reports
- Tony Sherlock
Morningstar | Little to Cheer About in Unibail’s Result and Outlook;...
Unibail-Rodamco-Westfield reported 2019 earnings per security, or EPS, of EUR 12.92, a whisker above guidance. The negatives greatly outweighed the positives in the result and outlook. We’ve cut our rental growth outlook for all the retail assets and slightly raised rental outlook for the French office assets that are benefiting from low levels of vacancy. Given retail spending across Europe and the U.S. has been vastly buoyed by stimulatory interest rate settings, the eventual move up in inte...
- Tony Sherlock
Morningstar | Little to Cheer About in Unibail’s Result and Outlook;...
Unibail-Rodamco-Westfield reported 2019 earnings per security, or EPS, of EUR 12.92, a whisker above guidance. The negatives greatly outweighed the positives in the result and outlook. We’ve cut our rental growth outlook for all the retail assets and slightly raised rental outlook for the French office assets that are benefiting from low levels of vacancy. Given retail spending across Europe and the U.S. has been vastly buoyed by stimulatory interest rate settings, the eventual move up in inte...
- Tony Sherlock
Little to Cheer About in Unibail’s Result and Outlook; Fair Value Es...
Unibail-Rodamco-Westfield reported 2019 earnings per security, or EPS, of EUR 12.92, a whisker above guidance. The negatives greatly outweighed the positives in the result and outlook. We’ve cut our rental growth outlook for all the retail assets and slightly raised rental outlook for the French office assets that are benefiting from low levels of vacancy. Given retail spending across Europe and the U.S. has been vastly buoyed by stimulatory interest rate settings, the eventual move up in inte...
- Tony Sherlock
Morningstar | Slowing Sales Makes It Harder for Unibail to Raise Rents...
The retail sales environment for narrow-moat Unibail-Rodamco-Westfield is deteriorating faster than prior forecasts, impacting the rate Unibail can raise rents going forward. We previously forecast a 10-year CAGR in retail rent of 3.3%, but weakening sales figures for the European assets that make up the bulk of the portfolio means the negotiating power is now swinging more in favour of the tenant. Sales across the discretional apparel category appear to have suffered the most with U.K.-based ma...
- Tony Sherlock
Morningstar | Slowing Sales Makes it Harder for Unibail to Raise Rents...
The retail sales environment for narrow-moat-rated Unibail-Rodamco-Westfield is deteriorating faster than prior forecasts, impacting the rate Unibail can raise rents going forward. We’d previously forecast a 10-year CAGR in retail rent of 3.3%, but weakening sales figures for the European assets that make up the bulk of the portfolio means the negotiating power is now swinging more in favour of the tenant. Sales across the discretional apparel category appear to have suffered the most with U.K...
- Tony Sherlock
Morningstar | Slowing Sales Makes it Harder for Unibail to Raise Rents
Unibail-Rodamco is one of the largest global REITs, with EUR 61 billion of commercial property, split 87% in shopping centres, 7% in offices, and 6% in convention centres. In a more technology-enabled world, the challenge is to grow sales when digital retail enjoys a material cost advantage in the traditional fashion categories. The bias towards luxury or aspirational brands has been profitable in recent years, but will be threatened if more of the high-margin sales occur online. The transition ...
- Tony Sherlock
Slowing Sales Makes it Harder for Unibail to Raise Rents. FVE Declines...
The retail sales environment for narrow-moat-rated Unibail-Rodamco-Westfield is deteriorating faster than prior forecasts, impacting the rate Unibail can raise rents going forward. We’d previously forecast a 10-year CAGR in retail rent of 3.3%, but weakening sales figures for the European assets that make up the bulk of the portfolio means the negotiating power is now swinging more in favour of the tenant. Sales across the discretional apparel category appear to have suffered the most with U.K...
- Tony Sherlock
Slowing Sales Makes it Harder for Unibail to Raise Rents
Unibail-Rodamco-Westfield reported first-half 2018 earnings per security of EUR 6.58, up 6.8% on the prior corresponding period and putting the firm on track to achieve reiterated 2018 EPS guidance of EUR 12.75-12.90. Our fair value estimate increases to AUD 14.30 from AUD 14 on slightly upgraded rental growth outcomes for the French malls and currency movements. Narrow-moat-rated URW screens as slightly overvalued, currently trading around AUD 15. Management were more tight-lipped than we’d e...
- Tony Sherlock
Morningstar | URW's Reweighting to Larger Malls Gains Steam; FVE Incre...
Unibail-Rodamco-Westfield reported first-half 2018 earnings per security of EUR 6.58, up 6.8% on the prior corresponding period and putting the firm on track to achieve reiterated 2018 EPS guidance of EUR 12.75-12.90. Our fair value estimate increases to AUD 14.30 from AUD 14 on slightly upgraded rental growth outcomes for the French malls and currency movements. Narrow-moat-rated URW screens as slightly overvalued, currently trading around AUD 15. Management were more tight-lipped than we’d ...
- Tony Sherlock
URW's Reweighting to Larger Malls Gains Steam; FVE Increased to AUD 14...
Unibail-Rodamco-Westfield reported first-half 2018 earnings per security of EUR 6.58, up 6.8% on the prior corresponding period and putting the firm on track to achieve reiterated 2018 EPS guidance of EUR 12.75-12.90. Our fair value estimate increases to AUD 14.30 from AUD 14 on slightly upgraded rental growth outcomes for the French malls and currency movements. Narrow-moat-rated URW screens as slightly overvalued, currently trading around AUD 15. Management were more tight-lipped than we’d e...
- Tony Sherlock
Morningstar | The retail strategy focuses on premium malls in in-fill ...
Unibail-Rodamco is one of the largest global REITs, with EUR 61 billion of commercial property, split 87% in shopping centres, 7% in offices, and 6% in convention centres. In a more technology-enabled world, the challenge is to grow sales when digital retail enjoys a material cost advantage in the traditional fashion categories. The bias towards luxury or aspirational brands has been profitable in recent years, but will be threatened if more of the high-margin sales occur online. The transition ...
- Tony Sherlock
The major challenge faced by Unibail is the growth in proportion of sa...
(Correction applies to EPS and DPS calculations.) We initiate coverage of Australian Chess Depository Interests, or CDIs, of Unibail-Rodamco a France-based REIT that recently merged with Westfield Corporation. We ascribe Unibail's CDIs a narrow moat rating and expect no major changes in the company's competitive positioning. The moat source is efficient scale, which is where a market is effectively serviced by existing players and potential competitors are dissuaded from entering as doing so wou...
- Matthieu DRIOL
- Matthieu DRIOL
- Matthieu DRIOL
- Matthieu DRIOL
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