URW – Citi rates the stock as Sell

Citi observes the stock has rallied significantly from its 2020 lows yet expects an 2021 decline of -13% in earnings per share. The first half is expected to have a negative impact on store closures in Europe and rent concessions could extend well into the second half.

Yet the broker expects a rebound in earnings in 2022 and an average -5% decline over 2023-25 as an equity raising is assumed. The broker emphasises the company is under the impression that a return to 2019 rents can still be achieved.

Sell maintained. Target rises to EUR27.70 from EUR21.20.

Sector: Real Estate.


Current Price is $5.38. Target price not assessed.



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