WFD Unibail-Rodamco

Unibail-Rodamco is a commercial property operator, investor and developer. Co. is operationally organized in six geographical regions: France, Spain, Central Europe, Austria, the Nordics and The Netherlands. Its activities are divided into three business lines or segments: Shopping Centres, Offices and Convention & Exhibition. Co.'s Shopping Centres segment focuses primarily on the retail sector; the Offices segment takes care of office assets that are mainly located in the Parisian Central Business District; and the Convention-Exhibitions segment consists of a real estate venues and operations organization, and trade show organization.
  • TickerULA
  • ISINFR0013326246
  • ExchangeEuronext Amsterdam
  • SectorReal Estate Investment Trusts
  • CountryNetherlands

Analysts

Zhang Jun

Unibail-Rodamco-Westfield

Zhang Jun

Unibail-Rodamco-Westfield

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Manuel Martin, CEFA,CREA
  • Martial Descoutures
  • Oussema Denguir
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/29/2019

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Manuel Martin, CEFA,CREA
  • Martial Descoutures
  • Oussema Denguir
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/10/2019

...

Zhang Jun

Unibail-Rodamco-Westfield

Zhang Jun

Unibail-Rodamco-Westfield

Florent Laroche-Joubert

Unibail-Rodamco-Westfield : Sales momentum similar to that in H1 2019

>Growth in tenant sales shows similar momentum to H1 2019, 2019 guidance confirmed - URW reported sales in the first nine months of 2019 up 26.1% to € 2,729.7m, mainly reflecting the integration of Westfield into the group’s scope in June 2018 and the disposals completed in 2018 and 2019. Overall, the reported figures show similar momentum to that in H1 2019 albeit in some cases with a less pronounced trend: adjusted for Tesla sales, tenant sales in Continental Europe...

Florent Laroche-Joubert

Unibail-Rodamco-Westfield : Une dynamique similaire de l’activité à celle observée au S1 2019

>Croissance du CA des commerçants sur la même dynamique qu’au S1 2019, guidance 2019 confirmée - URW publie un CA sur 9M 2019 en hausse de 26.1% à 2 729.7 M€, en lien principalement avec l’intégration de Westfield dans le périmètre du groupe en juin 2018 et les cessions finalisées en 2018 et 2019. Globalement, les chiffres publiés restent sur la même dynamique qu’au S1 2019 mais avec une tendance parfois moins prononcée : retraité des ventes Tesla, les ventes des comm...

Florent Laroche-Joubert

Unibail-Rodamco-Westfield : A high-quality portfolio but major challenges in the short and medium term

>The best portfolio but investor trust has to be re-earned - URW boasts the finest portfolio of shopping centre assets but must regain the trust of investors:The Westfield deal, which was presented as being accretive until the publication of 2018 full-year results, is in the end dilutive in the short term (2019 AREPS expected to be € 12.10-12.30 vs € 12.92 in 2018) half-way through the disposal plan.Some investors doubt whether URW will be able to pay a div...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Manuel Martin, CEFA,CREA
  • Martial Descoutures
  • Oussema Denguir
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/29/2019

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Manuel Martin, CEFA,CREA
  • Martial Descoutures
  • Oussema Denguir
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/10/2019

...

Florent Laroche-Joubert ...
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/01/2019

Strong growth in liquefied natural gas (LNG) is being fuelled by energy demand and coal substitution. A record number of final investment decisions (FID) is expected in 2019, followed by another wave in 2020. Several projects are in competition and only the most competitive will succeed. This boom will benefit global producers. Shell (Buy) is the leading player in the LNG market and Total (Buy, Top pick), no. 2, boasts the biggest project pipeline. Service companies are expected to se...

Florent Laroche-Joubert ...
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/10/2019

La forte croissance du gaz naturel liquéfié (GNL) est tirée par la demande énergétique et la substitution au charbon. Un record de FID (final investment decision) est prévu en 2019, suivi d’une nouvelle vague en 2020. Plusieurs projets sont en concurrence et seuls les plus compétitifs verront le jour. Cet engouement profitera aux producteurs globaux. Shell (Achat) est leader sur le marché du GNL et Total (Achat, Top pick), n°2, présente le plus important pipeline de projets. Les soci...

Alain William ...
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/01/2019

Market expectations of a cut in the Fed’s policy rates have come true... Unless that is, that the Fed that has aligned itself with investor expectations. Is this really good news for equity markets? Not necessarily, as the recent trend in the cost of capital, in a context of a slowdown in earnings growth, tends to demonstrate the latter’s inertia. In other words, the gain on the risk-free rate is absorbed by an equivalent (if not greater) increase in the risk premium. Conclusion: indi...

UNIBAIL-RODAMCO sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of UNIBAIL-RODAMCO (FR), a company active in the Real Estate Investment Trusts industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date August 27, 2019, the closing price was EUR 123.55 and its potential was estimated at EUR 139.08.

Unibail-Rodamco Westfield N.V.

Unibail-Rodamco Westfield N.V.

Unibail-Rodamco Westfield N.V.

Unibail-Rodamco Westfield N.V.

Jehanne Leroy

WFD Unibail Rodamco NV - Assemblée générale des actionnaires du 11 juin 2019

WFD Unibail-Rodamco N.V. fait partie du groupe Unibail-Rodamco-Westfield qui regroupe WFD Unibail-Rodamco N.V. et Unibail-Rodamco SE. Le portefeuille de WFD regroupe les activités américaines et néerlandaises du groupe Unibail-Rodamco-Westfield.Les actions A de WFD Unibail-Rodamco N.V. et de Unibail-Rodamco SE sont jumelées et ont le même code ISIN. Ainsi, sur le marché, l’acquisition d’une action au code FR0013326246 donne accès à un titre WFD Unibail-Rodamco N.V. et à un titre Unibail-Rodamco SE (et donc un droit de vote aux AGs de ces deux sociétés). La société propose de modifier son arti...

Expert Corporate Governance Service (ECGS)

Wfd Unibail-Rodamco - AGM 11 June 2019

WFD Unibail-Rodamco N.V. is part of the Unibail-Rodamco-Westfield Stapled Group which gathers WFD Unibail-Rodamco N.V. (“WFD”) and Unibail-Rodamco SE (“UR SE”). WFD portfolio consists of assets in the United States and The Netherlands. Class A shares of WFD and UR SE shares are stapled and have the same ISIN Code. Thus, on the market, buying a FR0013326246 share gives right to 2 securities: one from WFD and one from UR SE (each security giving right to attend their respective General meetings).  The company proposes to amend its article 31.3 of the Articles of Association so that if applicabl...

Expert Corporate Governance Service (ECGS)

Unibail-Rodamco - AGM 17 May 2019

ITEMS 8 and 9: For 2019, the LTI IFRS value will increase from 150% to 180% of the fixed remuneration. This will increase the portion of LTI in total variable remuneration (from 43% to 47% for the Chairman), which we appreciate. However, the company should have compensated this increase by decreasing the maximum bonus to avoid any inflationary impact. As it did not, the total maximum remuneration of the Chairman of the Management Board will increase from €5.6 M to €6 M (+6.7%). This is excessive and we do not support amounts at stake for 2019.

Jehanne Leroy

Unibail-Rodamco - Assemblée générale des actionnaires du 17 mai 2019

RémunérationsLa politique de rémunération 2019 des dirigeants augmente la valeur IFRS maximale des attributions de 150% du fixe en 2018 à 180% du fixe en 2019. Cela a pour effet de porter la part long-terme de la rémunération de 43% à 47% de la rémunération variable totale, ce que Proxinvest apprécie. Cependant, il est fort regrettable que la société n’ait pas veillé à baisser le bonus maximal afin de compenser cette hausse qui, par conséquent, a des effets inflationnistes sur la rémunération totale : la rémunération totale maximale du Président du Directoire passe ainsi de 5,6 M€ pour 2018 à ...

Unibail Rodamco – Proxinvest Corporate Governance Rating ® : A

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Valérie GASTALDY

Analyse court terme - UNIBAIL-RODAMCO-WESTFIELD : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 150,14 €. La tendance de fond serait remise en cause en cas de franchissement de 177,98 €.

Valérie GASTALDY

Short term view - UNIBAIL-RODAMCO-WESTFIELD : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €150.14. The background trend would be questioned should prices rise above €177.98.

Valérie GASTALDY

Analyse court terme - UNIBAIL-RODAMCO-WESTFIELD : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 150,14 €. La tendance de fond serait remise en cause en cas de franchissement de 177,98 €.

Valérie GASTALDY

Short term view - UNIBAIL-RODAMCO-WESTFIELD : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €150.14. The background trend would be questioned should prices rise above €177.98.

Jérôme VINERIER

Analyse moyen terme - UNIBAIL-RODAMCO-WESTFIELD : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 150,10 €, puis 133,00 €. Le franchissement de 195,50 € remettrait en cause la suite de la baisse.

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