URW's Reweighting to Larger Malls Gains Steam; FVE Increased to AUD 14.30
Unibail-Rodamco-Westfield reported first-half 2018 earnings per security of EUR 6.58, up 6.8% on the prior corresponding period and putting the firm on track to achieve reiterated 2018 EPS guidance of EUR 12.75-12.90. Our fair value estimate increases to AUD 14.30 from AUD 14 on slightly upgraded rental growth outcomes for the French malls and currency movements. Narrow-moat-rated URW screens as slightly overvalued, currently trading around AUD 15.Management were more tight-lipped than we’d exp...
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