Slowing Sales Makes it Harder for Unibail to Raise Rents
Unibail-Rodamco-Westfield reported first-half 2018 earnings per security, or EPS, of EUR 6.58, up 6.8% on the previous 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 slightly to EUR 180 from EUR 177 on slightly upgraded rental growth outcomes for the French malls and currency movements. Narrow-moat-rated Unibail-Rodamco-Westfield screens as fairly valued, currently trading around EUR 185.Management...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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