Company Valuation: Unibail-Rodamco-Westfield SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 8,540 6,748 9,305 10,372 13,296 13,997 - -
Change - -20.98% 37.88% 11.47% 28.19% 5.27% - -
Enterprise Value (EV) 1 34,485 29,720 31,279 32,540 31,796 33,630 33,794 33,669
Change - -13.82% 5.24% 4.03% -2.29% 5.77% 0.49% -0.37%
P/E -8.78x 38x -5.71x 69.9x 10.6x 8.42x 7.94x 7.67x
PBR 0.5x 0.35x 0.54x 0.6x 0.77x 0.81x 0.76x 0.7x
PEG - -0x 0x -1x 0x 0.3x 1.32x 2.19x
Capitalization / Revenue 4.66x 3.02x 4.01x 4.27x 5.71x 5.05x 4.95x 4.74x
EV / Revenue 18.8x 13.3x 13.5x 13.4x 13.7x 12.1x 11.9x 11.4x
EV / EBITDA 20.9x 13.5x 14.2x 13.8x 13.9x 14.9x 14.5x 13.7x
EV / EBIT 21x 13.8x 14.6x 14.1x 14.2x 15.3x 15.5x 14.5x
EV / FCF 42x 19.4x 35.7x 36.9x 27.6x 22.4x 25.1x 17x
FCF Yield 2.38% 5.15% 2.8% 2.71% 3.62% 4.46% 3.98% 5.89%
Dividend per Share 2 - - 2.5 3.5 4.5 5.517 6.071 6.422
Rate of return - - 3.74% 4.81% 4.85% 5.69% 6.27% 6.63%
EPS 2 -7.02 1.28 -11.72 1.04 8.72 11.51 12.2 12.63
Distribution rate - - -21.3% 337% 51.6% 47.9% 49.8% 50.8%
Net sales 1 1,833 2,231 2,322 2,427 2,328 2,769 2,828 2,950
EBITDA 1 1,650 2,209 2,199 2,352 2,284 2,260 2,332 2,463
EBIT 1 1,641 2,152 2,148 2,311 2,241 2,205 2,176 2,329
Net income 1 -972.1 178.2 -1,629 146.2 1,268 1,770 1,840 2,109
Net Debt 1 25,945 22,972 21,974 22,168 18,500 19,633 19,798 19,672
Reference price 2 61.62 48.63 66.92 72.72 92.76 96.88 96.88 96.88
Nbr of stocks (in thousands) 1,38,594 1,38,767 1,39,041 1,42,625 1,43,334 1,44,473 - -
Announcement Date 10/02/22 08/02/23 08/02/24 13/02/25 12/02/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
40.24x15.69x16.05x5.29% 5.82TCr
16.65x23.35x27.98x3.46% 1.73TCr
8.42x12.14x14.88x5.69% 1.63TCr
19.53x16.48x23.66x5.18% 1.46TCr
9.94x13.61x16.17x5.21% 1.26TCr
27.65x10.97x17.27x3.9% 1.02TCr
7.76x20.31x27.48x3.2% 952.81Cr
14.57x11.79x18.33x6.38% 934.59Cr
36.05x7.62x12.25x5.47% 918.11Cr
Average 20.09x 14.66x 19.34x 4.86% 1.75TCr
Weighted average by Cap. 25.45x 15.34x 18.64x 4.97%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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