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UNIBAIL-RODAMCO-WESTFIELD (URW.AS) Stock Fundamental Analysis

AMS:URW - Euronext Amsterdam - FR0013326246 - REIT - Currency: EUR

49.58  -0.04 (-0.08%)

Fundamental Rating

3

URW gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals against 42 industry peers in the Diversified REITs industry. The financial health of URW is average, but there are quite some concerns on its profitability. URW is cheap, but on the other hand it scores bad on growth.


Dividend Valuation Growth Profitability Health

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2

1. Profitability

1.1 Basic Checks

In the past year URW was profitable.
URW had a positive operating cash flow in the past year.
In multiple years URW reported negative net income over the last 5 years.
In the past 5 years URW always reported a positive cash flow from operatings.
URW.AS Yearly Net Income VS EBIT VS OCF VS FCFURW.AS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 0 2B -2B -4B -6B

1.2 Ratios

URW has a worse Return On Assets (0.24%) than 81.82% of its industry peers.
URW has a worse Return On Equity (0.68%) than 81.82% of its industry peers.
URW's Return On Invested Capital of 2.60% is on the low side compared to the rest of the industry. URW is outperformed by 61.36% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for URW is in line with the industry average of 3.57%.
The 3 year average ROIC (2.47%) for URW is below the current ROIC(2.60%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 0.24%
ROE 0.68%
ROIC 2.6%
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)2.47%
ROIC(5y)N/A
URW.AS Yearly ROA, ROE, ROICURW.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 0 10 -10 -20 -30

1.3 Margins

URW has a Profit Margin of 4.33%. This is in the lower half of the industry: URW underperforms 79.55% of its industry peers.
In the last couple of years the Profit Margin of URW has declined.
Looking at the Operating Margin, with a value of 54.70%, URW is doing worse than 65.91% of the companies in the same industry.
In the last couple of years the Operating Margin of URW has declined.
With a Gross Margin value of 62.78%, URW is not doing good in the industry: 70.45% of the companies in the same industry are doing better.
URW's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 54.7%
PM (TTM) 4.33%
GM 62.78%
OM growth 3Y-1.15%
OM growth 5Y-5.88%
PM growth 3Y-48.23%
PM growth 5Y-48.31%
GM growth 3Y-0.04%
GM growth 5Y-4.73%
URW.AS Yearly Profit, Operating, Gross MarginsURW.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 0 100 -100 -200

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4

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so URW is destroying value.
Compared to 1 year ago, URW has about the same amount of shares outstanding.
The debt/assets ratio for URW has been reduced compared to a year ago.
URW.AS Yearly Shares OutstandingURW.AS Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 20M 40M 60M 80M 100M
URW.AS Yearly Total Debt VS Total AssetsURW.AS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 20B 40B 60B

2.2 Solvency

Based on the Altman-Z score of 0.38, we must say that URW is in the distress zone and has some risk of bankruptcy.
With a Altman-Z score value of 0.38, URW is not doing good in the industry: 88.64% of the companies in the same industry are doing better.
URW has a debt to FCF ratio of 10.74. This is a negative value and a sign of low solvency as URW would need 10.74 years to pay back of all of its debts.
With an excellent Debt to FCF ratio value of 10.74, URW belongs to the best of the industry, outperforming 84.09% of the companies in the same industry.
URW has a Debt/Equity ratio of 1.34. This is a high value indicating a heavy dependency on external financing.
URW's Debt to Equity ratio of 1.34 is on the low side compared to the rest of the industry. URW is outperformed by 86.36% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.34
Debt/FCF 10.74
Altman-Z 0.38
ROIC/WACC0.57
WACC4.56%
URW.AS Yearly LT Debt VS Equity VS FCFURW.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 5B 10B 15B 20B 25B

2.3 Liquidity

URW has a Current Ratio of 1.66. This is a normal value and indicates that URW is financially healthy and should not expect problems in meeting its short term obligations.
Looking at the Current ratio, with a value of 1.66, URW belongs to the top of the industry, outperforming 81.82% of the companies in the same industry.
URW has a Quick Ratio of 1.64. This is a normal value and indicates that URW is financially healthy and should not expect problems in meeting its short term obligations.
The Quick ratio of URW (1.64) is better than 86.36% of its industry peers.
Industry RankSector Rank
Current Ratio 1.66
Quick Ratio 1.64
URW.AS Yearly Current Assets VS Current LiabilitesURW.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2B 4B 6B

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3

3. Growth

3.1 Past

URW shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 34.73%, which is quite impressive.
The Earnings Per Share has been decreasing by -5.03% on average over the past years.
URW shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 19.21%.
Measured over the past years, URW shows a small growth in Revenue. The Revenue has been growing by 7.64% on average per year.
EPS 1Y (TTM)34.73%
EPS 3Y-9.04%
EPS 5Y-5.03%
EPS Q2Q%18.8%
Revenue 1Y (TTM)19.21%
Revenue growth 3Y-3.87%
Revenue growth 5Y7.64%
Sales Q2Q%12.37%

3.2 Future

URW is expected to show a decrease in Earnings Per Share. In the coming years, the EPS will decrease by -2.80% yearly.
Based on estimates for the next years, URW will show a decrease in Revenue. The Revenue will decrease by -2.11% on average per year.
EPS Next Y2.09%
EPS Next 2Y-1.35%
EPS Next 3Y-2.8%
EPS Next 5YN/A
Revenue Next Year8%
Revenue Next 2Y1.05%
Revenue Next 3Y-0.21%
Revenue Next 5Y-2.11%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
URW.AS Yearly Revenue VS EstimatesURW.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 1B 2B 3B
URW.AS Yearly EPS VS EstimatesURW.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2 4 6 8 10

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7

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 5.33 indicates a rather cheap valuation of URW.
Based on the Price/Earnings ratio, URW is valued a bit cheaper than 79.55% of the companies in the same industry.
URW is valuated cheaply when we compare the Price/Earnings ratio to 27.50, which is the current average of the S&P500 Index.
A Price/Forward Earnings ratio of 5.22 indicates a rather cheap valuation of URW.
Based on the Price/Forward Earnings ratio, URW is valued cheaply inside the industry as 100.00% of the companies are valued more expensively.
Compared to an average S&P500 Price/Forward Earnings ratio of 36.44, URW is valued rather cheaply.
Industry RankSector Rank
PE 5.33
Fwd PE 5.22
URW.AS Price Earnings VS Forward Price EarningsURW.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of URW indicates a somewhat cheap valuation: URW is cheaper than 79.55% of the companies listed in the same industry.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of URW indicates a rather cheap valuation: URW is cheaper than 100.00% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 2.82
EV/EBITDA 14.75
URW.AS Per share dataURW.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60 80 100

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates URW does not grow enough to justify the current Price/Earnings ratio.
URW's earnings are expected to decrease with -2.80% in the coming years. This may justify a cheaper valuation.
PEG (NY)2.55
PEG (5Y)N/A
EPS Next 2Y-1.35%
EPS Next 3Y-2.8%

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0

5. Dividend

5.1 Amount

No dividends for URW!.
Industry RankSector Rank
Dividend Yield N/A

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UNIBAIL-RODAMCO-WESTFIELD

AMS:URW (4/13/2023, 5:29:56 PM)

49.58

-0.04 (-0.08%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)N/A N/A
Earnings (Next)N/A N/A
Inst OwnersN/A
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap6.88B
Analysts55
Price Target58.81 (18.62%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DP0%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)3.77%
Min EPS beat(2)3.77%
Max EPS beat(2)3.77%
EPS beat(4)2
Avg EPS beat(4)9.68%
Min EPS beat(4)3.77%
Max EPS beat(4)15.59%
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)1
Avg Revenue beat(2)14.76%
Min Revenue beat(2)14.76%
Max Revenue beat(2)14.76%
Revenue beat(4)2
Avg Revenue beat(4)12.65%
Min Revenue beat(4)10.54%
Max Revenue beat(4)14.76%
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0.87%
PT rev (3m)5.49%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)7.52%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)10.29%
Valuation
Industry RankSector Rank
PE 5.33
Fwd PE 5.22
P/S 2.29
P/FCF 2.82
P/OCF 2.82
P/B 0.36
P/tB 0.4
EV/EBITDA 14.75
EPS(TTM)9.31
EY18.78%
EPS(NY)9.5
Fwd EY19.17%
FCF(TTM)17.56
FCFY35.41%
OCF(TTM)17.56
OCFY35.41%
SpS21.65
BVpS138.2
TBVpS124.51
PEG (NY)2.55
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 0.24%
ROE 0.68%
ROCE N/A
ROIC 2.6%
ROICexc 2.98%
ROICexgc 3.11%
OM 54.7%
PM (TTM) 4.33%
GM 62.78%
FCFM N/A
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)2.47%
ROIC(5y)N/A
ROICexc(3y)2.37%
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3Y3.03%
ROICexcg growth 5Y-1.2%
ROICexc growth 3Y3.88%
ROICexc growth 5Y-1.69%
OM growth 3Y-1.15%
OM growth 5Y-5.88%
PM growth 3Y-48.23%
PM growth 5Y-48.31%
GM growth 3Y-0.04%
GM growth 5Y-4.73%
F-Score7
Asset Turnover0.05
Health
Industry RankSector Rank
Debt/Equity 1.34
Debt/FCF 10.74
Debt/EBITDA 15.78
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 1872.56%
Current Ratio 1.66
Quick Ratio 1.64
Altman-Z 0.38
F-Score7
WACC4.56%
ROIC/WACC0.57
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)34.73%
EPS 3Y-9.04%
EPS 5Y-5.03%
EPS Q2Q%18.8%
EPS Next Y2.09%
EPS Next 2Y-1.35%
EPS Next 3Y-2.8%
EPS Next 5YN/A
Revenue 1Y (TTM)19.21%
Revenue growth 3Y-3.87%
Revenue growth 5Y7.64%
Sales Q2Q%12.37%
Revenue Next Year8%
Revenue Next 2Y1.05%
Revenue Next 3Y-0.21%
Revenue Next 5Y-2.11%
EBIT growth 1Y34.3%
EBIT growth 3Y-4.97%
EBIT growth 5Y1.31%
EBIT Next Year7.67%
EBIT Next 3Y0.99%
EBIT Next 5Y-7.11%
FCF growth 1Y41.59%
FCF growth 3Y8.89%
FCF growth 5Y10.38%
OCF growth 1Y41.59%
OCF growth 3Y8.89%
OCF growth 5Y10.38%