Aroundtown SE (von First Berlin Equity Research GmbH): Buy
Original-Research: Aroundtown SE - von First Berlin Equity Research GmbH
Einstufung von First Berlin Equity Research GmbH zu Aroundtown SE
Unternehmen: Aroundtown SE
ISIN: LU1673108939
Anlass der Studie: Update
Empfehlung: Buy
seit: 23.09.2021
Kursziel: €8,60
Kursziel auf Sicht von: 12 Monate
Letzte Ratingänderung: -
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 8,60.
Zusammenfassung:
Aroundtown startete ein Barangebot für mehrere Bonds in seinem
Anleihenportfolio. Die Anleihen lauten auf EUR, CHF und GBP und haben ein
ausstehendes Nominalvolumen von rund €1,1 Mrd. Unter anderem dank rund €1,1
Mrd. an Veräußerungen über Buchwert in den ersten sechs Monaten beendete
Aroundtown H1/21 mit rund €3,2 Mrd. in der Kasse. Die ausstehenden Anleihen
stellen einen jährlichen Zinsaufwand von ~ €23 Mio. dar. Jedoch ist ein
Szenario der vollständigen Annahme unwahrscheinlich, da die Kupons
attraktiv und die Finanzmärkte immer noch mit viel Liquidität ausgestattet
sind. Wir behalten unsere Kaufempfehlung und unser Kursziel von €8,60 für
Aroundtown bei.
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 8.60 price target.
Abstract:
Aroundtown launched a cash tender offer for several bonds in its debt
portfolio. The bonds are denominated in EUR, CHF and GBP and have an
outstanding principal amount of some €1.1bn. AT exited H1/21 with roughly
€3.2bn in the treasury, thanks in part to around €1.1bn in disposals above
book value during the first six months. The outstanding bonds represent
~€23m in annual interest expense; however, a full-acceptance scenario is
unlikely given the attractive coupons and financial markets still largely
flush with cash. We maintain our Buy rating and €8.6 price target.
Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/22928.pdf
Kontakt für Rückfragen
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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