Company Valuation: Unibail-Rodamco-Westfield SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 8,540 6,748 9,305 10,372 13,296 14,297 - -
Change - -20.98% 37.88% 11.47% 28.19% 7.53% - -
Enterprise Value (EV) 1 34,485 29,720 31,279 32,540 31,796 33,930 34,095 33,970
Change - -13.82% 5.24% 4.03% -2.29% 6.71% 0.48% -0.37%
P/E -8.78x 38x -5.71x 69.9x 10.6x 8.6x 8.11x 7.83x
PBR 0.5x 0.35x 0.54x 0.6x 0.77x 0.82x 0.77x 0.72x
PEG - -0x 0x -1x 0x 0.3x 1.35x 2.23x
Capitalization / Revenue 4.66x 3.02x 4.01x 4.27x 5.71x 5.16x 5.05x 4.85x
EV / Revenue 18.8x 13.3x 13.5x 13.4x 13.7x 12.3x 12.1x 11.5x
EV / EBITDA 20.9x 13.5x 14.2x 13.8x 13.9x 15x 14.6x 13.8x
EV / EBIT 21x 13.8x 14.6x 14.1x 14.2x 15.4x 15.7x 14.6x
EV / FCF 42x 19.4x 35.7x 36.9x 27.6x 22.6x 25.3x 17.1x
FCF Yield 2.38% 5.15% 2.8% 2.71% 3.62% 4.42% 3.95% 5.84%
Dividend per Share 2 - - 2.5 3.5 4.5 5.517 6.071 6.422
Rate of return - - 3.74% 4.81% 4.85% 5.57% 6.13% 6.49%
EPS 2 -7.02 1.28 -11.72 1.04 8.72 11.51 12.2 12.63
Distribution rate - - -21.3% 337% 51.6% 47.9% 49.8% 50.8%
Net sales 1 1,833 2,231 2,322 2,427 2,328 2,769 2,828 2,950
EBITDA 1 1,650 2,209 2,199 2,352 2,284 2,260 2,332 2,463
EBIT 1 1,641 2,152 2,148 2,311 2,241 2,205 2,176 2,329
Net income 1 -972.1 178.2 -1,629 146.2 1,268 1,770 1,840 2,109
Net Debt 1 25,945 22,972 21,974 22,168 18,500 19,633 19,798 19,672
Reference price 2 61.62 48.63 66.92 72.72 92.76 98.96 98.96 98.96
Nbr of stocks (in thousands) 138,594 138,767 139,041 142,625 143,334 144,473 - -
Announcement Date 10/02/22 08/02/23 08/02/24 13/02/25 12/02/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
8.6x12.25x15.01x5.57% 16.59B
39.88x15.8x16.08x5.27% 58.46B
16.95x23.57x28.24x3.4% 17.64B
19.95x16.71x23.99x5.07% 14.8B
9.93x13.6x16.16x5.22% 12.57B
27.76x10.93x17.24x3.91% 10.14B
8.02x20.59x27.85x3.16% 9.71B
14.94x11.97x18.61x6.23% 9.53B
35.28x7.55x12.13x5.59% 8.99B
-152.8x8.34x19.89x1.97% 7.13B
Average 2.85x 14.13x 19.52x 4.54% 16.56B
Weighted average by Cap. 17.65x 15.18x 18.84x 4.8%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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