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

  • 78,920 23 mei 2024 13:58
  • -0,720 (-0,90%) Dagrange 78,640 - 79,440
  • 59.394 Gem. (3M) 366K

Unibail-Rodamco-Westfield 2022, het jaar van de comeback?

3.912 Posts
Pagina: «« 1 ... 40 41 42 43 44 ... 196 »» | Laatste | Omlaag ↓
  1. forum rang 7 HCohen 10 februari 2022 07:26
    Er is dus;
    a) EPS die hoger uitviel dan de verwachting, nl 6.91E
    b) voorzichtige Outlook 2022, AREPS 8,20 tot 8,40 euro.

    Straks meer, ik moet de deur uit.

    ARTIKEL
    GERELATEERDE INSTRUMENTEN
    Winst Unibail onder druk
    Bericht delen via:

    Door ABM Financial News op donderdag 10 februari 2022
    Winst Unibail onder druk
    Beeld: Unibail-Rodamco-Westfield
    (ABM FN-Dow Jones) Unibail-Rodamco-Westfield heeft in 2021 de huurinkomsten zien dalen en ook de winst, maar is voor 2022 een stuk optimistischer. Dit bleek donderdag uit cijfers van het vastgoedfonds.

    Unibail-Rodamco-Westfield boekte in 2021 een aangepaste terugkerende winst per aandeel van 6,91 euro. Dat is ruim 5 procent minder dan de 7,28 euro in 2020. Het vastgoedbedrijf streeft naar een winst van minimaal 6,75 euro per aandeel.

    De huurinkomsten daalden met 3,7 procent naar 1,72 miljard euro, maar op vergelijkbare basis was de afname slechts 1,6 procent. Bij de winkelcentra daalde de huur met 3,9 procent en bij de kantoren zelfs met bijna 30 procent. De tak die beurzen en bijeenkomsten organiseert zag de inkomsten stijgen van 6 miljoen euro in 2020 naar 32 miljoen euro in 2021.

    Voor 2022 rekent Unibail-Rodamco-Westfield op een aangepaste terugkerende winst per aandeel van 8,20 tot 8,40 euro.
  2. forum rang 7 HCohen 10 februari 2022 07:42
    UNIBAIL-RODAMCO-WESTFIELD REPORTS FY-2021 EARNINGS
    Adjusted Recurring EPS of €6.91 - above guidance on better rent collection and higher sales based rents
    Ongoing recovery in H2 with tenant sales approaching pre-COVID levels
    Proactive leasing strategy throughout pandemic protects long-term rental values and delivers high sales
    based rents (+30% vs. 2019)

    Significant reduction in vacancy across all markets demonstrating sustained retailer demand for URW
    Flagship destinations
    Further progress on comprehensive deleveraging plan – €2.2 Bn pro-forma IFRS net debt reduction thanks
    to European disposals and US regional portfolio streamlining
    2022 AREPS forecasted to be in the range of €8.20 to €8.401
    2021 in review:
    2,399 letting deals signed, +60% vs. 2020 and +2% vs. 2019, with Minimum Guaranteed Rent (MGR)
    uplift of +1.8% on longer term deals (>36 months) and an increased proportion of these deals in H2
    with 55% vs. 44% in H1

    Rent collection at 88% (vs. 80% reported at FY-2020 and 73% reported in H1-2021), with Continental
    Europe at 86%, UK at 90% and US at 91%
    Tenant sales continued to outperform footfall, reaching in the second half 93% of H2-2019 levels, with
    Continental Europe at 92%, the UK at 83% and the US at 100%
    190 bps improvement in vacancy in H2: 7.0% at Group level (H1-2021: 8.9%); 4.0% in Continental
    Europe (H1-2021: 5.0%); 10.6% in the UK (H1-2021: 12.2%); and 11.0% in the US (H1-2021: 14.0%)
    • Successful delivery of Westfield Mall of the Netherlands (The Netherlands), the Fashion Pavilion at
    Westfield La Maquinista (Spain) and the Pullman Montparnasse hotel in Paris (France)
    • Launch of the Triangle (France) development project in partnership with AXA IM Alts
    • €2.5 Bn of €4.0 Bn European disposal target by 2022 now signed or completed at a premium to last
    unaffected appraisal values, including the disposal of Solna Centrum (Sweden) and a 45% stake in
    Westfield Carré Sénart (France)
    • Refinancing needs for the next 36-months secured with €12.1 Bn of cash and available facilities
    • 2021 pro-forma IFRS Net Financial Debt reduced by €2.2 Bn to €22.1 Bn
    140 bps reduction in IFRS LTV to 43.3%, or 42.5% pro-forma for the proceeds of signed disposals
    2022 AREPS guidance in the range of €8.20 to €8.401
    1 Assuming no reintroduction of major COVID-19 related restrictions.

    Commenting on the results, Jean-Marie Tritant, Chief Executive Officer said:
    “Our operational performance over the past 12 months, achieved in the extremely difficult context of
    COVID-19, gives us great confidence for 2022. We saw a strong recovery in tenant sales, which are now nearing
    pre-COVID levels
    . Asset values have stabilised, and occupancy levels have significantly improved. Our
    pragmatic and proactive leasing strategy has delivered robust results, including an increase in rent for longer-term leases and a material increase of sales based rents in 2021, and positions URW to benefit further as
    market conditions continue to improve.
    We also made substantial progress towards our deleveraging goals. In Europe, we have now achieved 62% of
    our €4 Bn disposal target. The US portfolio streamlining also contributed to the €1.6 Bn IFRS net debt reduction
    and 140 bps net reduction in our loan-to-value ratio. We have made progress in our plans to radically reduce
    US financial exposure, as announced, in the course of 2022 and 2023.
    We continue to enjoy favourable access to credit markets and have more than 36 months of liquidity. We have
    maintained strict capital allocation and cost control while continuing to develop new assets, bringing in joint
    venture partners to optimise our capital allocation while creating further income opportunities. This includes
    our Triangle office development in Paris with AXA IM Alts, for which construction has started.
    I would like to acknowledge the commitment, tenacity and contribution of our teams over the past 12 months.
    Thanks to their efforts, URW is well positioned to drive strong growth in 2022 and beyond as operating
    conditions continue to improve.

    Based on our positive sales performance, sustained leasing activity and vacancy reduction, we forecast our
    2022 AREPS to be in the range of €8.20 to €8.40, assuming no reintroduction of major COVID-19 related
    restrictions."
  3. forum rang 7 HCohen 10 februari 2022 08:15
    WPA/EPS
    - Adjusted Recurring EPS of €6.91 - above guidance

    Sales
    - tenant sales approaching pre-COVID levels

    Flagship destinations
    - 140 bps reduction in IFRS LTV

    Vacancy, positieve trend zet door;Significant reduction in vacancy across all markets demonstrating sustained retailer demand for URW
    - 190 bps improvement in vacancy in H2: 7.0% at Group level, was 7.9% in Q3 2021(H1-2021: 8.9%);
    - 4.0% in Continental Europe, was 4.9% in Q3 2021 (H1-2021: 5.0%);
    - 10.6% in the UK, was 11.8% Q3 2021 (H1-2021: 12.2%);
    - 11.0% in the US, was 11.8% Q3 2021 (H1-2021: 14.0%)

    Huurinning
    - Rent collection verbeterd, nog niet optimaal; Rent collection at 88%(cumulatieve effecten Pandemie)

    NRI daalt
    - Like-for-like shopping centre NRI was down by -1.2% for the Group, and by -7.5% in Continental Europe, and
    up +12.7% in the US and +26.4% in the UK.

    Footfall
    - footfall in Europe that reached 81% of 2019 levels(effect maskerverplichting en coronapas);
    - While in the US, 78% of 2019 levels.

    Sales
    - In H2-2021, European tenant sales reached 90% of 2019 levels;
    - US retail sales saw a strong rebound in 2021, supported by the removal of all restrictions on in-person activities
    during the first quarter and the significant government stimulus package
    . The Group’s US tenant sales reached
    100% of 2019 levels in H2-2021.

    Lettings
    Zoals verwacht een pro-actieve strategie voor new lettings(lagere MGR, hogere SBR)
    - URW signed 2,399 leases9 during 2021, up +2% vs. 2019 and +60% vs. 2020. The Group adopted a pragmatic
    approach to lease terms, offering shorter term leases (12-36 months10) where appropriate to both limit
    vacancies while also protecting longer term rental values and optimising short-term cash flow through higher
    SBR.

    Verbetering globaal bij lange contracten(+36mnd)
    -focus on lease terms that combine a MGR with SBR top-up. The MGR uplift for deals above 36 months came
    to +1.8% for the Group showcasing the strength of the assets, with Continental Europe at +4.6%, the UK at
    -3.7% and the US at +1.0%.

    Outlook en oorzaken
    In this context, the Group forecasts its 2022 AREPS to be in the range of €8.20 to €8.40.
    The main drivers of this guidance are:
    - The impact of project deliveries in 2021 / 2022;
    - The impact of like-for-like operations, with in particular, reduced rent relief, improved rent collection
    and higher variable income streams;
    - Partly offset by the impact of disposals closed in 2021 / 2022;
    - Remaining impact of financial expenses due to higher cash position; and
    - The related increase in income tax amount.
    In 2022, the rental income will be influenced by the level of tenant sales, due to the proactive short-term
    leasing strategy the Group has adopted, and the time lag in vacancy reduction. The C&E NOI is not expected
    to reach pre-COVID levels in 2022
    . Dat laatste uiteraard onder voorbehoud van meevallende resultaten.

    Deleveraging
    Verkoop van 45% aandeel in Carré Sénart tegen 100% boekwaarde, inmiddels op 2.5 miljard van de voorgenomen 4 miljard

  4. Zodiac 10 februari 2022 08:17
    Feb 10 (Reuters) - Urw :
    REG-UNIBAIL-RODAMCO-WESTFIELD AGREES TO THE SALE OF A 45% STAKE IN WESTFIELD CARRÉ SÉNART AND CREATION OF A JOINT VENTURE WITH SOCIETE GENERALE ASSURANCES AND BNP PARIBAS CARDIF
    REG-UNIBAIL-RODAMCO-WESTFIELD AGREES TO THE SALE OF A 45% STAKE IN WESTFIELD CARRÉ SÉNART AND CREATION OF A JOINT VENTURE WITH SOCIETE GENERALE ASSURANCES AND BNP PARIBAS CARDIF
    AGREES TO SALE OF A 45% STAKE IN WESTFIELD CARRÉ SÉNART AND CREATION OF A JOINT VENTURE WITH SOCIETE GENERALE ASSURANCES AND BNP PARIBAS CARDIF
    IMPLIED OFFER PRICE IN THIS SALE AT 100% IS IN LINE WITH LAST APPRAISAL VALUE OF C. EUR 1 BN
    WESTFIELD CARRÉ SÉNART IS A 117,000 SQM SHOPPING AND LEISURE DESTINATION.
    THIS TRANSACTION IS SUBJECT TO CUSTOMARY CLOSING CONDITIONS AND IS EXPECTED TO CLOSE IN Q1-2022.
    UPON CLOSING, URW WILL HAVE COMPLETED EUR 2.5 BN OF ITS PLANNED EUR 4 BN EUROPEAN DISPOSAL PROGRAMME.
    Source text for Eikon: [ID:nGNE24k31N] Further company coverage:
  5. forum rang 8 Branco P 10 februari 2022 08:18
    Verkoop van 45% aandeel in Carré Sénart tegen 100% boekwaarde... dat is een nieuwtje toch? Mooi resultaat en ik denk ook een bevestiging van de boekwaardes van het Europese winkelvastgoed. Herwaardering Europees vastgoed -0,3% in H2. Laten we zeggen: stabiel. LTV naar 42,5% na verkoop Carré Sénart. Begint erop te lijken. Sales in de UK in H2 vallen nog wel tegen, maar logisch gezien het feit dat toerisme nog niet is wedergekeerd.

    Leegstandsontwikkeling: (Q2 --> Q3 --> Q4)

    EUR: 5% --> 4,9% --> 4%
    UK: 12,2% --> 11.8% --> 10.6%
    US: 14% --> 11.8% --> 11%

    Vooral die ontwikkeling in Europa is zeer sterk, met overtuigende resultaten in o.a. Spanje, Duitsland, Oost-Europa en Nederland. De hele Europese portefeuille gaat weer richting Frankrijkniveau en dat is m.i. positief. Ik verwacht dat de leegstandreductie nog iets verder door zal zetten.

    Tja, die Westfield overname, laten we er niet meer over beginnen, maar zonder Westfield was dit bedrijf een topper geweest op de beurs.


  6. forum rang 7 HCohen 10 februari 2022 08:25
    quote:

    Branco P schreef op 10 februari 2022 08:18:

    Tja, die Westfield overname, laten we er niet meer over beginnen, maar zonder Westfield was dit bedrijf een topper geweest op de beurs.

    Als de lijn wordt voorgezet, dan wordt het weer een topper.

    Echter een Mondiale topper en niet slechts een Europeesche topper ;-)
    ''Elk voordeel heb zijn nadeel'' (et vice-versa)
  7. forum rang 7 bezinteergebelegt 10 februari 2022 08:30
    quote:

    Cproof schreef op 10 februari 2022 08:27:

    Als ik naar het koopboek kijk gaan we naar beneden.
    Bijna standaard bij URW na cijfers.

    Gezien de cijfers, die mi zeker niet verkeerd zijn, tov de huidige koers, mag je toch een beweging verw88 richting 70 maar de koers zal wel terugvallen naar < 65.

3.912 Posts
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