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Unibail-Rodamco-Westfield

ASX:URW
Snowflake Description

Good value average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
URW
ASX
€18B
Market Cap
  1. Home
  2. AU
  3. Real Estate
Company description

Unibail-Rodamco-Westfield is the premier global developer and operator of flagship shopping destinations, with a portfolio valued at €65.2 Bn as at December 31, 2018, of which 87% in retail, 6% in offices, 5% in convention & exhibition venues and 2% in services. The last earnings update was 114 days ago. More info.


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URW Share Price and Events
7 Day Returns
-2.2%
ASX:URW
-0.5%
AU REITs
0%
AU Market
1 Year Returns
-31.4%
ASX:URW
19%
AU REITs
4.8%
AU Market
URW Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Unibail-Rodamco-Westfield (URW) -2.2% -8.6% -16.2% -31.4% - -
AU REITs -0.5% 1% 9.1% 19% 14.8% 60.7%
AU Market 0% 0.9% 6.8% 4.8% 20.1% 12.2%
1 Year Return vs Industry and Market
  • URW underperformed the REITs industry which returned 19% over the past year.
  • URW underperformed the Market in Australia which returned 4.8% over the past year.
Price Volatility
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Unibail-Rodamco-Westfield undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Unibail-Rodamco-Westfield to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Unibail-Rodamco-Westfield.

ASX:URW Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 14 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.7%
Perpetual Growth Rate 10-Year AU Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ASX:URW
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AU Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6.7%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.48
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.476 (1 + (1- 33%) (146.31%))
0.961
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.96
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.31% + (0.961 * 6.65%)
8.7%

Discounted Cash Flow Calculation for ASX:URW using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Unibail-Rodamco-Westfield is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Unibail-Rodamco-Westfield is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

ASX:URW DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (EUR, Millions) Source Present Value
Discounted (@ 8.7%)
2020 1,588.00 Analyst x1 1,460.86
2021 1,668.00 Analyst x1 1,411.60
2022 2,401.00 Analyst x1 1,869.25
2023 2,674.51 Est @ 11.39% 1,915.48
2024 2,906.33 Est @ 8.67% 1,914.86
2025 3,102.83 Est @ 6.76% 1,880.65
2026 3,271.20 Est @ 5.43% 1,823.96
2027 3,418.14 Est @ 4.49% 1,753.30
2028 3,549.33 Est @ 3.84% 1,674.83
2029 3,669.31 Est @ 3.38% 1,592.82
Present value of next 10 years cash flows €17,297.63
ASX:URW DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €3,669.31 × (1 + 2.31%) ÷ (8.7% – 2.31%)
€58,740.78
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €58,740.78 ÷ (1 + 8.7%)10
€25,499.01
ASX:URW Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €17,297.63 + €25,499.01
€42,796.64
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €42,796.64 / 138.36
€309.31
ASX:URW Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in ASX:URW represents 0.07937x of ENXTAM:URW
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.07937x
Value per Share
(Listing Adjusted, AUD)
= Value per Share (EUR) x Listing Adjustment Factor
= € 309.31 x 0.07937
A$24.55
Value per share (AUD) From above. A$24.55
Current discount Discount to share price of A$10.16
= -1 x (A$10.16 - A$24.55) / A$24.55
58.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Unibail-Rodamco-Westfield is available for.
Intrinsic value
>50%
Share price is A$10.16 vs Future cash flow value of A$24.55
Current Discount Checks
For Unibail-Rodamco-Westfield to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Unibail-Rodamco-Westfield's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Unibail-Rodamco-Westfield's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Unibail-Rodamco-Westfield's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Unibail-Rodamco-Westfield's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ASX:URW PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €8.42
ENXTAM:URW Share Price ** ENXTAM (2019-07-19) in EUR €128
Australia REITs Industry PE Ratio Median Figure of 38 Publicly-Listed REITs Companies 11.84x
Australia Market PE Ratio Median Figure of 546 Publicly-Listed Companies 16.1x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Unibail-Rodamco-Westfield.

ASX:URW PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTAM:URW Share Price ÷ EPS (both in EUR)

= 128 ÷ 8.42

15.2x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unibail-Rodamco-Westfield is overvalued based on earnings compared to the AU REITs industry average.
  • Unibail-Rodamco-Westfield is good value based on earnings compared to the Australia market.
Price based on expected Growth
Does Unibail-Rodamco-Westfield's expected growth come at a high price?
Raw Data
ASX:URW PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.2x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts
9.5%per year
Australia REITs Industry PEG Ratio Median Figure of 31 Publicly-Listed REITs Companies 0.62x
Australia Market PEG Ratio Median Figure of 361 Publicly-Listed Companies 1.38x

*Line of best fit is calculated by linear regression .

ASX:URW PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.2x ÷ 9.5%

1.6x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unibail-Rodamco-Westfield is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Unibail-Rodamco-Westfield's assets?
Raw Data
ASX:URW PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €203.67
ENXTAM:URW Share Price * ENXTAM (2019-07-19) in EUR €128
Australia REITs Industry PB Ratio Median Figure of 42 Publicly-Listed REITs Companies 1.12x
Australia Market PB Ratio Median Figure of 1,693 Publicly-Listed Companies 1.7x
ASX:URW PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTAM:URW Share Price ÷ Book Value per Share (both in EUR)

= 128 ÷ 203.67

0.63x

* Primary Listing of Unibail-Rodamco-Westfield.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unibail-Rodamco-Westfield is good value based on assets compared to the AU REITs industry average.
X
Value checks
We assess Unibail-Rodamco-Westfield's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Unibail-Rodamco-Westfield has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Unibail-Rodamco-Westfield expected to perform in the next 1 to 3 years based on estimates from 14 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
9.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Unibail-Rodamco-Westfield expected to grow at an attractive rate?
  • Unibail-Rodamco-Westfield's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Unibail-Rodamco-Westfield's earnings growth is expected to exceed the Australia market average.
  • Unibail-Rodamco-Westfield's revenue growth is positive but not above the Australia market average.
Annual Growth Rates Comparison
Raw Data
ASX:URW Future Growth Rates Data Sources
Data Point Source Value (per year)
ASX:URW Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts 9.5%
ASX:URW Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 14 Analysts 1.3%
Australia REITs Industry Earnings Growth Rate Market Cap Weighted Average -6.8%
Australia REITs Industry Revenue Growth Rate Market Cap Weighted Average -1.5%
Australia Market Earnings Growth Rate Market Cap Weighted Average 7.4%
Australia Market Revenue Growth Rate Market Cap Weighted Average 3.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ASX:URW Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ASX:URW Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 3,386 2,158 2,509 1
2022-12-31 3,152 1,624 1,826 2
2021-12-31 2,987 1,893 1,349 7
2020-12-31 2,885 1,973 1,622 10
2019-12-31 2,823 1,970 1,612 10
ASX:URW Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 2,968 1,794 1,031
2018-09-30 2,666 1,601 1,325
2018-06-30 2,074 1,407 1,620
2018-03-31 1,977 1,447 2,030
2017-12-31 2,170 1,487 2,440
2017-09-30 2,044 1,509 2,513
2017-06-30 1,919 1,532 2,587
2017-03-31 1,869 1,545 2,498
2016-12-31 1,819 1,558 2,409
2016-09-30 1,895 1,563 2,502
2016-06-30 1,971 1,568 2,595
2016-03-31 1,950 1,492 2,464

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unibail-Rodamco-Westfield's earnings are expected to grow by 9.5% yearly, however this is not considered high growth (20% yearly).
  • Unibail-Rodamco-Westfield's revenue is expected to grow by 1.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ASX:URW Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below

All data from Unibail-Rodamco-Westfield Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:URW Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 12.36 12.36 12.36 1.00
2021-12-31 12.93 20.93 9.43 5.00
2020-12-31 14.85 20.14 11.84 6.00
2019-12-31 14.34 16.19 12.09 4.00
ASX:URW Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 8.42
2018-09-30 11.76
2018-06-30 15.71
2018-03-31 20.01
2017-12-31 24.46
2017-09-30 25.23
2017-06-30 26.00
2017-03-31 25.15
2016-12-31 24.30
2016-09-30 25.28
2016-06-30 26.26
2016-03-31 24.98

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unibail-Rodamco-Westfield is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Unibail-Rodamco-Westfield's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Australia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Australia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Unibail-Rodamco-Westfield has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Unibail-Rodamco-Westfield performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Unibail-Rodamco-Westfield's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Unibail-Rodamco-Westfield's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Unibail-Rodamco-Westfield's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Unibail-Rodamco-Westfield's 1-year earnings growth is negative, it can't be compared to the AU REITs industry average.
Earnings and Revenue History
Unibail-Rodamco-Westfield's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Unibail-Rodamco-Westfield Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:URW Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 2,967.90 1,031.10 141.40
2018-09-30 2,666.05 1,325.30 132.85
2018-06-30 2,074.00 1,619.50 124.30
2018-03-31 1,976.90 2,029.50 120.80
2017-12-31 2,170.00 2,439.50 117.30
2017-09-30 2,044.25 2,513.15 117.45
2017-06-30 1,918.50 2,586.80 117.60
2017-03-31 1,868.95 2,497.90 117.20
2016-12-31 1,819.40 2,409.00 116.80
2016-09-30 1,895.40 2,501.90 113.75
2016-06-30 1,971.40 2,594.80 110.70
2016-03-31 1,949.85 2,464.40 107.35
2015-12-31 1,928.30 2,334.00 104.00
2015-09-30 1,892.65 2,188.30 99.15
2015-06-30 1,857.00 2,042.60 94.30
2015-03-31 1,823.80 1,856.55 90.70
2014-12-31 1,790.60 1,670.50 87.10
2014-09-30 1,740.75 1,386.90 84.65
2014-06-30 1,690.90 1,103.30 82.20
2014-03-31 1,672.75 1,196.95 81.35
2013-12-31 1,654.60 1,290.60 80.50
2013-09-30 1,656.35 1,413.40 82.10
2013-06-30 1,658.10 1,536.20 83.70
2013-03-31 1,657.85 1,497.40 82.95
2012-12-31 1,657.60 1,458.60 82.20
2012-09-30 1,603.60 1,330.90 82.35

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Unibail-Rodamco-Westfield has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Unibail-Rodamco-Westfield used its assets less efficiently than the AU REITs industry average last year based on Return on Assets.
  • Unibail-Rodamco-Westfield's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Unibail-Rodamco-Westfield's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Unibail-Rodamco-Westfield has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Unibail-Rodamco-Westfield's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Unibail-Rodamco-Westfield's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Unibail-Rodamco-Westfield's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Unibail-Rodamco-Westfield's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Unibail-Rodamco-Westfield's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Unibail-Rodamco-Westfield Company Filings, last reported 6 months ago.

ASX:URW Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 32,141.50 25,525.50 369.90
2018-09-30 32,141.50 25,525.50 369.90
2018-06-30 31,548.40 27,059.70 584.10
2018-03-31 31,548.40 27,059.70 584.10
2017-12-31 22,693.20 16,527.80 574.70
2017-09-30 22,693.20 16,527.80 574.70
2017-06-30 21,781.50 17,338.90 1,378.90
2017-03-31 21,781.50 17,338.90 1,378.90
2016-12-31 21,019.70 15,606.60 400.10
2016-09-30 21,019.70 15,606.60 400.10
2016-06-30 19,767.80 15,736.90 540.30
2016-03-31 19,767.80 15,736.90 540.30
2015-12-31 19,238.60 15,322.30 342.60
2015-09-30 19,238.60 15,322.30 342.60
2015-06-30 17,169.30 15,058.40 286.10
2015-03-31 17,169.30 15,058.40 286.10
2014-12-31 16,933.20 15,400.40 831.10
2014-09-30 16,933.20 15,400.40 831.10
2014-06-30 15,795.00 15,862.90 819.80
2014-03-31 15,795.00 15,862.90 819.80
2013-12-31 15,883.70 13,700.70 103.70
2013-09-30 15,883.70 13,700.70 103.70
2013-06-30 14,961.50 13,180.20 49.00
2013-03-31 14,961.50 13,180.20 49.00
2012-12-31 14,485.60 12,327.00 59.30
2012-09-30 14,485.60 12,327.00 59.30
  • Unibail-Rodamco-Westfield's level of debt (80.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (87.2% vs 80.6% today).
  • Debt is not well covered by operating cash flow (6.9%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 6.8x coverage).
X
Financial health checks
We assess Unibail-Rodamco-Westfield's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Unibail-Rodamco-Westfield has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Unibail-Rodamco-Westfield's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
8.44%
Current annual income from Unibail-Rodamco-Westfield dividends. Estimated to be 8.89% next year.
If you bought A$2,000 of Unibail-Rodamco-Westfield shares you are expected to receive A$169 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unibail-Rodamco-Westfield's pays a higher dividend yield than the bottom 25% of dividend payers in Australia (2.53%).
  • Unibail-Rodamco-Westfield's dividend is above the markets top 25% of dividend payers in Australia (5.79%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ASX:URW Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
Australia REITs Industry Average Dividend Yield Market Cap Weighted Average of 40 Stocks 4.3%
Australia Market Average Dividend Yield Market Cap Weighted Average of 415 Stocks 4%
Australia Minimum Threshold Dividend Yield 10th Percentile 1.4%
Australia Bottom 25% Dividend Yield 25th Percentile 2.5%
Australia Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ASX:URW Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 12.48 1.00
2022-12-31 12.47 3.00
2021-12-31 11.55 13.00
2020-12-31 11.33 16.00
2019-12-31 11.01 16.00
ASX:URW Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-02-13 10.800 7.614
2018-08-29 10.800 6.923

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • It is too early to tell whether Unibail-Rodamco-Westfield has stable dividend payments.
  • Unibail-Rodamco-Westfield only just started paying a dividend, it is too early to tell if payments are increasing.
Current Payout to shareholders
What portion of Unibail-Rodamco-Westfield's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (155x coverage).
X
Income/ dividend checks
We assess Unibail-Rodamco-Westfield's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.4%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Unibail-Rodamco-Westfield afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Unibail-Rodamco-Westfield has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Unibail-Rodamco-Westfield's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Christophe Cuvillier
COMPENSATION €4,999,784
AGE 57
TENURE AS CEO 6.3 years
CEO Bio

Mr. Christophe Cuvillier has been Chairman of Management Board at Unibail-Rodamco-Westfield SE (formerly, Unibail-Rodamco SE) since April 25, 2013 and serves as its Chief Executive Officer. Mr. Cuvillier served as Chief Executive Officer at Unibail-Rodamco-Westfield SE (formerly, Unibail-Rodamco SE) since April 25, 2013. He is Graduate of HEC Business School. He serves as Chairman of the Supervisory Board of WFD Unibail-Rodamco N.V. Prior to joining Unibail-Rodamco, Mr. Cuvillier held various positions within Kering Group from 2000, notably, CEO of FNAC from 2008 to 2010 and CEO of Conforama from 2005 to 2008. Prior to Kering, he spent 14 years with the Luxury Products Division of the L’Oreal Group, both in France and abroad. Appointed to the Unibail-Rodamco MB as Chief Operating Officer in April 2011 (effective June 1, 2011). He is Representative of Unibail-Rodamco as Member of the French Fédération des Sociétés Immobilières et Foncières (FSIF). He is Director of Pavillon de l’Arsenal. He is Representative of Unibail-Rodamco on the Board of Directors of Société Paris-Île-de-France Capitale Économique. He is Chairman of the European Public Real Estate Association (EPRA). He is Director of Viparis Holding. He is Director and Chairman of the Board of Directors of U&R Management BV. He was Director of Comexposium Holding SA. Foreign Companies. He was Director and Secretary of Unibail-Rodamco Spain SLU. (formerly Unibail-Rodamco Inversiones, SLU) and Unibail-Rodamco Ocio SLU. He was Director and Chairman of the Board of Proyectos Inmobiliaros New Visions SLU, Unibail-Rodamco Proyecto Badajoz SLU, Essential Whites SLU, Promociones Inmobiliarias Gardiner SLU, Unibail-Rodamco Steam SLU, Proyectos Inmobiliarios Time Blue SLU. He was SB Chairman of Rodamco Europe BV.

CEO Compensation
  • Christophe's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Christophe's remuneration is higher than average for companies of similar size in Australia.
Management Team Tenure

Average tenure and age of the Unibail-Rodamco-Westfield management team in years:

6.3
Average Tenure
52
Average Age
  • The average tenure for the Unibail-Rodamco-Westfield management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Christophe Cuvillier

TITLE
Group CEO & Chairman of Management Board
COMPENSATION
€5M
AGE
57
TENURE
6.3 yrs

Jaap Tonckens

TITLE
Group CFO & Member of Management Board
COMPENSATION
€3M
AGE
57
TENURE
7 yrs

Jean-Marie Tritant

TITLE
President of US
COMPENSATION
€2M
AGE
52
TENURE
6.3 yrs

Olivier Bossard

TITLE
Group Chief Development Officer
COMPENSATION
€2M
AGE
55
TENURE
6.3 yrs

Fabrice Mouchel

TITLE
Chief Financial Officer of Europe
COMPENSATION
€1M
AGE
49
TENURE
18.5 yrs

Astrid Panosyan

TITLE
Group Chief Resources Officer
COMPENSATION
€1M
AGE
48
TENURE
3.8 yrs

Maarten Otte

TITLE
Investor Relations

David Zeitoun

TITLE
Group Director of Legal
AGE
51

Pierre Hausswalt

TITLE
Group Director of Communication and Public Affairs

Sylvain Montcouquiol

TITLE
Group Director of Human Resources & Organization
Board of Directors Tenure

Average tenure and age of the Unibail-Rodamco-Westfield board of directors in years:

2.3
Average Tenure
56.5
Average Age
  • The average tenure for the Unibail-Rodamco-Westfield board of directors is less than 3 years, this suggests a new board.
Board of Directors

Colin Dyer

TITLE
Supervisory Board Chairman
COMPENSATION
€186K
AGE
67
TENURE
2.3 yrs

Mary Harris

TITLE
Vice Chairman of Supervisory Board
AGE
53

Jacques Stern

TITLE
Supervisory Board Member
AGE
55
TENURE
3.3 yrs

Dagmar Kollmann

TITLE
Supervisory Board Member
AGE
55
TENURE
5.3 yrs

Jacqueline Tammenoms Bakker

TITLE
Supervisory Board Member
AGE
66
TENURE
4.3 yrs

Sophie Etchandy-Stabile

TITLE
Supervisory Board Member
AGE
49
TENURE
4.3 yrs

Philippe Collombel

TITLE
Supervisory Board Member
AGE
58
TENURE
2.3 yrs

Roderick Marie Stella Munsters

TITLE
Supervisory Board Member
AGE
56
TENURE
2.3 yrs

Jill Granoff

TITLE
Supervisory Board Member
AGE
57
TENURE
1.2 yrs

John McFarlane

TITLE
Member of the Supervisory Board
AGE
72
TENURE
1.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (A$) Value (A$)
X
Management checks
We assess Unibail-Rodamco-Westfield's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Unibail-Rodamco-Westfield has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Unibail-Rodamco-Westfield is the premier global developer and operator of flagship shopping destinations, with a portfolio valued at €65.2 Bn as at December 31, 2018, of which 87% in retail, 6% in offices, 5% in convention & exhibition venues and 2% in services. Currently, the Group owns and operates 92 shopping centres, including 55 flagships in the most dynamic cities in Europe and the United States. Its centres welcome 1.2 billion visits per year. Present on 2 continents and in 12 countries, Unibail-Rodamco-Westfield provides a unique platform for retailers and brand events, and offers an exceptional and constantly renewed experience for customers. With the support of its 3,700 professionals and an unparalleled track-record and know-how, Unibail-Rodamco-Westfield is ideally positioned to generate superior value and develop world-class projects. The Group has a development pipeline of €11.9 Bn. Unibail-Rodamco-Westfield distinguishes itself by its Better Places 2030 agenda, that sets its ambition to create better places that respect the highest environmental standards and contribute to better cities. Unibail-Rodamco-Westfield stapled shares are listed on Euronext Amsterdam and Euronext Paris (Euronext ticker: URW), with a secondary listing in Australia through Chess Depositary Interests. The Group benefits from an A rating from Standard & Poor's and from an A2 rating from Moody's.

Details
Name: Unibail-Rodamco-Westfield
URW
Exchange: ASX
Founded: 1968
€28,201,152,138
138,362,710
Website: http://www.urw.com
Address: Unibail-Rodamco-Westfield
7 place du Chancelier Adenauer,
CS 31622,
Paris,
Ile-de-France, 75772,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTAM URW Stapled Securities Euronext Amsterdam NL EUR 05. Jun 2018
OTCPK UNBL.F Stapled Securities Pink Sheets LLC US USD 05. Jun 2018
DB 1BR1 Stapled Securities Deutsche Boerse AG DE EUR 05. Jun 2018
LSE 0YO9 Stapled Securities London Stock Exchange GB EUR 05. Jun 2018
SWX 1BR1 Stapled Securities SIX Swiss Exchange CH CHF 05. Jun 2018
BIT URW Stapled Securities Borsa Italiana IT EUR 05. Jun 2018
WBAG UL Stapled Securities Wiener Boerse AG AT EUR 05. Jun 2018
BMV URW N Stapled Securities Bolsa Mexicana de Valores MX MXN 05. Jun 2018
BATS-CHIXE URWA Stapled Securities BATS 'Chi-X Europe' GB EUR 05. Jun 2018
ASX URW CDI 20:1 Australian Securities Exchange AU AUD 31. May 2018
OTCPK UNIR.F CDI 20:1 Pink Sheets LLC US USD 31. May 2018
CHIA URW CDI 20:1 Chi-X Australia AU AUD 31. May 2018
Number of employees
Current staff
Staff numbers
3,566
Unibail-Rodamco-Westfield employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/20 10:42
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2019/07/17
Last earnings filing: 2019/03/28
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.