Unibail-Rodamco-Westfield Act. SIIC ET STES FONC.EUROP.

URW: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
—	—	—	Xtfrdsb

Unibail-Rodamco-Westfield: Strong Trading Update and Lower Inflation Suggest URW Is Undervalued

Alexander Prineas

Dec 4, 2023

A September-quarter trading update from no-moat Unibail-Rodamco-Westfield, or URW, supports our view that the REIT’s recovery is on track. Despite a 37% rally since late October, URW securities still screen as undervalued, versus our unchanged EUR 95.50 fair value estimate (AUD 7.80 per Australian-listed Chess depositary interest).

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