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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

Overall URW gets a fundamental rating of 3 out of 10. We evaluated URW against 41 industry peers in the Diversified REITs industry. URW scores quite bad on profitability, while its financial health is fine. Not spectacular, but in line with the averages. URW is valued quite cheap, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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2

1. Profitability

1.1 Basic Checks

URW had positive earnings in the past year.
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

With a Return On Assets value of 0.24%, URW is not doing good in the industry: 81.82% of the companies in the same industry are doing better.
URW has a worse Return On Equity (0.68%) than 81.82% of its industry peers.
The Return On Invested Capital of URW (2.60%) is worse than 61.36% of its industry peers.
URW had an Average Return On Invested Capital over the past 3 years of 2.47%. This is in line with the industry average of 3.55%.
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.
URW has a Operating Margin of 54.70%. This is in the lower half of the industry: URW underperforms 65.91% of its industry peers.
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

URW has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
The number of shares outstanding for URW remains at a similar level compared to 1 year ago.
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.
URW's Altman-Z score of 0.38 is on the low side compared to the rest of the industry. URW is outperformed by 88.64% of its industry peers.
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.
A Debt/Equity ratio of 1.34 is on the high side and indicates that URW has dependencies on debt financing.
URW has a worse Debt to Equity ratio (1.34) than 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

A Current Ratio of 1.66 indicates that URW should not have too much problems paying its short term obligations.
With an excellent Current ratio value of 1.66, URW belongs to the best of the industry, outperforming 81.82% of the companies in the same industry.
A Quick Ratio of 1.64 indicates that URW should not have too much problems paying its short term obligations.
URW has a Quick ratio of 1.64. This is amongst the best in the industry. URW outperforms 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

The Earnings Per Share has grown by an impressive 34.73% over the past year.
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%.
URW shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 7.64% yearly.
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.
The Revenue is expected to decrease by -2.11% on average over the next years.
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

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
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

URW is valuated cheaply with a Price/Earnings ratio of 5.33.
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 26.55, which is the current average of the S&P500 Index.
With a Price/Forward Earnings ratio of 5.22, the valuation of URW can be described as very cheap.
Based on the Price/Forward Earnings ratio, URW is valued cheaper than 100.00% of the companies in the same industry.
When comparing the Price/Forward Earnings ratio of URW to the average of the S&P500 Index (22.30), we can say 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 5 10 15 20 25

4.2 Price Multiples

79.55% of the companies in the same industry are more expensive than URW, based on the Enterprise Value to EBITDA ratio.
URW's Price/Free Cash Flow ratio is rather cheap when compared to the industry. URW is cheaper than 100.00% of the companies 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.
A cheap valuation may be justified as URW's earnings are expected to decrease with -2.80% in the coming years.
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

URW does not give a dividend.
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%