巴克萊：歐洲房地產股估值應圍繞現金流展開

智通財經

08/24

【巴克萊：歐洲房地產股估值應圍繞現金流展開】巴克萊分析師重新調整歐洲地產股估值方法，轉為以自由現金流為核心的估值框架，必要時輔以股息貼現模型。此次摒棄此前會計總回報估值方法，帶來多項評級調整：Safestore、Segro 上調評級；Big Yellow、Unite、Merlin Properties、Swiss Prime、Shurgard 遭下調。估值邏輯的轉變，體現分析師對該行業投資評估思路：「應當將其視作一批運營實體，依靠合同保障獲取收入、實現現金流增長，而非靜態地產資產組合，主要依靠估算的定期總資產價值進行定價。」

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