reports
- Daniel Ragonese
Morningstar | Transferring Analyst Coverage of Unibail-Rodamco-Westfie...
We transfer coverage of Unibail-Rodamco-Westfield, or URW. We continue to forecast slow sales growth across the portfolio reflecting ongoing evolution in consumer spending patterns. An increasing proportion of items will be purchased online, impacting tenant sales, tenant demand and hence the rate at which the landlord can increase rents. Our fair value estimate for narrow-moat-rated URW remains at EUR 150 per share (AUD 12.00 per Australian chess depository interest, or CDI) with the stock scr...
- Daniel Ragonese
Morningstar | Transferring Analyst Coverage of Unibail-Rodamco-Westfie...
We transfer coverage of Unibail-Rodamco-Westfield, or URW. We continue to forecast slow sales growth across the portfolio reflecting ongoing evolution in consumer spending patterns. An increasing proportion of items will be purchased online, impacting tenant sales, tenant demand and hence the rate at which the landlord can increase rents. Our fair value estimate for narrow-moat-rated URW remains at EUR 150 per share (AUD 12.00 per Australian chess depository interest, or CDI) with the stock scr...
- Daniel Ragonese
Transferring Analyst Coverage of Unibail-Rodamco-Westfield
We transfer coverage of Unibail-Rodamco-Westfield, or URW. We continue to forecast slow sales growth across the portfolio reflecting ongoing evolution in consumer spending patterns. An increasing proportion of items will be purchased online, impacting tenant sales, tenant demand and hence the rate at which the landlord can increase rents. Our fair value estimate for narrow-moat-rated URW remains at EUR 150 per share (AUD 12.00 per Australian chess depository interest, or CDI) with the stock sc...
- Tony Sherlock
Morningstar | Unibail Deleverages Further. FVE Unchanged at AUD 12
Unibail-Rodamco-Westfield, or URW, released operational metrics for tenant sales and foot traffic for the quarter ending March 2019, but there was little to value in the data as the prior period excluded the assets acquired in the takeover of Westfield. Further, URW’s reluctance to normalise data for developments renders the data almost meaningless. The reported metrics significantly exceeded our expectations and we assume most investors ignore much of the URW’s quarterly sales and traffic m...
- Tony Sherlock
Unibail Deleverages Further. FVE Unchanged at AUD 12
Unibail-Rodamco-Westfield, or URW, released operational metrics for tenant sales and foot traffic for the quarter ending March 2019, but there was little to value in the data as the prior period excluded the assets acquired in the takeover of Westfield. Further, URW’s reluctance to normalise data for developments renders the data almost meaningless. The reported metrics significantly exceeded our expectations and we assume most investors ignore much of the URW’s quarterly sales and traffic m...
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