Unibail-Rodamco-Westfield SE (URW.PA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-246.7%

-€135.57

vs €92.40 price

Levered DCF

-€2.61

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.53

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.47×	69.26×	-5.71×	37.99×	-8.78×	-1.24×	17.65×	16.08×
P/B	0.75×	0.57×	0.54×	0.35×	0.45×	0.46×	0.7×	0.59×
P/S	4.34×	3.12×	3.04×	2.25×	3.39×	9×	5.76×	6.06×
EV / EBITDA	12.87×	19.93×	18.83×	25.1×	25.49×	-139.95×	62.2×	22.58×
Gross margin	64.6%	62.8%	61.5%	62.8%	57.0%	-16.9%	62.9%	72.6%
Operating margin	83.6%	24.3%	-31.7%	18.1%	-18.5%	-700.1%	23.1%	72.3%
Net margin	41.5%	4.5%	-53.2%	5.9%	-38.6%	-725.8%	32.6%	37.7%
Current ratio	1.27×	1.38×	1.81×	1.66×	1.05×	0.91×	0.8×	0.29×
Debt / equity	1.38×	1.56×	1.62×	1.38×	1.43×	1.46×	0.96×	0.9×
Interest coverage	3.08×	0.71×	-0.97×	0×	-0.69×	-10.27×	1.17×	3.94×
Dividend yield	3.8%	3.4%	0.6%	0.7%	0.6%	8.9%	7.7%	6.5%
Payout ratio	39.5%	238.0%	-3.6%	27.0%	-4.9%	-11.0%	135.4%	104.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.2%	0.8%	-9.5%	0.9%	-5.1%	-37.2%	3.9%	3.7%
Return on invested capital	4.3%	1.1%	-1.9%	0.8%	-0.9%	-12.2%	1.2%	2.9%
Return on assets	2.6%	0.3%	-3.0%	0.3%	-1.8%	-12.6%	1.7%	1.6%
Free cash flow yield	8.7%	8.7%	9.4%	22.7%	9.7%	15.9%	6.8%	7.5%
Earnings yield	9.6%	1.4%	-17.5%	2.6%	-11.4%	-80.7%	5.7%	6.2%
Enterprise value	€35.1B	€32.4B	€31.7B	€29.8B	€33.4B	€35.1B	€45.9B	€41.6B
Net debt / EBITDA	8×	13.69×	13.31×	19.42×	18.98×	-104.33×	35.84×	13.58×
Cash conversion cycle (days)	21	30	-5	-8	13	142	53	19