Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on UNIBAIL-RODAMCO SE. We currently have 3 research reports from 1 professional analysts.
|15Nov16 05:45||GNW||UNIBAIL-RODAMCO SE announces the successful placement of a EUR500 million bond|
|25Oct16 04:47||GNW||UNIBAIL-RODAMCO SE: Financial information as at September 30th, 2016|
|05Oct16 07:53||GNW||UNIBAIL-RODAMCO SE: Resignation of Supervisory Board Member|
|22Sep16 10:30||GNW||UNIBAIL-RODAMCO SE: "Better Places 2030", Unibail-Rodamco launches its new CSR strategy|
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Research reports on
Positive H1 numbers, new target of €248
21 Jul 16
NRI stands at €781bn, gaining 7.7% yoy and 2.5% on an lfl basis, o/w 3.8% on shopping centres, which stands 350bp above indexation. The group’s GAV gained 3.5% lfl to €39.3bn, and the development pipeline is maintained stable at 20% of the group’s GAV, now at €7.9bn. EPRA NAV gained 5.7% yoy to €189.00, standing at a 17% discount to our old 18-months forward NAV. The financial position remains strong with cost of debt decreasing to a low 1.7% from 2.2%, the best in the sector, with average debt maturity at seven years and LTV decreasing to 34%. The FY16 outlook is maintained. Underlying growth is expected in the range of 6% to 8% or 8-10% including the combined effects of restructuring and hedging, and EPS is now seen at the upper end of the previously targeted €11.00-11.20.
Strong rental uplifts and €2bn of deliveries, 2016 will be calmer
03 Feb 16
Unibail published its FY15 results. The NRI, standing at €1.45bn, gained 3.2% on an lfl basis, o/w 3.9% on shopping centres (despite the absence of indexation). This was mainly supported by rent reversions, as vacancy rates remained low, 2.5%: a solid MGR uplift of +18.2% lfl, and a total of 1367 leases signed — or a tenant rotation rate of 13.4%. Unibail’s portfolio gained 6% lfl, better than our expectations, to now €37.8bn. This was supported by combined positive effects of rent reversions and lower yields. The triple net NAV at €169/share is slightly ahead of our expected €167 per share. Financial situation remains strong with the average cost of debt now at 2.2% vs. 2.6% at FY14 and LTV decreased to 35% from 37% at FY14. EPS stands at €10.46 per share; this comes in above the guided €10.15 to €10.35 per share but marginally in line with our expectations of €10.5 per share. Management plans to propose a dividend of €9.7 per share, in line with our expectations. Outlook: underlying growth is expected in the range of 6% to 8% or 8% -10% including the combined effects of restructuring and hedging.
Good H1 as expected
29 Jul 15
Unibail published strong H1 results, GRI stood at €833.3, up 0.6% yoy and in line with our expectations, with NRI standing at €725, up 5.3% lfl. Recurring EPS was down 2.7% to €5.37, also expected, due to massive disposals in 2014. Vacancy remained at 2.3%. EPRA triple NAV is up 6.9% to €161.7, vs our previous FY15 expectations at €163. The total portfolio gained 2.7% lfl, now standing at €35.7bn. The financial position remains sound for Unibail with cost of debt still at lower lows at 2.3% (from 2.6% in Q1) and an unchanged LTV at 37% (gross debt down to €13.5bn). The occupier market also remained strong with tenant sales and footfall increasing by 3.9% and 1.3% respectively. And management has increased the FY15 guidance to an EPS between €10.25-10.45 from €10.15-10.35 previously.
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Small Cap Breakfast
28 Nov 16
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
Long-term investment in Asian small caps
10 Nov 16
Scottish Oriental Smaller Companies Trust (SST) aims to generate long-term capital growth by investing in a portfolio of small-cap Asia ex-Japan equities. Vinay Agarwal is the interim lead fund manager while Wee-Li Hee is on maternity leave; he is assisted by Martin Lau, Scott McNab and the broader First State Stewart Asia team. Stocks are selected on a bottom-up basis, with a view to preserving capital on the downside as well as achieving capital growth. SST has significantly outperformed the peers and the MSCI AC Asia ex-Japan and MSCI AC Asia ex-Japan Small Cap indices over both five and 10 years.
Interims reveal value creation
28 Nov 16
In June Draper Esprit was listed on the LSE. Today its maiden interim results reveal substantial progress since IPO. In addition to strengthening the executive team with the appointment of Ben Wilkinson as CFO, Draper Esprit has created shareholder value through new investment and realisations.