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Unibail-Rodamco-Westfield Reports Strong Performance and Raises Guidance for 2024


Paris, France – Unibail-Rodamco-Westfield (URW), a leading commercial real-estate company based in Paris, saw a significant increase in its shares following the release of its adjusted earnings guidance for 2024. The company also announced the reinstatement of dividend payments.

As of 0942 GMT on Thursday, URW shares witnessed a rise of 5.4% to EUR70.54, reflecting a nearly 15% growth over the past year.

URW reported an impressive performance in retail and offices, along with reduced administrative and financial expenses, leading to a rise in adjusted recurring earnings per share. For 2023, URW recorded EUR9.62 compared to EUR9.31 in the previous year.

Jefferies analysts Pierre-Emmanuel Clouard and Stephanie Dossmann commented in a research note that URW exceeded both their own and consensus estimates for adjusted recurring earnings per share, surpassing a minimum of EUR9.50.

Looking ahead to 2024, URW is projecting a further increase in this metric, with expectations ranging between EUR9.65 and EUR9.80. This forecast exceeds the consensus forecast of EUR9.50 provided by FactSet.

In addition to the positive earnings outlook, URW also announced the reinstatement of its dividend program, which is anticipated to yield EUR2.50 per share, aligning with the estimates made by Jefferies analysts.

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