Analyst Note
| Alexander Prineas |By almost any metric Unibail-Rodamco-Westfield, or URW, securities look cheap, and its half-year result reaffirms our view. No-moat URW announced adjusted recurring earnings per security, or AREPS, of EUR 4.95. Guidance for the full year increased to “at least EUR 8.90.” Assuming that’s achieved, URW securities currently trade on a low calendar 2022 price/earnings ratio of 6 times.