WFD Unibail-Rodamco

Unibail Rodamco SE is a France-based commercial property investment company operating in the commercial real estate industry. The Company is engaged in the development, construction, and management of real estate in Europe. Its assets portfolio is divided into three main business segments: Shopping Centers, which include shopping centers in France, Spain, the Netherlands, Denmark, Sweden, Finland, Poland, the Czech Republic, Slovakia and Austria; Offices, comprising a number of business premises, warehouses and workshops located mainly in the Paris central business district and La Defense; and Convention and Exhibition complexes in Paris through two companies, Viparis and Comexposium, which are jointly owned by the Company and the Paris Chamber of Commerce and Industry (CCIP). Viparis manages a portfolio of venues in Paris, while Comexposium operates as an event organizer in France.
  • TickerA2JH5S
  • ISINFR0000124711
  • SectorReal Estate Investment Trusts
  • CountryNetherlands

Analysts

ING
Research Department

Benelux Morning Notes

Befimmo: Still waiting for development lease up. Beter Bed: Hosts strategic update/CMD today. Covivo: Hitting on all cylinders. Fugro: Disappointing 3Q doesn't say too much. Home Invest Belgium: Further valuations gains. Proximus: Small EBITDA beat on lower summer roaming costs, guidance up. Signify: Cost savings and beat in conventional lamps offset organic growth weakness. Unibail-Rodamco-Westfield: Slower growth, but priced in. WDP: Yield compression finally coming through? Xior Student Housing: growth kicking in

ING
Research Department

Benelux Morning Notes

Fugro: Game changers underway in Geoscience? Inmobiliaria Colonial: rolling up SFL TomTom: Loss of Volvo contract overshadows strong consumer update Unibail-Rodamco-Westfield: sells Tour Ariane in La Défense for €465m Netherlands will keep REIT structure

ING
Research Department

Benelux Morning Notes

Company comments D'Ieteren: Strong 1H18 like-for-like results expected, reading likely difficult EVS: 2Q below but order intake in line Unibail-Rodamco-Westfield: 3 weeks of “W” VolkerWessels: Strong 1H18 cash flow

ING
Research Department

Benelux Morning Notes

Belgian Telecom: There will not be a public Flemish fibre network BinckBank: AUM nearing inflection point Merlin Properties: Finally buys Almada Mall in Lisbon Philips: 2Q18 update - Underlying strength in key Diagnosis & Treatment division Staffing sector: Manpower: confcall indicated slightly better revenue outlook for Q3 Unibail-Rodamco Westfield: sells 4 non-core assets in Spain for €460m

Benoît Faure-Jarrosson ...
  • Bruno Duclos
  • Vladimir Minot

INVEST SECURITIES - Unibail-Rodamco-Westfield : Cessions d'actifs de bureaux en vue - NEUTRE, OC : 206€

Plusieurs cessions potentielles rapportées par la presse devraient permettre à Unibail-Rodamco-Westfield de progresser dans la réalisation de son plan de cession de 3Mds€. En particulier, la cession de Capital 8, un temps repoussée, confirme la très bonne tenue du marché de l'investissement. Nous maintenons notre recommandation Neutre ainsi que notre objectif de cours de 206€, dans l'attente d'une meilleure visibilité sur le titre dans le cadre de la fusion opérationnelle avec Westfield.

ING
Research Department

Benelux Morning Notes

Befimmo: Still waiting for development lease up. Beter Bed: Hosts strategic update/CMD today. Covivo: Hitting on all cylinders. Fugro: Disappointing 3Q doesn't say too much. Home Invest Belgium: Further valuations gains. Proximus: Small EBITDA beat on lower summer roaming costs, guidance up. Signify: Cost savings and beat in conventional lamps offset organic growth weakness. Unibail-Rodamco-Westfield: Slower growth, but priced in. WDP: Yield compression finally coming through? Xior Student Housing: growth kicking in

ING
Research Department

Benelux Morning Notes

Fugro: Game changers underway in Geoscience? Inmobiliaria Colonial: rolling up SFL TomTom: Loss of Volvo contract overshadows strong consumer update Unibail-Rodamco-Westfield: sells Tour Ariane in La Défense for €465m Netherlands will keep REIT structure

ING
Research Department

Benelux Morning Notes

Company comments D'Ieteren: Strong 1H18 like-for-like results expected, reading likely difficult EVS: 2Q below but order intake in line Unibail-Rodamco-Westfield: 3 weeks of “W” VolkerWessels: Strong 1H18 cash flow

ING
Research Department

Benelux Morning Notes

Belgian Telecom: There will not be a public Flemish fibre network BinckBank: AUM nearing inflection point Merlin Properties: Finally buys Almada Mall in Lisbon Philips: 2Q18 update - Underlying strength in key Diagnosis & Treatment division Staffing sector: Manpower: confcall indicated slightly better revenue outlook for Q3 Unibail-Rodamco Westfield: sells 4 non-core assets in Spain for €460m

Benoît Faure-Jarrosson ...
  • Bruno Duclos
  • Vladimir Minot

INVEST SECURITIES - Unibail-Rodamco-Westfield : Cessions d'actifs de bureaux en vue - NEUTRE, OC : 206€

Plusieurs cessions potentielles rapportées par la presse devraient permettre à Unibail-Rodamco-Westfield de progresser dans la réalisation de son plan de cession de 3Mds€. En particulier, la cession de Capital 8, un temps repoussée, confirme la très bonne tenue du marché de l'investissement. Nous maintenons notre recommandation Neutre ainsi que notre objectif de cours de 206€, dans l'attente d'une meilleure visibilité sur le titre dans le cadre de la fusion opérationnelle avec Westfield.

For UNIBAIL-RODAMCO, the environment deterioration entails a downgrade to Neutral

UNIBAIL-RODAMCO (FR), a company active in the Real Estate Investment Trusts industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 2 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date May 18, 2018, the closing price was EUR 194.25 and its expected value was estimated at EUR 193.43.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

MarketLine Department

Unibail-Rodamco SE - Strategy, SWOT and Corporate Finance Report

Synopsis Unibail-Rodamco SE - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Summary - Detailed information on Unibail-Rodamco SE required for business and competitor intelligence needs - A study of the major internal and external factors affecting Unibail-Rodamco SE in the form of a SWOT analysis - An in-depth view of the business model of Unibail-Rodamco SE including a breakd...

Jehanne Leroy

Proxy Report - 17/05/2018

ITEMS 9 to 14: The main object of this AGM is the Acquisition of Westfield by Unibail-Rodamco. This operation is strategically consistent and financially acceptable for Unibail’s shareholders. Impacts of shareholding and on governance are also acceptable as the shareholding will remain widespread and the Supervisory Board will still have a majority of independent members. ITEMS 25 and 26: However, in the event of completion of the Transaction, the remuneration policy of Management Board members will be modified. It will mainly integrate increases of the fixed remuneration (+25% for the Chairm...

Jehanne Leroy

Proxy Report - 17/05/2018

Le principal sujet de cette assemblée est l'acquisition par Unibail-Rodamco de la société américaine Westfield (résolutions 9 à 14). L’opération proposée est stratégiquement cohérente et financièrement acceptable pour les actionnaires d'Unibail-Rodamco. Les impacts de cette opération sur l'actionnariat et la gouvernance sont eux aussi acceptables puisque l’actionnariat restera plutôt diversifié et le conseil de surveillance du nouveau groupe sera toujours majoritairement indépendant. Cependant, en cas de réalisation de l'opération, la politique de rémunération des membres du Directoire pour 2...

Jehanne Leroy

Etude de l'AG du 25/04/2017

Items 5 to 9 : We congratulate Unibail-Rodamco on producing a very clear and exhaustive remuneration report which leads us to approve all “Say on Pay” and “Sapin 2” resolutions.Furthermore, the company will hereafter stop using “retesting” practices for performance measurement for allocating Executives bonuses.The company adopted the « one share-one vote » principle in its by-laws. We congratulate the company on promoting shareholder equality. We also noted that the company does not authorize any capital issuance during takeovers, which is in line with best practices. Unibail-Rodamco has an ex...

Jehanne Leroy

Etude de l'AG du 25/04/2017

La société Unibail-Rodamco se démarque par une excellente pratique en termes de gouvernance. Ainsi nous soulignerons, par exemple, que la société à décidé le maintien du principe « Une action-Une voix », qui est défendu par Proxinvest. La politique de rémunération d’Unibail-Rodamco est également remarquable par sa qualité et sa transparence, qui entraînent, pour cette année encore, un avis favorable de Proxinvest sur l’ensemble des résolutions « Say on Pay » ainsi que sur les résolutions dites « Sapin 2 », concernant les politiques de rémunération 2017.Enfin, la société indique, qu'à compter d...

Valérie GASTALDY

Analyse moyen terme - UNIBAIL-RODAMCO : Le support majeur est enfoncé.

Les prix sont dans une phase de consolidation latérale sans élement directionnel net.Arguments :- Le support majeur est enfoncé.- Le support ascendant est atteint.- La moyenne mobile sert de résistance.- Les prix évoluent dans un rectangle.

Valérie GASTALDY

Medium term view - UNIBAIL-RODAMCO : The major support has been breached.

Prices are in a sideways range, there is no specific direction.Arguments :- The major support has been breached.- The ascending support has been reached.- The moving average is capping prices.- Prices are evolving within a rectangle.

Matthieu DRIOL

Short term view - UNIBAIL-RODAMCO : Pull-back

The trend is momentarily interrupted by a consolidation on a shorter time horizon but prices remain above the invalidation level at €185.700. It can resume at anytime towards the target at €197.660.Arguments :- Prices are pulling back to the major support level (previously a resistance). The rise will resume afterwards.- The moving average is supporting prices.- The trend is momentarily interrupted by a flag, but the rise will resume soon.

Matthieu DRIOL

Analyse court terme - UNIBAIL-RODAMCO : Pull-back

La tendance est momentanément interrompue par une correction sur l'horizon de temps inférieur, mais les prix restent au-dessus du seuil d'invalidation à 185,700 €. Elle peut donc reprendre à tout moment vers l'objectif à 197,660 €.Arguments :- Les cours font un pull-back sur le support majeur (ancienne résistance), la hausse reprendra ensuite.- La moyenne mobile sert de support.- Un flag est en formation.

Matthieu DRIOL

Analyse court terme - UNIBAIL-RODAMCO : Le support majeur est atteint, il cause le rebond.

Le précédent sommet vient d'être franchi, ceci confirme la tendance haussière. Le prochain objectif est à 203,34 €. Le niveau d'invalidation est sous 191,20 €.Arguments :- Le support majeur est atteint, il cause le rebond.- Les prix dépassent la moyenne mobile, c'est un signal de force.

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