Report
Florent Laroche-Joubert

Unibail-Rodamco-Westfield : RESET plan – management’s capacity to sell assets is key!

>A € 9bn plan to absorb a major shock - URW announced on 16 September its € 9bn defensive refinancing plan. Discussions seem to be underway with regulatory authorities concerning the practical terms of the rights issue. Management will therefore be able to provide more details to shareholders and investors once the discussions are finalised.Based on the stock at 30 June 2020, we think that URW is taking shelter from a potential future decline in the value of its ...
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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