Oddo BHF has reiterated its Outperform rating on Unibail-Rodamco shares, maintaining a price target of 105 EUR following the announcement of the group's 2025 results.
In today's report, the analyst highlights that URW released this morning an adjusted recurring EPS for 2025 of 9.58 EUR (-2.7%)—slightly above the consensus of 9.54 EUR—reflecting a business performance that is somewhat better than at the end of September.
"Retailer sales are up 3.9% year-on-year (compared to 3.4% yoy for the first nine months of 2025): retail sales remain positively oriented, with a notable +3.4% yoy increase in Europe and +5.2% for US Flagships, outpacing national sales indexes and underlying inflation," notes Oddo BHF.
For 2026, URW is targeting an adjusted recurring EPS (AREPS) between 9.15 EUR and 9.30 EUR, compared to a consensus of 9.30 EUR and an outlook of "at least 9.15 EUR" communicated at the May 2025 CMD.
According to the analyst, this guidance is therefore fully in line with the objectives announced at the May 2025 CMD.
Beyond 2026, URW expects its recurring result to also be in line with the targets set out at its CMD, and the group also confirms its intention to aim for a payout ratio between 60% and 70% starting in 2027.
Oddo BHF considers this release positive, citing the consistently strong operational performance of its shopping centers as well as the complete execution of the 2.2 billion EUR disposal plan.
"These figures should support the continued rerating of the stock," Oddo BHF concludes.
Unibail-Rodamco-Westfield SE (comprising Unibail-Rodamco-Westfield SE and Unibail-Rodamco-Westfield N.V.) is a world leader in commercial real estate.
At the end of 2024, the real estate portfolio is valued, in gross market value, at EUR 49.7 billion, broken down by type of asset between shopping centers (87.2%), offices (5.6%), convention and exhibition venues (5.2%) and service centers (2%).
The portfolio in value is distributed geographically as follows: France (34%), the United States (21%), Central Europe (11%), the United Kingdom (7%), Spain (7%), Germany (6%), Nordic countries (5%), Austria (4%) and the Netherlands (3%).
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