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1. Company Snapshot

1.a. Company Description

Unibail-Rodamco-Westfield is an owner, developer and operator of sustainable, high-quality real estate assets in the most dynamic cities in Europe and the United States.The Group operates 75 shopping centres in 12 countries, including 39 which carry the iconic Westfield brand.These centres attract over 900 million visits annually and provide a unique platform for retailers and brands to connect with consumers.


URW also has a portfolio of high-quality offices, 10 convention and exhibition venues in Paris, and a EUR 3 Bn development pipeline of mainly mixed-use assets.Currently, its EUR 51 Bn portfolio is 87% in retail, 6% in offices, 5% in convention and exhibition venues, and 2% in services (as at June 30, 2023).URW is a committed partner to major cities on urban regeneration projects, through both mixed-use development and the retrofitting of buildings to industry-leading sustainability standards.


These commitments are enhanced by the Group's Better Places 2030 agenda, which strives to make a positive environmental, social and economic impact on the cities and communities where URW operates.URW's stapled shares are listed on Euronext Paris (Ticker: URW), with a secondary listing in Australia through Chess Depositary Interests.The Group benefits from a BBB+ rating from Standard & Poor's and from a Baa2 rating from Moody's.

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1.b. Last Insights on URW

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1.c. Company Highlights

2. URW Delivers Strong H1 2025 Results, Aligned with Platform for Growth Plan

Unibail-Rodamco-Westfield (URW) reported strong H1 2025 results, with group like-for-like NRI rising 3.6% year-on-year, and like-for-like EBITDA increasing 4.1%, driven by shopping centers and reduced general expenses. The company's net debt-to-EBITDA ratio improved to 9.2x, down from 9.5x at the end of 2024. URW's AREPS stood at EUR 5.11 per share, down 0.6% on H1 2024, mainly due to disposals and a higher number of shares, but underlying growth was 5.8%, slightly above the guidance for 2025.

Publication Date: Aug -07

📋 Highlights
  • Strong Financial Performance: Group like-for-like NRI rose 3.6% year-on-year, with like-for-like EBITDA increasing 4.1%, driven by shopping centers and reduced expenses.
  • Improved Leverage: Net debt-to-EBITDA ratio improved to 9.2x, down from 9.5x, with EUR1.6 billion in disposals completed or secured.
  • Portfolio Revaluation: Portfolio revaluation increased 1.2%, with a slight U.S. portfolio growth for the first time since the Westfield acquisition.
  • Strategic Partnerships: Secured a strategic agreement with Cenomi Centers in Saudi Arabia, targeting a EUR25-35 million EBITDA contribution by 2028.

Financial Performance

The company's retail NRI grew 4.1% on a like-for-like basis, driven by a 3.5% increase in Europe and 6.3% in the U.S. URW's portfolio revaluation was up 1.2%, including a slight increase in the U.S. portfolio for the first time since the Westfield acquisition. The loan-to-value ratio decreased by 80 basis points, with an additional 40 basis points decrease expected from two announced transactions.

Operational Highlights

URW secured 60% of its 2025 budget for Westfield Rise Retail Media Agency, with EUR 40 million in net income. A strategic agreement with Cenomi Centers in Saudi Arabia was announced, targeting a EUR 25-35 million EBITDA contribution by 2028. The company has been able to capture 11.6% MGR uplift in H1 2025, and is focused on densification of its assets and working on the rollout of its licensing business.

Valuation and Outlook

With an actual EPS of EUR 5.11, relative to estimates at EUR 4.92, URW's valuation metrics are attractive, with a P/E Ratio of 84.81, P/B Ratio of 0.7, and Dividend Yield of 3.95%. According to Fabrice Mouchel, URW's CFO, the company prioritizes deleveraging, with a goal to reach a 40% loan-to-value target through EUR 2.2 billion of asset disposals. Analysts estimate next year's revenue growth at 1.0%.

Debt and Liquidity

URW's net debt decreased to EUR 21.2 billion, and the LTV stood at 44.7%, down 80 basis points compared to December 2024. The company's available liquidity amounts to EUR 12 billion, covering debt maturities for the next 3 years. The cost of debt for H1 2025 was 1.9%.

Investment Thesis

URW's strong H1 2025 results and progress on its Platform for Growth plan are expected to drive long-term value creation. With a focus on deleveraging and a solid operational performance, the company's valuation metrics and dividend yield make it an attractive investment opportunity.

3. NewsRoom

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MEETING OF THE SUPERVISORY BOARD OF UNIBAIL-RODAMCO-WESTFIELD N.V.

Dec -04

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URW SE - Information on total number of voting rights and shares in the share capital as at November 30, 2025

Dec -03

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URW appoints Kathleen Verelst as Chief Investment Officer

Dec -03

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Kering-backed fund Mirova pours $30.5M into India’s Varaha for regenerative farming

Nov -13

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URW SE - Information on total number of voting rights and shares in the share capital as at October 31, 2025

Nov -04

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Post-Stabilisation Announcement

Nov -03

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Is There Still Upside in Unibail-Rodamco-Westfield After 23% Gain and Renewed Asset Sales?

Oct -27

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Unibail-Rodamco-Westfield sets CEO succession in 2026

Oct -23

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.52%)

6. Segments

Shopping Centres

Expected Growth: 3.5%

Growing demand for experiential retail, increasing footfall in iconic destinations, and innovative services drive growth in the shopping centre industry.

Convention and Exhibition

Expected Growth: 4.8%

Growing demand for experiential events, increasing popularity of omnichannel retail experiences, and strategic location of Unibail-Rodamco-Westfield's shopping centers drive growth in the Convention and Exhibition segment.

Offices & Others

Expected Growth: 2.5%

Growing demand for flexible office spaces, increasing popularity of coworking, and rising need for event and exhibition centers drive the Offices & Others segment growth, supported by Unibail-Rodamco-Westfield SE's strategic expansion and redevelopment initiatives.

7. Detailed Products

Shopping Centers

Unibail-Rodamco-Westfield SE owns and operates a portfolio of shopping centers across Europe and the United States, offering a range of retail, dining, and entertainment options to visitors.

Office Spaces

The company provides high-quality office spaces for rent, catering to the needs of businesses and organizations in prime locations.

Convention and Exhibition Centers

Unibail-Rodamco-Westfield SE operates convention and exhibition centers, hosting various events, conferences, and trade shows.

Mixed-Use Developments

The company develops and operates mixed-use projects, combining retail, office, residential, and leisure spaces in a single complex.

Residential Properties

Unibail-Rodamco-Westfield SE owns and operates residential properties, offering apartments and homes for rent or sale.

Investment and Asset Management

The company provides investment and asset management services to third-party clients, helping them optimize their real estate portfolios.

8. Unibail-Rodamco-Westfield SE's Porter Forces

Forces Ranking

Threat Of Substitutes

Unibail-Rodamco-Westfield SE operates in the real estate industry, which has a moderate threat of substitutes. While there are alternative options for consumers, such as online shopping, the company's focus on experiential retail and mixed-use developments reduces the threat of substitutes.

Bargaining Power Of Customers

Unibail-Rodamco-Westfield SE operates in a competitive market, and customers have a high bargaining power due to the availability of alternative shopping centers and online shopping options. This forces the company to focus on providing a unique customer experience and competitive pricing.

Bargaining Power Of Suppliers

Unibail-Rodamco-Westfield SE has a diversified supplier base, and the company's scale and market position give it significant bargaining power over its suppliers. This allows the company to negotiate favorable terms and prices.

Threat Of New Entrants

The real estate industry has high barriers to entry, including significant capital requirements and regulatory hurdles. This makes it difficult for new entrants to compete with established players like Unibail-Rodamco-Westfield SE.

Intensity Of Rivalry

The real estate industry is highly competitive, with many established players competing for market share. Unibail-Rodamco-Westfield SE operates in a highly competitive market, and the company must focus on differentiating itself through its unique offerings and customer experience.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 65.18%
Debt Cost 4.24%
Equity Weight 34.82%
Equity Cost 14.62%
WACC 7.85%
Leverage 187.16%

11. Quality Control: Unibail-Rodamco-Westfield SE passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Carmila

A-Score: 6.9/10

Value: 6.8

Growth: 5.2

Quality: 6.6

Yield: 10.0

Momentum: 4.0

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Patrimoine et Commerce

A-Score: 6.8/10

Value: 4.5

Growth: 4.8

Quality: 4.9

Yield: 8.8

Momentum: 8.0

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Klépierre

A-Score: 6.6/10

Value: 4.3

Growth: 4.6

Quality: 5.8

Yield: 9.4

Momentum: 6.0

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
NewRiver

A-Score: 5.6/10

Value: 5.2

Growth: 2.8

Quality: 5.5

Yield: 10.0

Momentum: 2.5

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Vastned Retail

A-Score: 5.6/10

Value: 6.1

Growth: 3.7

Quality: 4.2

Yield: 10.0

Momentum: 3.0

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Unibail-Rodamco-Westfield

A-Score: 5.4/10

Value: 5.4

Growth: 3.6

Quality: 4.6

Yield: 3.8

Momentum: 6.5

Volatility: 8.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

89.22$

Current Price

89.22$

Potential

-0.00%

Expected Cash-Flows