Unibail-Rodamco-Westfield Earnings: Results as Expected; Securities Screen as Cheap

Unibail-Rodamco-Westfield’s half-year result was in line with our expectations. Management reaffirmed that it expects full-year adjusted recurring earnings per security, or AREPS, toward the upper end of the previously communicated EUR 9.30 to EUR 9.50 guidance range. That’s consistent with our unchanged estimate of EUR 9.50. We reaffirm our EUR 95.50 fair value estimate (AUD 7.80 for the Australian chess depositary instruments). Despite a 20% rally since the end of May 2023, the stock screens as undervalued.