- 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.
For further details see:
Unibail-Rodamco-Westfield: Counting Down To The Dividend Reinstatement