UNBLF - A Rights Issue And Revolting Shareholders Are Mere Symptoms Of Unibail's Vulnerable Portfolio

• The company's shopping centers have lost a record amount of footfall in the first half of the year.
• After an initial recovery, the number of coronavirus cases in Europe is increasing.
• The pandemic is causing long-lasting societal changes, such as e-commerce adoption and remote work.
• The rights issue dilutes shareholders severely, but selling U.S. assets instead, as some suggest, is not a superior alternative.
• Its leverage makes URW risky although potentially rewarding if everything plays out well.

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