 x 38 x -5.71 x 71.2 x 9.04 x 7.47 x
Yield 7.68% - - - 3.74% 4.99% 5.68% 5.95%
Capitalization / Revenue 8.05 x 4.71 x 4.66 x 3.02 x 4.01 x 3.56 x 3.74 x 3.82 x
EV / Revenue 19 x 19.3 x 18.8 x 13.3 x 13.5 x 11 x 11 x 11.1 x
EV / EBITDA 18.4 x 21.1 x 20.9 x 13.5 x 14.2 x 14.5 x 14 x 13.4 x
EV / FCF 127 x 48.7 x 42 x 19.4 x 35.7 x 16.9 x 5.62 x 11.2 x
FCF Yield 0.79% 2.05% 2.38% 5.15% 2.8% 5.92% 17.8% 8.95%
Price to Book 0.7 x 0.46 x 0.5 x 0.35 x 0.54 x 0.66 x 0.65 x 0.6 x
Nbr of stocks (in thousands) 138,379 138,472 138,594 138,767 139,041 139,356 - -
Reference price 2 140.6 64.58 61.62 48.63 66.92 72.36 72.36 72.36
Announcement Date 12/02/20 10/02/21 10/02/22 08/02/23 08/02/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,418 1,898 1,833 2,231 2,322 2,835 2,695 2,637
EBITDA 1 2,492 1,734 1,650 2,209 2,199 2,152 2,126 2,182
EBIT 1 2,464 1,661 1,641 2,152 2,148 2,043 2,081 2,162
Operating Margin 101.91% 87.55% 89.49% 96.44% 92.49% 72.08% 77.22% 82.01%
Earnings before Tax (EBT) 1 40.1 -7,956 -1,024 351.2 -1,771 426.7 1,170 852.3
Net income 1 1,103 -7,213 -972.1 178.2 -1,629 674.5 1,450 1,813
Net margin 45.64% -380.07% -53.02% 7.99% -70.16% 23.79% 53.82% 68.75%
EPS 2 7.854 -52.10 -7.020 1.280 -11.72 1.016 8.005 9.690
Free Cash Flow 1 361.7 752.1 821.9 1,531 875.5 1,847 5,278 2,615
FCF margin 14.96% 39.63% 44.83% 68.63% 37.7% 65.15% 195.9% 99.17%
FCF Conversion (EBITDA) 14.52% 43.36% 49.81% 69.33% 39.81% 85.81% 248.26% 119.84%
FCF Conversion (Net income) 32.78% - - 859.37% - 273.83% 363.95% 144.24%
Dividend per Share 2 10.80 - - - 2.500 3.607 4.113 4.308
Announcement Date 12/02/20 10/02/21 10/02/22 08/02/23 08/02/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2 2025 S1 2025 S2
Net sales 1,203 1,075 822.5 - - - - 1,178 1,144 - - - -
EBITDA - - - 558.6 - - - - - - - - -
EBIT 1 - - - 542.1 898.3 907.4 1,244 902.4 1,245 1,165 1,135 1,206 1,154
Operating Margin - - - - - - - 76.58% 108.89% - - - -
Earnings before Tax (EBT) - - - - - - - - - - - - -
Net income - - - - - - - - - - - - -
Net margin - - - - - - - - - - - - -
EPS - - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - - -
Announcement Date 12/02/20 29/07/20 10/02/21 28/07/21 10/02/22 28/07/22 08/02/23 27/07/23 08/02/24 - - - -
1EUR in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 26,409 27,688 25,945 22,972 21,974 21,092 19,587 19,122
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 10.6 x 15.96 x 15.72 x 10.4 x 9.993 x 9.8 x 9.212 x 8.763 x
Free Cash Flow 1 362 752 822 1,531 876 1,847 5,279 2,615
ROE (net income / shareholders' equity) 6.1% 4.26% 5.58% 6.78% 7.71% 8.74% 8.29% 8.13%
ROA (Net income/ Total Assets) 2.64% 1.65% 1.71% 2.36% 2.6% 2.52% 2.17% 2.4%
Assets 1 41,744 -437,260 -56,972 7,560 -62,564 26,755 66,692 75,538
Book Value Per Share 2 202.0 140.0 122.0 137.0 125.0 110.0 111.0 120.0
Cash Flow per Share 2 13.40 10.10 12.40 17.60 14.80 10.40 9.660 9.820
Capex 1 1,525 671 899 905 1,181 680 388 318
Capex / Sales 63.1% 35.36% 49.02% 40.55% 50.86% 23.99% 14.41% 12.07%
Announcement Date 12/02/20 10/02/21 10/02/22 08/02/23 08/02/24 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
A
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
72.36 EUR
Average target price
77.78 EUR
Spread / Average Target
+7.49%
Consensus

Quarterly revenue - Rate of surprise

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