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 13,563 - -
Change - -20.98% 37.88% 11.47% 28.19% 2.01% - -
Enterprise Value (EV) 1 34,485 29,720 31,279 32,540 31,796 33,197 33,361 33,236
Change - -13.82% 5.24% 4.03% -2.29% 4.41% 0.5% -0.38%
P/E -8.78x 38x -5.71x 69.9x 10.6x 8.16x 7.69x 7.43x
PBR 0.5x 0.35x 0.54x 0.6x 0.77x 0.78x 0.73x 0.68x
PEG - -0x 0x -1x 0x 0.3x 1.28x 2.12x
Capitalization / Revenue 4.66x 3.02x 4.01x 4.27x 5.71x 4.9x 4.8x 4.6x
EV / Revenue 18.8x 13.3x 13.5x 13.4x 13.7x 12x 11.8x 11.3x
EV / EBITDA 20.9x 13.5x 14.2x 13.8x 13.9x 14.7x 14.3x 13.5x
EV / EBIT 21x 13.8x 14.6x 14.1x 14.2x 15.1x 15.3x 14.3x
EV / FCF 42x 19.4x 35.7x 36.9x 27.6x 22.1x 24.8x 16.8x
FCF Yield 2.38% 5.15% 2.8% 2.71% 3.62% 4.52% 4.04% 5.97%
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% 5.88% 6.47% 6.84%
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 19,673
Reference price 2 61.62 48.63 66.92 72.72 92.76 93.88 93.88 93.88
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.($)
39.26x15.28x15.78x5.51% 5.59TCr
16.42x23.12x27.71x3.51% 1.7TCr
8.03x11.91x14.6x5.97% 1.54TCr
17.99x16.26x23.64x5.25% 1.43TCr
9.32x13.35x15.91x5.36% 1.22TCr
27.02x10.8x16.99x3.99% 995.14Cr
7.26x19.43x26.29x3.42% 884.65Cr
14.46x11.71x18.4x6.52% 911.86Cr
35.55x7.57x12.17x5.54% 905.39Cr
Average 19.48x 14.38x 19.05x 5.01% 1.69TCr
Weighted average by Cap. 24.74x 15.03x 18.38x 5.14%

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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  5. Valuation Unibail-Rodamco-Westfield SE