Oddo BHF confirms its 'outperform' rating on Unibail-Rodamco-Westfield (URW) shares, with an unchanged target price of 78 euros.

This morning, URW reported adjusted recurring EPS for 2023 of E9.62 (+3.3% yoy) (vs. guidance of 'at least E9.50' and guidance of E9.50), reflecting 'the continuation of a very healthy post-sanitary-crisis recovery', according to Oddo BHF.

For 2024, management expects adjusted recurring EPS (AREPS) of between E9.65 and E9.8, above consensus expectations.

URW has also proposed a dividend payment of E2.50/share, in line with consensus expectations, "a very positive signal on the company's recovery", analyzes Oddo BHF.

Against this backdrop, the broker believes that URW is now 'in a better position to pursue its divestments'.

In fact, Oddo BHF points out that "even if no significant divestments have been announced for Q4, the company is in discussions concerning 1 billion euros of assets in Europe and the USA, and confirms its objective of radically reducing its financial exposure to the USA in the medium term when the time comes".

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