(Boursier.com) — Unibail-Rodamco-Westfield camped at 59 euros on Tuesday, while the property company recently benefited from the help of Goldman Sachs which raised its recommendation to ‘neutral’ by targeting a price of 68 euros, while HSBC raised its price target from 60 to 70 euros after 2022 results deemed more robust than expected… The shopping center operator generated recurring net income of 1.34 billion euros last year, up 33.2%, an EBITDA of 2.2 billion euros (+30.2%) and adjusted net recurring earnings per share of 9.31 euros, up 34.7%, against a consensus of 9.12 euros. This year, the RNRAPA is expected to be between 9.30 and 9.50 euros, reflecting a constant underlying operational performance.
Commenting on the results, Jean-Marie Tritant, Managing Director, said: “URW achieved excellent financial results in 2022, confirming the end of any impact of Covid on our activity… In particular, tenant income and the rental collections have returned to pre-pandemic levels and we have steadily improved operating metrics across all regions.”
RBC (‘underperform’) said for its part that the overall results looked relatively positive compared to expectations, “although there are likely questions about the sustainability of such a small decline in property values” …
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