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 14,077 - -
Change - -20.98% 37.88% 11.47% 28.19% 5.88% - -
Enterprise Value (EV) 1 34,485 29,720 31,279 32,540 31,796 33,711 33,875 33,750
Change - -13.82% 5.24% 4.03% -2.29% 6.02% 0.49% -0.37%
P/E -8.78x 38x -5.71x 69.9x 10.6x 8.46x 7.99x 7.71x
PBR 0.5x 0.35x 0.54x 0.6x 0.77x 0.81x 0.76x 0.71x
PEG - -0x 0x -1x 0x 0.3x 1.33x 2.2x
Capitalization / Revenue 4.66x 3.02x 4.01x 4.27x 5.71x 5.08x 4.98x 4.77x
EV / Revenue 18.8x 13.3x 13.5x 13.4x 13.7x 12.2x 12x 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 15.6x 14.5x
EV / FCF 42x 19.4x 35.7x 36.9x 27.6x 22.5x 25.2x 17x
FCF Yield 2.38% 5.15% 2.8% 2.71% 3.62% 4.45% 3.97% 5.88%
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% 5.66% 6.23% 6.59%
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 97.44 97.44 97.44
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.($)
39.43x15.69x15.96x5.33% 5.78TCr
16.95x23.65x28.33x3.4% 1.76TCr
8.47x12.17x14.91x5.66% 1.64TCr
19.95x16.71x23.99x5.07% 1.48TCr
9.85x13.53x16.09x5.26% 1.25TCr
27.59x10.89x17.17x3.93% 1.01TCr
7.95x20.47x27.7x3.19% 963.65Cr
15.06x12.03x18.7x6.18% 962.08Cr
35.09x7.53x12.1x5.62% 893.72Cr
Average 20.04x 14.74x 19.44x 4.85% 1.75TCr
Weighted average by Cap. 25.09x 15.44x 18.75x 4.96%

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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