(News Bulletin 247) – Invest Securities maintains its ‘buy’ recommendation on Unibail-Rodamco-Westfield (URW) and raises its target price from 78 to 80 euros, a marginal revision which it explains by a staggering of disposals by the group of commercial real estate.
‘Despite still weak US assets, the 2022 operational data communicated is generally satisfactory. The balance sheet data are almost acceptable and make less urgent US disposals which could last until 2026’, he judges.
While he thinks asset values will continue to fall in 2023, the analyst sees the stock as ‘fundamentally undervalued’. “The low visibility on the diary of disposals and on the 2023 dividend explains the potential volatility of our estimates”, he continues.
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