Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on UNIBAIL-RODAMCO SE. We currently have 4 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
FY16 results - another look at Unibail
13 Feb 17
We have updated our model after Unibail’s FY16 numbers. We maintain a positive recommendation on the stock following the solid bottom line and positive asset revaluations. As a reminder, the numbers came in above our expectations with EPS at €11.20, standing ahead of the guided €11-11.20 and our expectations, and a triple net NAV at €183, in line with our expectations. Management proposed a dividend of €10.20 per share. The average cost of debt was lowered to 1.6%, the best-in-class in our property coverage thanks to recent issues (including the first public bond with a 20-year maturity) and the group’s portfolio GAV now stands at €40.5bn, gaining 6.2% lfl. For FY17, recurring EPS is expected to be between €11.80 and €12.00.
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.
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.
Small Cap Breakfast
23 Mar 17
K3 Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march.
N+1 Singer - Morning Song 23-03-2017
23 Mar 17
eg solutions (EGS LN) Re-focusing on sales is delivering rewards | Futura Medical (FUM LN) FY results: continued clinical, regulatory and commercial progress | Halfords Group (HFD LN) Confidence in FX mitigation grows; stay at BUY | IFG Group (IFP LN) Top line growth but earnings pressures remain | Realm Therapeutics (RLM LN) FY results in line; on track for Phase II start in 2017 | Safestyle UK (SFE LN) Another good full year performance but valuation up with events | WYG (WYG LN) Mixed conclusion to FY17, reassuring FY18 outlook