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 4,10. Zusammenfassung: Der Jahresbericht unterstreicht die anhaltende Stärke des operativen Geschäfts von Aroundtown mit einem soliden Wachstum in allen wichtigen Anlageklassen. Die LFL-Mieteinnahmen stiegen 2025 um 3,0%, was die robuste Mieternachfrage in den Hotel-, Wohn- und Büroportfolios widerspiegelt, während die LFL-Neubewertungen von +3,1% auf eine weitere Stabilisierung der Immobilienmärkte nach der Abwertungsphase der letzten zwei Jahre hindeuten. Obwohl höhere Finanzierungskosten weiterhin auf den FFO I drückten, bietet der kürzlich gestartete Aktienrückkauf eine Steigerung des FFOPS um bis zu 7% im Jahr 2026 (bei einem Aktienkurs von €3). Der Vermieter verlagert sich nun allmählich von einer eher defensiven Optimierung der Kapitalstruktur hin zu einer ausgewogeneren Kapitalallokation, die internes Wachstum, Kapitalrecycling und selektive externe Chancen kombiniert. Vor diesem Hintergrund könnte das vorgeschlagene Aktienumtauschangebot für Grand City Properties die Plattform und die Geschäftstätigkeit von AT weiter stärken, indem es die wirtschaftliche Beteiligung an den Cashflows von GCP im Wohnimmobilienbereich erhöht (geringere Minderheitsverluste) und gleichzeitig die Konzernstruktur vereinfacht. Wir behalten unsere Kaufempfehlung und unser Kursziel von €4,10 bei (Aufwärtspotenzial: 79%). 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 4.10 price target. Abstract: Full year reporting highlighted the continued strength of Aroundtown's operating business with solid growth seen across all major asset classes. LFL rental income increased 3.0% in 2025 reflecting resilient tenant demand across the office, residential and hotel portfolios, while LFL revaluations of +3.1% signalled further stabilisation in property markets following the devaluation phase of the past two years. Although higher financing costs continued to weigh on FFO I, the recently launched share buyback offers up to 7% FFOPS accretion in 2026. Now the landlord is gradually shifting from more defensive capital structure optimisation towards a more balanced capital allocation combining internal growth, capital recycling and selective external opportunities. Against this backdrop, the proposed exchange offer for Grand City Properties could further strengthen AT's platform and operations by increasing economic participation in GCP's residential cash flows (lower minority leakage), while simplifying the group structure. We maintain our Buy rating and €4.1 TP (upside: 79%). Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: AT1_GR-2026-03-24_EN 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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2296850 24.03.2026 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 | ||||||||
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026e | ||
| Sales1 | 1.180,30 | 1.323,20 | 1.609,90 | 1.602,80 | 1.542,30 | 1.543,10 | 0,00 | |
| EBITDA1,2 | 944,10 | 974,90 | 1.002,30 | -2.449,70 | 778,30 | 1.347,10 | 0,00 | |
| EBITDA-Margin3 | 79,99 | 73,68 | 62,26 | -152,84 | 50,46 | 87,30 | 0,00 | |
| EBIT1,4 | 1.651,70 | 1.736,70 | 361,10 | -2.467,60 | 758,50 | 1.329,40 | 0,00 | |
| EBIT-Margin5 | 139,94 | 131,25 | 22,43 | -153,96 | 49,18 | 86,15 | 0,00 | |
| Net Profit (Loss)1 | 906,40 | 1.078,10 | -457,10 | -2.426,40 | 309,30 | 1.127,90 | 0,00 | |
| Net-Margin6 | 76,79 | 81,48 | -28,39 | -151,39 | 20,05 | 73,09 | 0,00 | |
| Cashflow1,7 | 615,80 | 625,80 | 788,00 | 772,10 | 820,50 | 807,90 | 0,00 | |
| Earnings per share8 | 0,49 | 0,53 | -0,58 | -1,82 | 0,05 | 0,61 | 0,20 | |
| Dividend per share8 | 0,22 | 0,23 | 0,00 | 0,00 | 0,00 | 0,08 | 0,09 | |
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 | 3.821,05 Mio € | 03.06.2015 | Halten | 8FX8J49G+J6 |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 10,36 | 8,00 | 1,29 | 7,25 | 0,32 | 4,73 | 2,48 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,08 | 3,22% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 24.06.2026 | 27.05.2026 | 26.08.2026 | 25.11.2026 | 04.03.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -5,53% | -15,22% | -5,48% | -8,06% | -33,17% |
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