Green Street starts Unibail coverage with buy recommendation

In initiation of coverage of French-Dutch shopping centre REIT/SIIC Unibail-Rodamco, real estate analyst house Green Street Advisors said it assesses net asset value at 13% below the group's internal valuation but added the stock should trade at an 18% premium, above peers such as US-based Simon Property and Australia's Westfield. It initiates with a buy recommendation. Authored by Green Street International Managing Director John Lutzius and Senior Associate Diana Olteanu, the 54-page report includes a review of U-R's portfolio, insights on management, strategy and capital allocation plans, a global peer comparison of key metrics as compared with Westfield and Simon, detailed review of valuation drivers, balance sheet analysis, and Green Street's detailed NAV calculation with a comparison to company-published NAV. (See upcoming PIE/PFE editions for full story)