Unibail Rodamco merged with Westfield and financed the deal by selling 38? million shares, so the share count has increased from 100m to roughly 140m. I haven't seen the balance sheet or P&L since the merger / stapling? of stocks.
The business is retail real estate so investors might be afraid of the long-term results...
Usually, the Benjamin Graham number is the geometric average of 15x Earnings and 1,5x book value. For real estate 1,5x book might lead to a too high valuation so I have used 1x book.
Earnings are a mix of revaluation and income, so you could also say the EPS will be 12,90 Eur this year...
Graham Number = 260 Euro = Square Root ( 15 x 25 EPS x 1 x Book 200 )
Dividend = 10,8 / 150 = 7% and increasing.
Conclusion: As of November 2018 Unibail Rodamco Westfield looks like a buy. Not my circle of competence.
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