Report
Florent Laroche-Joubert

Unibail-Rodamco-Westfield : Encouraging signs pointing to a normalisation as of 2023

>Broadly conservative guidance for 2021 - In late October, we received Fabrice Mouchel (CFO) and Samuel Warwood (HIR) at two group meetings during which the CFO revisited the messages provided as part of the quarterly results publication:The 2021 guidance is particularly conservative in our view and does not portend activity already being normalised in H2 2021 or 2021: the assumptions on which it is based are especially cautious, notably in terms of the provision...
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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