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

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

INVEST SECURITIES - UNIBAIL-RODAMCO (ACHAT, OC 185€) : Un titre toujours attractif

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.

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

INVEST SECURITIES - UNIBAIL-RODAMCO (ACHAT, OC 185€) : Un titre toujours attractif

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

INVEST SECURITIES - UNIBAIL-RODAMCO-WESTFIELD (ACHAT, OC 185€) : Des résultats toujours de bonne facture

Florent Laroche-Joubert

Unibail-Rodamco-Westfield : Major potential in the medium term but challenges in the short term

>Dividend guaranteed during the phase relating to plan to divest € 2.9bn in non-core assets - Following the acquisition of Westfield, Unibail-Rodamco-Westfield (URW) is primarily engaged in a phase of deleveraging and portfolio rationalisation. Now half way through its divestment plan, URW has already sold off € 3.1bn and the remaining € 2.9bn still to be sold are set to be mainly the shopping centres in Europe (75%-85%) and to a lesser extent offices (15%-25%). ...

Florent Laroche-Joubert

Unibail-Rodamco-Westfield : Un gros potentiel à MT mais des challenges à relever à CT

>Dividende garanti pendant la phase liée au plan de cession de 2,9 Md€ d’actifs non stratégiques - Suite à l'acquisition de Westfield, Unibail-Rodamco-Westfield (URW) est tout d'abord engagé dans une phase de désendettement et de rationalisation de son portefeuille. A mi-chemin de son plan de cessions, URW a déjà cédé pour 3,1 Md€ actifs et les 2,9 Md€ d'actifs devant encore être cédés, devraient concerner principalement des centres commerciaux européens (75%-85%...

Florent Laroche-Joubert

Unibail-Rodamco-Westfield : Investor days on 13 and 14 June: progress report amid rationalisation

>Stock-market performance in May: greater exposure to trade tensions between US and China than its European peers - The share performance of Unibail-Rodamco-Westfield (URW) in May was particularly affected by the flare-up in trade friction between the US and China. With exposure of over 20% to the US market, the URW share thus underperformed its main European peers even though it has shown greater capacity for resilience compared to its main American peers. We think t...

Ahmed Ben Salem ...
  • Bruno Cavalier
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/17/2019

...

Ahmed Ben Salem ...
  • Bruno Cavalier
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/06/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/05/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/06/2019

...

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 – DETAILED COMMENTS 04/25/2019

...

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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