URW: stock leads CAC, as Jefferies upgrades to buy

(CercleFinance.com) - On Tuesday, Unibail-Rodamco-Westfield was the biggest riser in the CAC 40, following an upgrade by Jefferies (from 'hold' to 'buy').


Just after 2pm, the commercial real estate group's shares gained almost 3%, while the Paris index was up 0.7%.

In a study of European listed real estate investment companies (SIICs), Jefferies analysts are optimistic about the stock's trajectory to 2025.

For the broker, URW's stockmarket momentum should improve this year, not to mention a possible redefinition of the company's strategy on the US market, which could also act as a catalyst.

Jefferies explains that an exit from the US could prove too penalizing for the group's results, given its weight in the accounts and its excellent performance over the last three years, which could lead the company to reconsider the scenario of a departure.

Whatever happens, the stock should benefit from a revaluation in 2025, continues the broker, who points out that a possible sale of the US activities would allow a reduction in URW's indebtedness.

At worst, Jefferies continues, the share could fetch around 10 times its adjusted recurring earnings per share (AREPS), like other players in the sector, corresponding to a price of over E90, all other things being equal.

Its has thus raised its TP from E73 to E92.


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