Original-Research: Aroundtown SA (von First Berlin Equity Research GmbH): Kaufen
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Original-Research: Aroundtown SA - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Aroundtown SA
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 3,50 auf EUR 3,60. Zusammenfassung: Es gibt eindeutige Anzeichen für eine Bodenbildung im Immobilienzyklus: (1) erste Zinssenkungen in der EU und die allgemeine Erwartung, dass die der US-Notenbank im September nachzieht; (2) eine Verlangsamung der negativen Immobilienbewertungen; und (3) eine Verbesserung des Zugangs zu den Kapitalmärkten. Was den letztgenannten Punkt betrifft, so haben AT und GCP in diesem Sommer nach einer zweijährigen Pause die Anleihemärkte angezapft und zusammen €1,15 Mrd. an unbesicherten Schulden ausgegeben. Die neu gestaltete Bilanz des Vermieters dürfte nun selbst bei müden Anlegern auf Zustimmung stoßen. Das AT-Management erhöhte seine FFO-1-Prognose für 2024 aufgrund eines weiteren soliden Quartals, in dem der Vermieter ein LFL-Mietwachstum von 2,9% verzeichnete, während die Finanzierungskosten ebenfalls niedriger als erwartet ausfielen. Wir stufen die AT-Aktie weiterhin mit einer Kaufempfehlung ein bei einem Kursziel von €3,60 (bisher: €3,50). 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 3.50 to EUR 3.60. Abstract: There are clear signposts pointing to a bottoming of the property cycle: (1) initial rate cuts in the EU with the Fed widely expected to follow suit in September; (2) decelerating negative property valuations; and (3) improving access to the capital markets. On the latter point AT and GCP each tapped the bond markets this summer after a two year hiatus issuing a combined €1.15bn in unsecured debt. The landlord's revamped balance sheet should now pass muster with even jaded investors. AT-brass upped their 2024 FFO 1 guide on the back of another solid quarter that saw the landlord report 2.9% LFL rental growth, while financing expenses are also running lower than expected. We remain Buy-rated on AT with a €3.6 TP (old: €3.5). 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/30677.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
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1978763 30.08.2024 CET/CEST
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 | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | 2025e | ||
| Sales1 | 894,80 | 1.180,30 | 1.323,20 | 1.609,90 | 1.602,80 | 0,00 | 0,00 | |
| EBITDA1,2 | 772,70 | 944,10 | 974,90 | 1.002,30 | -2.449,70 | 0,00 | 0,00 | |
| EBITDA-Margin3 | 86,35 | 79,99 | 73,68 | 62,26 | -152,84 | 0,00 | 0,00 | |
| EBIT1,4 | 2.155,80 | 1.651,70 | 1.736,70 | 361,10 | -2.467,60 | 0,00 | 0,00 | |
| EBIT-Margin5 | 240,93 | 139,94 | 131,25 | 22,43 | -153,96 | 0,00 | 0,00 | |
| Net Profit (Loss)1 | 1.709,10 | 906,40 | 1.078,10 | -457,10 | -2.426,40 | 0,00 | 0,00 | |
| Net-Margin6 | 191,00 | 76,79 | 81,48 | -28,39 | -151,39 | 0,00 | 0,00 | |
| Cashflow1,7 | 613,60 | 615,80 | 625,80 | 788,00 | 772,10 | 0,00 | 0,00 | |
| Earnings per share8 | 1,11 | 0,49 | 0,53 | -0,58 | -1,82 | -0,11 | 0,21 | |
| Dividend per share8 | 0,14 | 0,22 | 0,23 | 0,00 | 0,00 | 0,00 | 0,08 | |
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 | 4.079,27 Mio € | 03.06.2015 | Halten | 8FX8J49G+J6 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 11,54 | 8,10 | 1,42 | 6,12 | 0,53 | 5,28 | 2,55 |
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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 |
| -9,19% | +11,94% | -7,43% | +17,96% | -28,66% |
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