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 bestätigt sein Kursziel von EUR 4,00. Zusammenfassung: Standard & Poor's (S&P) hat das Kreditrating von Aroundtown um eine Stufe auf BBB mit stabilem Ausblick herabgestuft (zuvor: BBB+ negativer Ausblick), obwohl AT erhebliche Fortschritte bei der Stärkung seiner Kapitalstruktur gemacht hat. Die Rating-Agentur geht nun davon aus, dass die nach wie vor schwächelnde deutsche Wirtschaft die Veräußerungsaktivitäten von AT im Jahr 2025 und die Fähigkeit des Unternehmens, die von S&P geforderten Leverage-Kriterien zu erreichen, beeinträchtigen wird. Konkret schreibt S&P für das BBB+-Rating des Vermieters eine Debt-to-Cap Quote von 50% vor. Die Kennzahl lag Ende 2024 bei 52,1%, war aber seit März 2024 von 55,5% gesunken. Die Anleihen von AT reagierten kaum auf die Nachricht, was darauf hindeutet, dass die Neueinstufung bereits eingepreist war. Außerdem sehen wir einen Silberstreif am Horizont in Bezug auf die Flexibilität, die sich aus den Rückstellungskriterien ergibt. Wir behalten unsere Kaufempfehlung und unser Kursziel von €4 bei (54% Aufwärtspotenzial). First Berlin Equity Research has published a research update on Aroundtown SA (ISIN: LU1673108939). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 4.00 price target. Abstract: Standard & Poor's (S&P) has downgraded Aroundtown's credit rating one notch to BBB with a stable outlook (old: BBB+ negative outlook), despite significant progress made by AT in fortifying its capital structure. The ratings agency now thinks that a still sagging German economy will hamper AT's 2025 disposal activity and its ability to hit S&P's leverage requirements. Specifically, S&P prescribed a 50% debt-to-cap ratio for the landlord's BBB+ rating. The YE24 metric stood at 52.1% but had dropped from 55.5% since March 2024. AT's bonds barely reacted to the news, suggesting that the re-rating was priced in. Plus, we see a silver lining in terms of flexibility based on the reset criteria. We maintain our Buy rating and €4 TP (54% upside). 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/32406.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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2129960 05.05.2025 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 | 2024 | 2025e | ||
| Sales1 | 894,80 | 1.180,30 | 1.323,20 | 1.609,90 | 1.602,80 | 1.542,30 | 0,00 | |
| EBITDA1,2 | 772,70 | 944,10 | 974,90 | 1.002,30 | -2.449,70 | 778,30 | 0,00 | |
| EBITDA-Margin3 | 86,35 | 79,99 | 73,68 | 62,26 | -152,84 | 50,46 | 0,00 | |
| EBIT1,4 | 2.155,80 | 1.651,70 | 1.736,70 | 361,10 | -2.467,60 | 758,50 | 0,00 | |
| EBIT-Margin5 | 240,93 | 139,94 | 131,25 | 22,43 | -153,96 | 49,18 | 0,00 | |
| Net Profit (Loss)1 | 1.709,10 | 906,40 | 1.078,10 | -457,10 | -2.426,40 | 309,30 | 0,00 | |
| Net-Margin6 | 191,00 | 76,79 | 81,48 | -28,39 | -151,39 | 20,05 | 0,00 | |
| Cashflow1,7 | 613,60 | 615,80 | 625,80 | 788,00 | 772,10 | 820,50 | 0,00 | |
| Earnings per share8 | 1,11 | 0,49 | 0,53 | -0,58 | -1,82 | 0,05 | 0,19 | |
| Dividend per share8 | 0,14 | 0,22 | 0,23 | 0,00 | 0,00 | 0,00 | 0,11 | |
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 | 4.199,15 Mio € | 03.06.2015 | Halten | 8FX8J49G+J6 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 11,88 | 8,35 | 1,42 | 7,42 | 0,55 | 5,12 | 2,72 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,11 | 4,03% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 24.06.2025 | 27.05.2026 | 26.08.2026 | 26.11.2025 | 25.03.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -13,69% | -7,67% | -4,71% | -14,06% | -26,56% |
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