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 14,335 - -
Change - -20.98% 37.88% 11.47% 28.19% 7.81% - -
Enterprise Value (EV) 1 34,485 29,720 31,279 32,540 31,796 33,968 34,132 34,007
Change - -13.82% 5.24% 4.03% -2.29% 6.83% 0.48% -0.37%
P/E -8.78x 38x -5.71x 69.9x 10.6x 8.62x 8.13x 7.86x
PBR 0.5x 0.35x 0.54x 0.6x 0.77x 0.82x 0.77x 0.72x
PEG - -0x 0x -1x 0x 0.3x 1.35x 2.24x
Capitalization / Revenue 4.66x 3.02x 4.01x 4.27x 5.71x 5.18x 5.07x 4.86x
EV / Revenue 18.8x 13.3x 13.5x 13.4x 13.7x 12.3x 12.1x 11.5x
EV / EBITDA 20.9x 13.5x 14.2x 13.8x 13.9x 15x 14.6x 13.8x
EV / EBIT 21x 13.8x 14.6x 14.1x 14.2x 15.4x 15.7x 14.6x
EV / FCF 42x 19.4x 35.7x 36.9x 27.6x 22.6x 25.3x 17.1x
FCF Yield 2.38% 5.15% 2.8% 2.71% 3.62% 4.42% 3.94% 5.83%
Dividend per Share 2 - - 2.5 3.5 4.5 5.517 6.071 6.422
Rate of return - - 3.74% 4.81% 4.85% 5.56% 6.12% 6.47%
EPS 2 -7.02 1.28 -11.72 1.04 8.72 11.51 12.2 12.63
Distribution rate - - -21.3% 337% 51.6% 47.9% 49.8% 50.8%
Net sales 1 1,833 2,231 2,322 2,427 2,328 2,769 2,828 2,950
EBITDA 1 1,650 2,209 2,199 2,352 2,284 2,260 2,332 2,463
EBIT 1 1,641 2,152 2,148 2,311 2,241 2,205 2,176 2,329
Net income 1 -972.1 178.2 -1,629 146.2 1,268 1,770 1,840 2,109
Net Debt 1 25,945 22,972 21,974 22,168 18,500 19,633 19,798 19,672
Reference price 2 61.62 48.63 66.92 72.72 92.76 99.22 99.22 99.22
Nbr of stocks (in thousands) 138,594 138,767 139,041 142,625 143,334 144,473 - -
Announcement Date 10/2/22 8/2/23 8/2/24 13/2/25 12/2/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
39.76x15.77x16.05x5.28% 58.29B
17x23.62x28.3x3.39% 17.73B
8.62x12.27x15.03x5.56% 16.7B
20.04x16.76x24.06x5.05% 14.89B
9.96x13.62x16.19x5.21% 12.65B
27.8x10.95x17.26x3.9% 10.16B
8.04x20.62x27.9x3.15% 9.77B
15x12x18.66x6.2% 9.59B
35.77x7.59x12.21x5.51% 9.11B
Average 20.22x 14.80x 19.51x 4.81% 17.65B
Weighted average by Cap. 25.29x 15.49x 18.81x 4.92%

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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  5. Valuation Unibail-Rodamco-Westfield SE