Company Valuation: Unibail-Rodamco-Westfield SE

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 8,540 6,748 9,305 10,372 13,296 12,797 - -
Change - -20.98% 37.88% 11.47% 28.19% -3.75% - -
Enterprise Value (EV) 1 34,485 29,720 31,279 32,540 31,796 32,608 32,786 32,747
Change - -13.82% 5.24% 4.03% -2.29% 2.55% 0.55% -0.12%
P/E -8.78x 38x -5.71x 69.9x 10.6x 8.01x 7.59x 7.65x
PBR 0.5x 0.35x 0.54x 0.6x 0.77x 0.71x 0.67x 0.62x
PEG - -0x 0x -1x 0x 0.3x 1.37x -10.2x
Capitalization / Revenue 4.66x 3.02x 4.01x 4.27x 5.71x 4.62x 4.52x 4.34x
EV / Revenue 18.8x 13.3x 13.5x 13.4x 13.7x 11.8x 11.6x 11.1x
EV / EBITDA 20.9x 13.5x 14.2x 13.8x 13.9x 14.4x 14.1x 13.3x
EV / EBIT 21x 13.8x 14.6x 14.1x 14.2x 15.1x 15.1x 14.1x
EV / FCF 42x 19.4x 35.7x 36.9x 27.6x 21.7x 24.3x 16.5x
FCF Yield 2.38% 5.15% 2.8% 2.71% 3.62% 4.6% 4.11% 6.06%
Dividend per Share 2 - - 2.5 3.5 4.5 5.516 6.066 6.405
Rate of return - - 3.74% 4.81% 4.85% 6.23% 6.85% 7.23%
EPS 2 -7.02 1.28 -11.72 1.04 8.72 11.05 11.67 11.58
Distribution rate - - -21.3% 337% 51.6% 49.9% 52% 55.3%
Net sales 1 1,833 2,231 2,322 2,427 2,328 2,769 2,829 2,949
EBITDA 1 1,650 2,209 2,199 2,352 2,284 2,260 2,332 2,468
EBIT 1 1,641 2,152 2,148 2,311 2,241 2,162 2,177 2,330
Net income 1 -972.1 178.2 -1,629 146.2 1,268 1,762 1,860 2,098
Net Debt 1 25,945 22,972 21,974 22,168 18,500 19,810 19,988 19,949
Reference price 2 61.62 48.63 66.92 72.72 92.76 88.58 88.58 88.58
Nbr of stocks (in thousands) 138,594 138,767 139,041 142,625 143,334 144,473 - -
Announcement Date 10/02/22 08/02/23 08/02/24 13/02/25 12/02/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
38.15x18.2x23.1x3.34% 122B
30.67x13.87x17.65x4.47% 65.16B
35.56x14.41x14.88x6.07% 50.72B
18.02x15.22x17.34x1.15% 37.48B
16.08x25.01x27.39x3.57% 16.38B
25.74x10.42x14.35x4.87% 14.78B
8.01x11.77x14.43x6.23% 14.35B
17.95x16.04x23.31x5.37% 13.93B
28.67x11.03x16.1x4.26% 13.03B
Average 24.32x 15.11x 18.73x 4.37% 38.62B
Weighted average by Cap. 30.22x 15.89x 19.48x 4.03%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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