In 2022 the company should have "earnings" per share of around EUR 9. Leading to a "P/E" of 6. The book value is EUR 129 per share and stock price EUR 55. The Graham Number of EUR 93 is low beacuse it includes the years Unibail made a loss during corona.
The company has recently been paying down (short term) debt instead of paying out a dividend.
Conclusion 2022: Seems like a buy here.
April 2020 notes:
Interestingly the company sold EUR 1,4b of 5 and 10 year bonds at 2,1% and 2,6% interest at the beginning of April 2020.
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.
Graham Number = 260 Euro = Square Root ( 15 x 25 EPS x 1 x Book 200 )
Dividend = 5,4 / 50 = 10,4%.
Conclusion 2018: As of November 2018 Unibail Rodamco Westfield looks like a buy. Not my circle of competence. (Oops).
Conclusion 2020: April 2020 looks like a buy, but I don't know whether life is going to return to normal and how quickly.
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