Unibail-Rodamco-Westfield Robust Operational Performance and Balance Sheet Flexibility

Goldman Sachs reiterates its Buy rating on Unibail-Rodamco-Westfield with a €135 price target, citing strong operational results and the completion of its major disposal program.

Key Takeaways

• 1.Reiteration of 'Buy' rating with a 12-month Price Target of €135.00, representing a 36.3% upside based on strong operating performance and stabilized balance sheet.
• 2.URW has finalized its disposal program (€2.2bn in 2025), significantly increasing capital deployment flexibility and reducing LTV projections.
• 3.Strong operational performance is evidenced by a forecasted 3% EBITDA CAGR through 2028, supported by stable vacancy and dominant mall outperformance.

Table of Contents

• Strong operating performance
• Increasing flexibility to deploy capital and grow through capital-light initiatives
• Platform effects to drive further growth
• Strong guidance on operations; continued US consumer resilience
• URW business model focused on dominant malls outperforms
• Deleveraging and smaller pipeline improving balance sheet flexibility
• Dividend yield and EPS growth path from 2026
• US consumer confidence
• Valuation still historically discounted vs peers
• Changes in estimates and summary financials
• Key risks

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