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 13,098 - -
Change - -20.98% 37.88% 11.47% 28.19% -1.49% - -
Enterprise Value (EV) 1 34,485 29,720 31,279 32,540 31,796 32,786 32,954 32,841
Change - -13.82% 5.24% 4.03% -2.29% 3.11% 0.51% -0.34%
P/E -8.78x 38x -5.71x 69.9x 10.6x 8.2x 7.77x 7.83x
PBR 0.5x 0.35x 0.54x 0.6x 0.77x 0.76x 0.71x 0.66x
PEG - -0x 0x -1x 0x 0.3x 1.41x -10.46x
Capitalization / Revenue 4.66x 3.02x 4.01x 4.27x 5.71x 4.73x 4.63x 4.44x
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 14.5x 14.1x 13.3x
EV / EBIT 21x 13.8x 14.6x 14.1x 14.2x 15.2x 15.1x 14.1x
EV / FCF 42x 19.4x 35.7x 36.9x 27.6x 21.8x 24.5x 16.6x
FCF Yield 2.38% 5.15% 2.8% 2.71% 3.62% 4.58% 4.09% 6.04%
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% 6.08% 6.69% 7.06%
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 19,688 19,856 19,743
Reference price 2 61.62 48.63 66.92 72.72 92.76 90.66 90.66 90.66
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.($)
39.5x18.69x23.73x3.23% 126B
30.86x14.03x17.83x4.41% 66.1B
36.52x14.64x15.12x5.92% 52.01B
17.93x15.15x17.26x1.15% 37.32B
16.54x23.24x27.85x3.49% 16.75B
26.33x10.56x14.57x4.79% 15.04B
8.2x11.84x14.51x6.08% 14.84B
17.88x15.97x23.13x5.41% 13.81B
29.27x11.14x16.32x4.18% 13.28B
Average 24.78x 15.03x 18.92x 4.29% 39.46B
Weighted average by Cap. 31.02x 16.06x 19.81x 3.94%

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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