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 12,696 - -
Change - -20.98% 37.88% 11.47% 28.19% -4.51% - -
Enterprise Value (EV) 1 34,485 29,720 31,279 32,540 31,796 32,384 32,553 32,439
Change - -13.82% 5.24% 4.03% -2.29% 1.85% 0.52% -0.35%
P/E -8.78x 38x -5.71x 69.9x 10.6x 7.95x 7.53x 7.59x
PBR 0.5x 0.35x 0.54x 0.6x 0.77x 0.73x 0.69x 0.64x
PEG - -0x 0x -1x 0x 0.3x 1.36x -10.14x
Capitalization / Revenue 4.66x 3.02x 4.01x 4.27x 5.71x 4.58x 4.49x 4.31x
EV / Revenue 18.8x 13.3x 13.5x 13.4x 13.7x 11.7x 11.5x 11x
EV / EBITDA 20.9x 13.5x 14.2x 13.8x 13.9x 14.3x 14x 13.1x
EV / EBIT 21x 13.8x 14.6x 14.1x 14.2x 15x 15x 13.9x
EV / FCF 42x 19.4x 35.7x 36.9x 27.6x 21.6x 24.2x 16.4x
FCF Yield 2.38% 5.15% 2.8% 2.71% 3.62% 4.64% 4.14% 6.11%
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% 6.28% 6.9% 7.29%
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 87.88 87.88 87.88
Nbr of stocks (in thousands) 138,594 138,767 139,041 142,625 143,334 144,473 - -
Announcement Date 2/10/22 2/8/23 2/8/24 2/13/25 2/12/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
7.95x11.69x14.33x6.28% 14.29B
38.18x18.21x23.12x3.34% 122B
30.34x13.86x17.61x4.48% 64.97B
35.4x14.1x14.85x6.1% 50.49B
18.22x15.39x17.53x1.13% 37.64B
16.03x24.96x27.33x3.58% 16.32B
26.08x10.47x14.45x4.83% 14.9B
18.03x16.09x23.38x5.35% 13.97B
28.92x11.07x16.18x4.23% 13.12B
14.98x10.9x15.99x6.73% 12.3B
Average 23.41x 14.67x 18.48x 4.61% 35.98B
Weighted average by Cap. 29.67x 15.69x 19.37x 4.12%

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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