Report
Florent Laroche-Joubert

Unibail-Rodamco-Westfield : Strong and better-than-expected operating momentum looks encouraging

>Adjusted recurring EPS of € 9.31 (+34.7%) vs cons € 9.15 and much better KPI - URW this morning reported 2022 adjusted recurring EPS of € 9.31 (+34.7% y-o-y) vs guidance of at least € 9.10 and a consensus of € 9.15 which reflects a successful normalisation following the health crisis in 2022 across all its zones and an improvement in all its KPI and metrics:Retailer revenues at 103% vs 2019 (vs 103% in Q3): the normalisation seen in 9M22 was thus confirmed for t...
Underlying
Unibail-Rodamco-Westfield SE Stapled Secs Cons of 1 Sh Unibail Rodamco + 1 Sh WFD Unib Rod

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.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Florent Laroche-Joubert

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