UNBLF - Unibail-Rodamco-Westfield: Counting Down To The Dividend Reinstatement

• Unibail bit off more than it could chew with the Westfield acquisition pre-COVID.
• The COVID pandemic has only made things worse, and Unibail won't pay a dividend for the next few years.
• The dividend suspension is a good move as Unibail will retain several billions of euros to strengthen its balance sheet.
• The unknown factor is the sales price of the US assets and the final sales price will determine by how much Unibail's LTV ratio will decrease.
• There's no rush to buy the stock, but share price decreases will create opportunities to get in.

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