URW - Analysis

Hi all,

I've recently been looking into URW and have written a long-form piece of analysis on my blog here: https://www.bayleycapital.com/europes-largest-shopping-mall-owner-a-de-leveraging-story-turning-the-dividend-back-on/

I like the set-up of the company at present with a significant margin of safety in the form of a 57%+ discount to NTA, while the board has been refreshed, backed by activist investors who have enacted a de-leveraging strategy.

With the dividend set to return in early 2023, and a recent increase to forecast FY23 AFFO, I reckon there is scope for further capital appreciation here.

DYODD, caveat emptor.