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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 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.
The reported net income has been mixed in the past 5 years: URW reported negative net income in multiple years.
URW had a positive operating cash flow in each of the past 5 years.
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's Return On Assets of 0.24% is on the low side compared to the rest of the industry. URW is outperformed by 81.82% of its industry peers.
URW has a worse Return On Equity (0.68%) than 81.82% of its industry peers.
URW has a Return On Invested Capital of 2.60%. This is in the lower half of the industry: URW underperforms 61.36% of its industry peers.
The Average Return On Invested Capital over the past 3 years for URW is in line with the industry average of 3.74%.
The last Return On Invested Capital (2.60%) for URW is above the 3 year average (2.47%), which is a sign of increasing profitability.
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

The Profit Margin of URW (4.33%) is worse than 79.55% of its industry peers.
In the last couple of years the Profit Margin of URW has declined.
URW's Operating Margin of 54.70% is on the low side compared to the rest of the industry. URW is outperformed by 65.91% of its industry peers.
URW's Operating Margin has declined in the last couple of years.
URW's Gross Margin of 62.78% is on the low side compared to the rest of the industry. URW is outperformed by 70.45% of its industry peers.
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

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), URW 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

URW has an Altman-Z score of 0.38. This is a bad value and indicates that URW is not financially healthy and even has some risk of bankruptcy.
The Altman-Z score of URW (0.38) is worse than 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.
URW has a better Debt to FCF ratio (10.74) than 84.09% of its industry peers.
URW has a Debt/Equity ratio of 1.34. This is a high value indicating a heavy dependency on external 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

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.
The Current ratio of URW (1.66) is better than 81.82% of its industry peers.
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.
URW shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -5.03% yearly.
The Revenue has grown by 19.21% in the past year. This is quite good.
The Revenue has been growing slightly by 7.64% on average over the past years.
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

Based on estimates for the next years, URW will show a decrease in Earnings Per Share. The EPS will decrease by -2.80% on average per year.
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

With a Price/Earnings ratio of 5.33, the valuation of URW can be described as very cheap.
URW's Price/Earnings ratio is a bit cheaper when compared to the industry. URW is cheaper than 79.55% of the companies in the same industry.
The average S&P500 Price/Earnings ratio is at 28.79. URW is valued rather cheaply when compared to this.
Based on the Price/Forward Earnings ratio of 5.22, the valuation of URW can be described as very cheap.
URW's Price/Forward Earnings ratio is rather cheap when compared to the industry. URW is cheaper than 100.00% of the companies in the same industry.
URW is valuated cheaply when we compare the Price/Forward Earnings ratio to 21.38, which is the current average of the S&P500 Index.
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

Based on the Enterprise Value to EBITDA ratio, URW is valued a bit cheaper than the industry average as 79.55% of the companies are valued more expensively.
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.
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

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%