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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 senkt das Kursziel von EUR 4,20 auf EUR 4,00. Zusammenfassung: AT schloss ein arbeitsreiches Jahr mit einer weiteren guten operativen Leistung im Dezemberquartal ab. Dazu gehörte ein ermutigendes Immobilienbewertungsergebnis von €466 Mio., das dazu beitrug, dass das Gesamtjahresergebnis nach zwei Jahren mit Nettoverlusten, die hauptsächlich auf den Gegenwind bei der Renditeausweitung zurückzuführen waren, wieder in die Gewinnzone kam. Die Gesamtzahlen entsprachen unseren Prognosen, vor allem dank der starken Performance der Anlageklassen Wohnimmobile und Hotel. Diese verzeichneten ein LFL-Mietwachstum von 4,4% bzw. 2,9%. Die Guidance für 2025 sieht einen FFO 1 von €280 Mio. bis €310 Mio. vor, der durch eine ähnliche operative Formel wie 2024 bestimmt wird, wobei der Vermieter weiterhin operative Vorteile nutzen wird, um die höheren Finanzierungskosten auszugleichen. Unsere aktualisierten Prognosen ergeben ein Kursziel von € 4,00 (vorher: € 4,20). Wir stufen AT weiterhin mit Kaufen ein. First Berlin Equity Research has published a research update on Aroundtown SA (ISIN: LU1673108939). Analyst Ellis Acklin reiterated his BUY rating and decreased the price target from EUR 4.20 to EUR 4.00. Abstract: AT wrapped up a busy year with another good operational performance in the December quarter. This included an encouraging +€466m property valuation result helping bring the full year bottom line back into the black after two years of net losses owing mainly to yield expansion headwinds. Headline figures matched our forecasts, thanks primarily to the strong performances of the residential and hotel asset classes. These notched 4.4% and 2.9% LFL rental growth respectively. The 2025 guide calls for FFO of €280m to €310m that will be determined by an operational formula similar to 2024 with the landlord continuing to extract operational upside to help offset higher financing costs. Our updated forecasts point to a €4.0 TP (old: €4.2). We rate AT with a Buy. 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/32096.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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