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

Daniel Ragonese

Morningstar | Transferring Analyst Coverage of Unibail-Rodamco-Westfield

We transfer coverage of Unibail-Rodamco-Westfield, or URW. We continue to forecast slow sales growth across the portfolio reflecting ongoing evolution in consumer spending patterns. An increasing proportion of items will be purchased online, impacting tenant sales, tenant demand and hence the rate at which the landlord can increase rents. Our fair value estimate for narrow-moat-rated URW remains at EUR 150 per share (AUD 12.00 per Australian chess depository interest, or CDI) with the stock screening as fairly valued at current levels. Our earnings projections are unchanged, and the firm rece...

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.

Tony Sherlock

Morningstar | Unibail Deleverages Further. FVE Unchanged at EUR 150

Unibail-Rodamco-Westfield, or URW, released operational metrics for tenant sales and foot traffic for the quarter ending March 2019, but there was little to value in the data as the prior period excluded the assets acquired in the takeover of Westfield. Further, URW’s reluctance to normalise data for developments renders the data almost meaningless. The reported metrics significantly exceeded our expectations and we assume most investors ignore much of the URW’s quarterly sales and traffic measures as they align poorly with tenant operating performance. We continue to forecast slow sales grow...

Tony Sherlock

Unibail Deleverages Further. FVE Unchanged at EUR 150

Unibail-Rodamco-Westfield, or URW, released operational metrics for tenant sales and foot traffic for the quarter ending March 2019, but there was little to value in the data as the prior period excluded the assets acquired in the takeover of Westfield. Further, URW’s reluctance to normalise data for developments renders the data almost meaningless. The reported metrics significantly exceeded our expectations and we assume most investors ignore much of the URW’s quarterly sales and traffic measu...

Daniel Ragonese

Morningstar | Transferring Analyst Coverage of Unibail-Rodamco-Westfield

We transfer coverage of Unibail-Rodamco-Westfield, or URW. We continue to forecast slow sales growth across the portfolio reflecting ongoing evolution in consumer spending patterns. An increasing proportion of items will be purchased online, impacting tenant sales, tenant demand and hence the rate at which the landlord can increase rents. Our fair value estimate for narrow-moat-rated URW remains at EUR 150 per share (AUD 12.00 per Australian chess depository interest, or CDI) with the stock screening as fairly valued at current levels. Our earnings projections are unchanged, and the firm rece...

Tony Sherlock

Morningstar | Unibail Deleverages Further. FVE Unchanged at EUR 150

Unibail-Rodamco-Westfield, or URW, released operational metrics for tenant sales and foot traffic for the quarter ending March 2019, but there was little to value in the data as the prior period excluded the assets acquired in the takeover of Westfield. Further, URW’s reluctance to normalise data for developments renders the data almost meaningless. The reported metrics significantly exceeded our expectations and we assume most investors ignore much of the URW’s quarterly sales and traffic measures as they align poorly with tenant operating performance. We continue to forecast slow sales grow...

Tony Sherlock

Unibail Deleverages Further. FVE Unchanged at EUR 150

Unibail-Rodamco-Westfield, or URW, released operational metrics for tenant sales and foot traffic for the quarter ending March 2019, but there was little to value in the data as the prior period excluded the assets acquired in the takeover of Westfield. Further, URW’s reluctance to normalise data for developments renders the data almost meaningless. The reported metrics significantly exceeded our expectations and we assume most investors ignore much of the URW’s quarterly sales and traffic measu...

Florent Laroche-Joubert

Unibail-Rodamco-Westfield : Satisfactory operating performance and transformation under way

>Q1 2019: satisfactory operating performance - Based on the footfall and tenant sales statistics, Unibail-Rodamco-Westfield (URW) delivered a satisfactory operating performance:In continental Europe, shopping centre footfall rose by 2.4% y-o-y and tenant sales (including extensions of existing assets) increased by 4.3% y-o-y (+4.8% for flagships).In the US, specialty sales per m2 were up 5.3% in the quarter y-o-y (+5.5% for flagships). Year-on-year, tenant s...

Florent Laroche-Joubert

Unibail-Rodamco-Westfield : Une performance opérationnelle satisfaisante et une transformation en cours

>T1 2019 : une performance opérationnelle satisfaisante - Sur la base des statistiques de fréquentation et de chiffre d’affaires (CA) des commerçants, Unibail-Rodamco-Westfield (URW) a délivré une performance opérationnelle satisfaisante :En Europe continentale, la fréquentation des centres commerciaux est en hausse de 2,4% yoy et le CA des commerçants (incluant les extensions des actifs existants) de 4,3% yoy (+4,8% dans les flagships).Aux Etats-Unis, les v...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/25/2019

...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/04/2019

...

Florent Laroche-Joubert ...
  • Jean Sassus
  • Steven Gould
  • Sylvain Goyon

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/10/2019

Since the start of February, quality and growth have been favoured at the cost of a record valuation gap vs value. The market is therefore desperately seeking ideas combining FCF, balance sheet strength and reasonable valuation. Bingo! This market context combined with the current rising visibility on oil prices allows us to upgrade our recommendations on integrated oil companies to Outperformance (+ vs =) and Neutral on Services (vs -) which should benefit, mainly in the offshore s...

Florent Laroche-Joubert ...
  • Jean Sassus
  • Steven Gould
  • Sylvain Goyon

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/04/2019

Depuis début février qualité et croissance ont été privilégiées au prix d’un écart de valorisation vs value au plus haut historique. Le marché est donc désespérément en quête d’idées combinant FCF, force bilancielle et valorisation raisonnable. Bingo ! Ce contexte combiné à la visibilité haussière actuelle des prix du pétrole nous permet de relever nos recommandations sur les pétrolières intégrées à Surperformance (+ vs =) et Neutre sur les Services (vs -) qui devraient bénéficier, pr...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Sassus
  • Louis Boujard
  • Martial Descoutures
  • Olivier Lebrun
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/02/2019

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Unibail-Rodamco Westfield N.V.

Unibail-Rodamco Westfield N.V.

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Unibail-Rodamco Westfield N.V.

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Unibail-Rodamco Westfield N.V.

Unibail-Rodamco Westfield N.V.

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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.

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.

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.

Jérôme VINERIER

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

The background trend is clearly bearish. The movement goes on. The next target is at €150.10, then €133.00. Passing €195.50 would question the continuation of the fall.

Valérie GASTALDY

Short term view - UNIBAIL-RODAMCO-WESTFIELD : Prices are making further progress.

The trend is bullish. Prices are making further progress. The targets are at €191.20 and then €202.09. The break of €172.23 would endanger the trend.

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