HCohen schreef op 31 augustus 2021 07:21:
However, given where the stock is trading, this is rather unlikely, and my base case is that the portfolio is sold at an average yield of 5%, representing a 2.64B EUR discount and bringing net proceeds to 9.36B EUR. Finally, a pessimistic scenario would be if the portfolio sold for a yield higher than the one implied by the market, such as 5.75%. In this case, the discount would amount to 3.86B EUR, and the net proceeds would total 8.14B EUR. With Unibail-Rodamco-Westfield's market capitalization currently at 10.3B EUR, you can see that small changes in the yield at which the US portfolio is sold can have a substantial impact on the share price. Management said on the conference call that they expect market conditions to improve going into 2022.