Original-Research: Aroundtown SA (von First Berlin Equity Research GmbH): Kaufen
Original-Research: Aroundtown SA - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Aroundtown SA
Company Name: Aroundtown SA
ISIN: LU1673108939
Reason for the research: Jahresbericht
Recommendation: Kaufen
from: 04.04.2024
Target price: €3,40
Target price on sight of: 12 Monate
Last rating change: -
Analyst: Ellis Acklin
First Berlin Equity Research hat ein Research Update zu Aroundtown SA (ISIN: LU1673108939) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 3,30 auf EUR 3,40.
Zusammenfassung:
Ein LFL-Mietwachstum von 3,2% führte zu einer guten operativen Performance
im Jahr 2023. Das Management rechnet für dieses Jahr mit einem LFL-Wachstum
von 1 bis 2%, das durch folgende Faktoren begünstigt wird: (1) eine starke
Dynamik auf dem Wohnungsmarkt, (2) weitere CPI-Indexierung im Bürobereich,
die die steigenden Leerstände ausgleicht, und (3) eine vollständige
Erholung des Hotelportfolios. Wie erwartet, musste der FFO 1 im vierten
Quartal einen weiteren Rückgang hinnehmen (-13%), der auf höhere
Finanzierungskosten und höhere Perpetual Note Kupons zurückzuführen ist.
Die liquiden Mittel belaufen sich auf €3 Mrd. und decken die Fälligkeiten
der Schulden bis Mitte 2026. In der Zwischenzeit hat AT ein Umtauschangebot
mit einer Tender-Option von 15% für bestimmte Perpetual Note Inhaber
gestartet. Eine gute Beteiligung würde dazu beitragen, die
Eigenkapitalkomponente der Notes wiederherzustellen, und könnte den FFO 1
bei reduzierten Kuponzahlungen steigern. Der Vermieter sieht mit seinem
disziplinierten Liquiditätsmanagement gut positioniert zu sein, um den
weiterhin schwierigen Immobiliensektor zu meistern. Wir stufen die
AT1-Aktie weiterhin mit einer Kaufempfehlung und einem Kursziel von €3,40
ein (zuvor: €3,30).
First Berlin Equity Research has published a research update on Aroundtown SA (ISIN: LU1673108939). Analyst Ellis Acklin reiterated his BUY rating and increased the price target from EUR 3.30 to EUR 3.40.
Abstract:
LFL rental growth of 3.2% led good operational performance in 2023.
Management guide for ~1% to 2% LFL this year spurred by: (1) strong
residential market dynamics; (2) further office CPI-indexation offsetting
rising vacancies; and (3) a full recovery of the hotel portfolio. As
anticipated, FFO 1 took another hit in Q4 (-13%) due to higher financing
costs and perpetual note attribution. Cash and liquid assets tallied €3bn
and cover debt maturities until mid-2026. Meanwhile, AT launched an
exchange offer with a 15% tender option to certain perpetual note holders.
Good participation would help restore the notes' equity component and could
boost FFO 1 on reduced coupon payments. The landlord looks well positioned
to handle the still challenging property sector with its disciplined
liquidity management approach. We remain Buy-rated on AT with a €3.4 target
price (old: €3.3).
Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse.
You can download the research here:
http://www.more-ir.de/d/29325.pdf
Contact for questions
First Berlin Equity Research GmbH
Herr Gaurav Tiwari
Tel.: +49 (0)30 809 39 686
web: www.firstberlin.com
E-Mail: g.tiwari@firstberlin.com
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
| Sales1 | 747,10 | 894,80 | 1.180,30 | 1.323,20 | 1.609,90 | 1.602,80 | 0,00 | |
| EBITDA1,2 | 606,00 | 772,70 | 944,10 | 974,90 | 1.002,30 | -2.449,70 | 0,00 | |
| EBITDA-Margin3 | 81,11 | 86,35 | 79,99 | 73,68 | 62,26 | -152,84 | 0,00 | |
| EBIT1,4 | 2.293,50 | 2.155,80 | 1.651,70 | 1.736,70 | 361,10 | -2.467,60 | 0,00 | |
| EBIT-Margin5 | 306,99 | 240,93 | 139,94 | 131,25 | 22,43 | -153,96 | 0,00 | |
| Net Profit (Loss)1 | 1.827,80 | 1.709,10 | 906,40 | 1.078,10 | -457,10 | -2.426,40 | 0,00 | |
| Net-Margin6 | 244,65 | 191,00 | 76,79 | 81,48 | -28,39 | -151,39 | 0,00 | |
| Cashflow1,7 | 472,80 | 613,60 | 615,80 | 625,80 | 788,00 | 772,10 | 0,00 | |
| Earnings per share8 | 1,49 | 1,11 | 0,49 | 0,53 | -0,58 | -1,82 | -0,11 | |
| Dividend per share8 | 0,25 | 0,14 | 0,22 | 0,23 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: KPMG
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| Aroundtown | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A2DW8Z | LU1673108939 | SA | 4.414,34 Mio € | 03.06.2015 | Halten | 8FX8J49G+J6 |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 13,68 | 6,91 | 1,98 | 6,62 | 0,58 | 5,72 | 2,75 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 26.06.2024 | 28.05.2025 | 28.08.2024 | 27.11.2024 | 26.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -2,11% | +22,67% | +15,71% | +21,18% | -22,80% |
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