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: Update
Recommendation: Kaufen
from: 12.04.2024
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 bestätigt sein Kursziel von EUR 3,40.
Zusammenfassung:
Aroundtown gab die Ergebnisse der Umtausch- und Tenderangebote für vier
Serien seiner Perpetual Notes sowie für zwei Serien der Perpetual Notes
seiner Tochtergesellschaft (Grand City) bekannt. Ziel war es, die
Eigenkapitalkomponente der Notes gemäß der S&P-Methode wiederherzustellen,
da 'non-called' Notes von der Rating-Agentur als Schulden betrachtet
werden. Etwa 74% der Gläubiger nahmen die Angebote an, die einem Nennwert
von rund €1,8 Mrd. entsprechen. Der Vermieter wird außerdem neue Perpetual
Notes im Wert von €1,6 Mrd. ausgeben und im Rahmen der Tender-Option Notes
in Höhe von €136 Mio. zurückkaufen. Neben der Verbesserung der
S&P-Kennzahlen wird AT ab 2025 rund €10 Mio. an Kuponzahlungen einsparen,
was sich positiv auf den FFO 1 auswirken wird. Wir stufen die AT1-Aktie
weiterhin mit einer Kaufempfehlung ein bei einem unveränderten Kursziel von
€3,40.
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 3.40 price target.
Abstract:
Aroundtown announced results of the exchange and tender offers of four
series of its perpetual notes alongside two series of its subsidiary's
(Grand City) perpetual notes. The aim was restore the notes' equity
component according to S&P methodology, since non-called notes are regarded
as debt by the ratings agency. Some 74% of noteholders accepted the offers
equal to a nominal value of ~€1.8bn. The landlord will also issue €1.6bn in
new notes and repurchase €136m of perpetual notes via the tender offer.
Aside from shoring up the S&P metrics, AT will save around €10m in coupon
payments starting in 2025, thereby positively impacting bottom line FFO 1.
We are Buy-rated on Aroundtown with an unchanged €3.4 TP.
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/29401.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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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.
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