UNIBAIL-RODAMCO-WESTFIELD SE : revenue, balance sheet and financial ratios

In 2024, UNIBAIL-RODAMCO-WESTFIELD SE achieves revenue of 198.0 M€. Revenue is growing positively over 7 years (CAGR: +3.1%). Slight decline of -1% vs 2023. After deducting consumption (137.7 M€), gross margin stands at 60.3 M€, i.e. a rate of 30%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 38.2 M€, representing 19.3% of revenue. Positive scissor effect: EBITDA margin improves by +3.0 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 943.2 M€, i.e. 476.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 1179%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 5%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 10.8 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 1015.3% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 1106.08. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months. The interest coverage ratio (= EBIT / Interest expenses) is 6188.1x. Operating income very largely covers interest expenses: high safety margin.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 134 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 0 days. The gap of 134 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 4522 days of revenue, i.e. 2.5 Bn€ to permanently finance. Notable WCR improvement over the period (-54%), freeing up cash.

Based on 80 transactions of similar company sales (all years), the value of UNIBAIL-RODAMCO-WESTFIELD SE is estimated at 478 796 043 € (range 151 507 782€ - 1 318 064 966€). With an EBITDA of 38 208 000€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.28x (conservative valuation). This multiples method compares the actual sale price of similar companies to their financial indicators (Revenue, EBITDA, Net Income). It provides a market-based indicative estimate.
Medium reliability: estimate to be confirmed with in-depth analysis.