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 53 days ago.
Discounted Cash Flow Calculation for OTCPK:UNBL.F using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model
The calculations below outline how an intrinsic value for
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.
OTCPK:UNBL.F DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO)
Amount off the current price
is available for.
Share price is
vs Future cash flow value of
Current Discount Checks
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, but not 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
is considered below, and whether this is a fair price.
Price based on past earnings
Unibail-Rodamco-Westfield's earnings available for a low price, and how does
this compare to other companies in the same industry?
Unibail-Rodamco-Westfield's earnings are expected to grow by 10.3% yearly, however this is not considered high growth (20% yearly).
Unibail-Rodamco-Westfield's revenue is expected to grow by 1.7% 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.
Unibail-Rodamco-Westfield's performance over the past 5 years by checking for:
Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the
industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the
past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
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.
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.
A company's financial position is much like your own financial position,
it includes everything you own
The boxes below represent the relative size of what makes up
The net worth of a company is the difference between its assets and liabilities.
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.
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
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.
Nearly all companies have debt. Debt in itself isn’t
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.
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.
TENURE AS CEO
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.
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 lower than average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the
management team in years:
The average tenure for the Unibail-Rodamco-Westfield management team is over 5 years, this suggests they are a seasoned and experienced team.
Group CEO & Chairman of Management Board
Group CFO & Member of Management Board
President of US
Group Chief Development Officer
Chief Financial Officer of Europe
Group Chief Resources Officer
Group Director of Legal
Group Director of Communication and Public Affairs
Group Director of Human Resources & Organization
Board of Directors Tenure
Average tenure and age of the
board of directors in years:
The average tenure for the Unibail-Rodamco-Westfield board of directors is less than 3 years, this suggests a new board.
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.
Simply Wall Street Pty Ltd (ACN 600 056 611), is a Corporate Authorised Representative (Authorised Representative Number: 467183) of Sanlam Private Wealth Pty Ltd (AFSL No. 337927). Any advice contained in this website is general advice only and has been prepared without considering your objectives, financial situation or needs. You should not rely on any advice and/or information contained in this website and before making any investment decision we recommend that you consider whether it is appropriate for your situation and seek appropriate financial, taxation and legal advice. Please read our Financial Services Guide before deciding whether to obtain financial services from us.