UNBLF - Unibail-Rodamco-Westfield: Upside Hinges On Favorable Disposal Terms

• June 2021 sales at US centers already ahead of 2019 levels (7% higher) despite drop in footfall (25% lower).
• Europe June 2021 footfall (76% of 2019) and sales (86% of 2019) below numbers reported by largest EU peer Klepierre largely due to weak performance at UK centers.
• More meaningful recovery for the convention & exhibition portfolio (5% of total) to start in Q4 2021, with 2022 pre-booking currently running about 30% lower than 2018 levels.
• I present a scenario analysis for the remaining US assets based on different disposal values.
• Stock to remain highly volatile, given low market capitalization relative to net debt and the amount of disposals being executed.

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