Original-Research: Aroundtown SA (von First Berlin Equity Research GmbH): Kaufen
Source: EQSClassification of
Company
ISIN: LU1673108939
Reason for the research: Dreimonatsbericht
Recommendation: Kaufen
from:
Target price:
Target price on sight of: 12 Monate
Last rating change: -
Analyst:
Zusammenfassung:
Der Dreimonatsbericht zeigte erneut eine solide operative Performance,
angeführt von einem LFL-Mietwachstum von 2,8%, während sich der Anstieg der
Finanzierungskosten abschwächt. Wir gehen davon aus, dass das operative
Geschäft stabil bleiben wird, wobei der gute Rückenwind für die Segmente
Wohnen und
Abstract:
Q1 reporting again featured a solid operating performance led by 2.8% LFL
rental growth, while the rise in financing costs is tailing off. We expect
operations to remain steady with good tailwinds for the resi and hotel
segments offsetting the still challenging office sector. The capital
structure has been revamped over the past year by deleveraging measures,
increased secured debt, and, most recently, the successful perpetual note
exchange offer. The latter will be FFO accretive starting in 2025 owing to
~€35m in coupon savings. We think the landlord has cleared a number of
major hurdles over the past quarters and remain Buy-rated on AT with a
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/29933.pdf
Contact for questions
Tel.: +49 (0)30 809 39 686
web: www.firstberlin.com
E-Mail: g.tiwari@firstberlin.com
-------------------transmitted by EQS Group AG.-------------------
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.