Report
Florent Laroche-Joubert

Unibail-Rodamco-Westfield : La priorité est au désendettement du groupe et rien d’autre !

>52% des CC fermés et 2021 attendue comme 2020 à ce stade - La performance opérationnelle d’URW en 2020 reflète comme attendu une activité opérationnelle fortement impactée par la crise sanitaire :Le BPA récurrent ajusté ressort à 7.28 € (-41.1% yoy) en ligne avec la fourchette basse de la guidance (7.20 – 7.80 €) et en-dessous du consensus (7.50 €). La croissance à périmètre constant (pc) des loyers de -24% yoy s’explique principalement par 1/ la collecte sur l’...
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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