(CercleFinance.com) – Oddo BHF confirms its ‘outperform’ rating on the Unibail-Rodamco-Westfield (URW) share with an unchanged price target of 78 euros.
This morning, URW published a 2023 adjusted recurring EPS of 9.62 E (+3.3% yoy) (vs guidance at ‘at least 9.50 E’ and cons at 9.50 E) reflecting ‘the continuation of ‘a post-health crisis recovery still very well oriented’, according to Oddo BHF.
For 2024, management expects adjusted recurring EPS (AREPS) of between E9.65 and E9.8 above consensus expectations.
URW has also proposed the payment of a dividend of E2.50/share, in line with consensus expectations, i.e. ‘a very positive signal on the company’s recovery’, analyzes Oddo BHF.
In this context, the broker believes that URW is now ‘in better conditions to continue its sales’.
Moreover, even if there is no significant sale announced in Q4, the company is in discussions on 1 billion euros of assets in Europe and the USA and confirms its objective of radically reducing its financial exposure to USA in the medium term when the time comes’, says Oddo BHF.
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