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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: Der Dreimonatsbericht war erneut von einer guten operativen Leistung geprägt, wobei alle Anlageklassen solide LFL-Mietwachstumsergebnisse beisteuerten. Die Hauptkennzahlen lagen trotz der negativen Auswirkungen von Veräußerungen nahe an unseren Schätzungen und den Vorjahreswerten. Dank des leichten Anstiegs des AEBITDA erreichte der FFO 1 mit €76 Mio. den Vorjahreswert. Die Neubewertungen setzten den Trend des 4. Quartals fort und trugen dazu bei, dass der EPRA NTAPS im Quartalsvergleich um 3% auf €7,60 anstieg. Die Bilanz wurde nach der Veröffentlichung des Q1-Berichts durch eine erfolgreiche Anleiheemission in Verbindung mit Anleiherückkäufen gestärkt. Die geringe Nachfrage nach Büroflächen hat die Performance belastet, doch könnte sich dies mit dem steigenden Return-to-Office-Trend endlich bessern. Das Management bestätigte die FFO 1 Guidance von €280 Mio. bis €310 Mio. (FBe: €301 Mio.). Wir behalten unsere Kaufempfehlung und unser Kursziel von €4 bei (43% 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: Q1 reporting featured another good operational performance with all asset classes contributing solid LFL rental growth results. Headline figures were close to FBe and prior year comps despite the negative impact of disposals. Bottom line FFO 1 matched the prior year number at €76m thanks to the slight uptick in AEBITDA. Revaluations remained a positive, continuing Q4 trends and helping nudge EPRA NTAPS 3% higher QoQ to €7.6. The balance sheet received a boost post-reporting with a successful bond issuance paired with bond buybacks. Low demand for office space has been a drag on performance, but this may finally be improving with rising return-to-office trends. Management confirmed guidance calling for FFO 1 of €280m to €310m (FBe: €301m). We reiterate our Buy rating and €4 TP (upside: 43%). 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/32766.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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2148926 02.06.2025 CET/CEST
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