Aandeel UNIBAIL-RODAMCO-WESTFIELD PSE:URW.FR, FR0013326246

quote:

Zitzak500 schreef op 2 november 2023 19:32:

In het kader van het is ook nooit goed; twee weken geleden wilde ik graag, zeker naar aanleiding van de bijdrages hier op t forum, bijkopen op 42 (om GAK van 48 wat te verlagen) maar had even geen cash. Gisteren wat vrij gemaakt, knallen we naar de 51.

Iemand nog andere leuke ideeën?

quote:

Lamsrust schreef op 2 november 2023 21:55:

[...]

My numbers were global. If in my example assets go from 30 to 33, then equity goes from 6 to 9 as the debts remain the same.

Book value of assets is 50, but the market values them on 30 now as sum of debts and equity is 30.

quote:

Franse aandelen schreef op 2 november 2023 22:03:

[...]

Dear Lamrust, ok, now I understand. Basically you are saying that if market value goes from 30 to 33 then equity value goes from 6 to 9. So it was not asset value but market value.

Interesting remark! I remember in the financial statements there are sensitivities on the interest rates but your formula is more easy :-) Of course your formula is not static but dynamic and evolving.

Where does your formula come from ? Is this your own idea or did you see it somewhere. I like your concept a lot. Thank you.

Kind regards.

quote:

Franse aandelen schreef op 2 november 2023 21:56:

[...]

Dear Branco P,

good point scrip/stock dividend is also an alternative, true.

Are you aware that there might be also a "prime d'emission", i.e. a way that reduces the buying price but does not pay out anything. Imagine 4 EUR prime d'emission. And imagine you have a 51 EUR initial buying price. After the prime d emission you have the same number of shares but your buying price is not any more 51 EUR but 47 EUR (51 EUR - 4 EUR).

I am not a dividend expert, but if I am not wrong French competitor Klepierre used the "prime d'emission" recently. So why not URW as well?

Are you familiar with "prime d'emission" or anyone else ? Was this discussed here in the forum ?

Kind regards.

quote:

Lamsrust schreef op 2 november 2023 22:14:

[...]

In english prime d’emission is according to me the paid up share premium on a share issue in the past. A company can repay this under certain conditions without withholding dividend tax. KLEP did this, but then the shareholder actually receives the repayment in cash. At least I received it in cash without French dividend tax withheld.

quote:

Branco P schreef op 2 november 2023 22:13:

with "prime d'emission" you mean a cash pay out of company capital in stead of cash dividend? I believe Klepièrre did that yes, but that also does of course lower your cash and LTV goes up. So in URW's case I do not see that as a better option than cash dividend when your priority would be to first lower your debts.

quote:

Lamsrust schreef op 2 november 2023 19:19:

[...]

Thank you. I would like to add another factor, the huge leverage effect inside the "implicit balance sheet" of URW, which looked a few days ago very globally as follows:

Assets 30

Senior Debt 22
Hybrid debt 2
Equity 6 = 140 mln @ EUR 43 per share

So, if due to interest declines the value of the assets rise with 10%, the equity rises with 50%!

The other way around a small increase of the interest rate, leads to a large decline of the equity value.

quote:

Sven Magnus C. schreef op 3 november 2023 08:10:

Hopelijk heeft deze knul Fransee aandelen nog een beetje goede nachtrust de komende tijd.

Vanochtend weer een setje cijfers van weer een toko die haar LTV maar niet onder controle weet te krijgen. Uiterst zwakke onderhandelingspositie nu in 2024-2025 de bulk van commercieel vastgoed naar de markt komt voor herfinanciering

Risico premies op leningen gaan verder omhoog - de zwakke broeders gaan het lastig krijgen.

Veel forum discussie over rentes - de keerzijde van die medaille - het wegvallen van de rugwind inflatie op de huurontwikkeling zou wat meer aandacht mogen hebben.

Prima short kans die zich gaat aandienen in winkel- en kantorenvastgoed.

quote:

Franse aandelen schreef op 2 november 2023 22:35:

[...]

Branco, very interesting remark!

The scrip dividend is paid by issuing more shares, right ? If that is the case, I am with you, because I guess scrip dividend indeed does not lower cash and does not increase LTV, right? However it dilutes the shareholders a bit, i guess... correct?

kind regards

quote:

Branco P schreef op 3 november 2023 12:23:

[...]

Exactly, it does dilute shareholders a bit BUT you have more shares to compensate the dilution, right?

Script is just a way to go around the SIIC obligation to pay dividend. If everybody gets a mandatory 100% scrip dividend it is, in my opinion, exactly the same as not paying dividend at all.

quote:

HCohen schreef op 3 november 2023 12:39:

[...]

FYI
In France an offer of script only isn't allowed, companies are obligated by law to offer a choice between cash and script.
www.lecoindesentrepreneurs.fr/le-paie...

The choice of the shareholder, who remains the sole decision-maker
The payment of dividends in shares cannot be imposed on the shareholder, the company must simply make the proposal to the shareholder.

He can therefore accept the company's proposal, or refuse and request the payment of his dividends in cash. A shareholder who rejects the transaction will suffer a dilution of his or her stake if other shareholders accept it.

quote:

HCohen schreef op 3 november 2023 12:39:

[...]

FYI
In France an offer of script only isn't allowed, companies are obligated by law to offer a choice between cash and script.
www.lecoindesentrepreneurs.fr/le-paie...

The choice of the shareholder, who remains the sole decision-maker
The payment of dividends in shares cannot be imposed on the shareholder, the company must simply make the proposal to the shareholder.

He can therefore accept the company's proposal, or refuse and request the payment of his dividends in cash. A shareholder who rejects the transaction will suffer a dilution of his or her stake if other shareholders accept it.

quote:

Branco P schreef op 3 november 2023 17:38:

[...]

waar precies staat dit gedeelte in de Franse tekst? Ik vind het zo snel niet terug en de vertaalfunctie werkt kennelijk ook niet :-)