瑞银发布《欧洲房地产：估值快照》，对欧洲房地产板块主要上市公司进行估值与表现概览，覆盖英国、比荷卢、法国、德国、西班牙、瑞典、瑞士及中东和北非（MENA）市场。报告给出各公司的NAV溢价/折让、股息率、调整后每股收益收益率、净资产收益率（3年复合增速）、市值、评级与目标价等数据。整体来看，欧洲地产股相对NAV折让约26%，FY26e股息率约5.2%、调整后EPS收益率约7.5%；MENA地区估值存在溢价（约11.6%）。
UBS European Real Estate: Valuation Snapshot provides a valuation and performance overview of the European real estate sector, covering key listed property companies across the UK, Benelux, France, Germany, Spain, Sweden, Switzerland and MENA. The report presents NAV premium/discount, dividend yield, adjusted EPS yield, RoE (3yr CAGR), market cap, ratings and price targets. Overall, European real estate trades at a c.26% discount to NAV, with FY26e dividend yield of c.5.2% and FY26e adjusted EPS yield of c.7.5%; MENA names trade at a premium (c.11.6%). We rate Landsec, Unite Group, Shaftesbury Capital, Aedifica, CTP, Shurgard, WDP, Gecina, Merlin Properties, LEG Immobilien, Vonovia, Pandox, PSP Swiss Property, Aldar Properties, Emaar Properties and TECOM Group Buy, and Derwent London, Great Portland, Hammerson, Icade, Klepierre and Mobimo Holding Sell.