Unibail-Rodamoco (UBL.F)

Unibail-Rodamoco (UBL.F) is the largest commercial REIT in Europe, headquartered in Paris and with NO exposure to UK. 

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2 comments on “Unibail-Rodamoco (UBL.F)
  1. newlonkongCIO says:

    Unibail 2016 full year results are here

    http://www.unibail-rodamco.com/W/cms_sites/SITE_16406/ressources16406/pdf1/UR_PRES_FULLYEAR_SCREEN_2016.pdf

    Recurring rental income grew 8.1%.

    Loan to Value ratio = 33%, dropped from 35% at the end of 2016.

    Dividend for 2016 = 10.2 Euro, 90% of rental income, see Page 111.
    At the current price of 223 Euro (close of April 10, 2017), the yield is
    10.2/223 = 4.6%.

    Not too high , not too bad.

  2. newlonkongCIO says:

    Unibal’s latest financial report is for 2016H1:

    ROBUST SHOPPING CENTRE NRI GROWTH

    like-for-like rental growth was 3.8%.

    Recurring Earnings Per Share (Recurring EPS) came to €5.81 in H1-2016, representing an implied growth of +13.5% from the recurring EPS
    for H1-2015 adjusted for the impact of the disposals in 2015.

    Loan to value ratio is reduced slightly down to 34%.

    Read more at http://www.unibail-rodamco.com/W/cms_sites/SITE_16406/ressources16406/pdf1/2016_H1_PRES_SCREEN.pdf

    The share prices have dropped a lot in the past few weeks , from ~ 250 in September to now 209 today. Also recently Euro has dropped a lot from about 1.12 USD in September 2016 to about 1.06 now.

    The PE ratio at this moment is ~ 18, with a dividend yield of ~ (4.85 + 4.85 )/ 209 = 4.6%. Read at

    http://performance.morningstar.com/stock/performance-return.action?p=dividend_split_page&t=UL&region=nld&culture=en-US

    Unibail recently sold 500 m Euro bond at record low interest rate of 0.86% ! Read at

    http://www.unibail-rodamco.com/W/cms_sites/SITE_16406/ressources16406/pdf1/UR_PR_20161115_EN.pdf

    The company announced its 9-month results and
    The Group reiterates its forecast of recurring earnings per share around €11.20 for 2016.

    Read at
    http://www.unibail-rodamco.com/W/cms_sites/SITE_16406/ressources16406/pdf1/UR_PR_20161025_EN.pdf

    Thus we feel comfortable to buy the shares at current price for long-term holding.

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