Aroundtown SA (DE:AT1)
XETRA:AT1
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Aroundtown SA
(XETRA:AT1)
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Rating:63Neutral
Price Target:
€3.00
▲(14.94% Upside)
Action:Reiterated
Date:05/28/26
The score is driven by solid valuation (low P/E) and a generally positive earnings-call setup (liquidity, buyback/dividend policy, and rental growth), tempered by elevated leverage and historical earnings volatility. Technicals add modest support in the near term but the longer-term trend remains weak.
Positive Factors
Recurring rental income and like‑for‑like rental growth
Aroundtown's cash generation is anchored in recurring rental income with positive like‑for‑like growth across segments (residential, hotels, offices). Durable rental inflows and indexed leases provide steady operating cash that supports FFO, servicing of debt and ongoing asset management over the medium term.
Negative Factors
Elevated leverage (debt well above equity)
High leverage increases sensitivity to interest rates, asset valuations and refinancing cycles. With debt materially above equity, adverse valuation moves or higher rates can quickly erode equity cushions, strain covenants and limit strategic flexibility, making the company more vulnerable to macro shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring rental income and like‑for‑like rental growth
Aroundtown's cash generation is anchored in recurring rental income with positive like‑for‑like growth across segments (residential, hotels, offices). Durable rental inflows and indexed leases provide steady operating cash that supports FFO, servicing of debt and ongoing asset management over the medium term.
Read all positive factors
Aroundtown SA (AT1) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€2.83B
Dividend YieldN/A
Average Volume (3M)1.81M
Price to Earnings (P/E)3.9
Beta (1Y)0.90
Revenue Growth0.71%
EPS Growth123.72%
CountryDE
Employees1,506
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)0.46
Shares Outstanding1,537,025,600
10 Day Avg. Volume1,398,798
30 Day Avg. Volume1,807,235
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.36
Price to Sales (P/S)1.88
P/FCF Ratio5.18
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€3.06Price Target Upside17.34% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)0.47
Revenue Forecast (FY)€1.56B
Aroundtown SA Business Overview & Revenue Model
Company Description
Aroundtown SA, together with its subsidiaries, operates as a real estate company in Germany, the Netherlands, the United Kingdom, Belgium, and internationally. It invests in commercial and residential real estate properties, such as office, hotel,...
How the Company Makes Money
Aroundtown makes money mainly from recurring rental income generated by leasing space in its investment properties (primarily offices, as well as hotels and other assets) to tenants under contractual lease agreements. This rental revenue is suppor...
Aroundtown SA Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 26, 2026
Earnings Call Sentiment Positive
The call presented a broadly constructive operational and financial story: solid like-for-like rental growth across key segments, meaningful liquidity and demonstrated access to capital markets, tangible ESG progress, and active capital recycling with shareholder returns (buyback + dividend). These positives are balanced against near-term headwinds — a decline in recurring FFO I, modestly higher finance costs, office vacancy pressures and a development pipeline with high vacancy that will weigh on short-term cash flows. Management has clear mitigation plans (conversions, disposals, refinancing, buybacks) and sees 2026 as a year of extracting embedded upside, so the balance of execution risk versus proven access to funding and operational momentum leads to an overall positive view.Positive Updates
Stable Rental Income and Solid Operational Growth
Net rental income of ~EUR 1.18–1.20 billion (stable vs 2024) supported by portfolio like-for-like rental growth of 3% overall; residential LFL +3.6%, hotels +3.5%, offices +1.8%.
Negative Updates
FFO I Decline and Per-Share Pressure
FFO I decreased to EUR 288 million (-9% YoY from EUR 316 million); FFO I per share EUR 0.26 vs EUR 0.29 in 2024; 2026 FFO I guidance EUR 250–280 million (per share EUR 0.24–0.27), reflecting continued headwinds.
Read all updates
Q4-2025 Updates
Positive
Negative
Stable Rental Income and Solid Operational Growth
Net rental income of ~EUR 1.18–1.20 billion (stable vs 2024) supported by portfolio like-for-like rental growth of 3% overall; residential LFL +3.6%, hotels +3.5%, offices +1.8%.
Read all positive updates
Company Guidance
Aroundtown guided 2026 FFO I of EUR 250–280m (≈EUR 0.24–0.27 per share), noting this excludes the share‑for‑share GCP transaction (which is neutral day‑1) and excludes assets reclassified to held‑for‑sale (run‑rate ≈EUR 23m); guidance is driven by expected like‑for‑like rental growth of 2–3% while being partially offset by full‑year impact of 2025 disposals and higher finance costs from recent refinancing (mitigated by perpetual note actions that should lower 2026 coupons versus 2025). The company launched a EUR 250m share‑buyback (expected to be accretive — ~+7% FFO I per share and ~+5% NAV per share if fully executed, with management also citing up to ~10% per‑share upside and near‑10% of shares repurchased), proposed a 2025 dividend of EUR 0.08 (~30% payout) and set a new dividend policy of 50% of FFO I from 2026; liquidity (≈EUR 4.0bn cash + EUR 0.9bn undrawn RCF), a 97% hedge ratio, average debt maturity 3.7 years (4.6y including liquidity) and 2.3% cost of debt underpin the guidance.Aroundtown SA Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
46
Neutral
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.54B | 1.54B | 1.18B | 1.19B | 1.61B | 1.32B |
| Gross Profit | 983.90M | 976.40M | 630.70M | 554.40M | 915.00M | 790.20M |
| EBITDA | 840.90M | 1.08B | 701.70M | -2.60B | 712.40M | 642.20M |
| Net Income | 702.40M | 871.50M | 256.30M | -1.83B | -457.10M | 1.08B |
Balance Sheet | ||||||
| Total Assets | 34.06B | 33.69B | 33.62B | 33.56B | 37.35B | 39.38B |
| Cash, Cash Equivalents and Short-Term Investments | 3.78B | 3.68B | 3.89B | 3.13B | 3.08B | 3.74B |
| Total Debt | 2.13B | 19.12B | 14.70B | 14.55B | 14.94B | 15.74B |
| Total Liabilities | 23.09B | 22.62B | 18.61B | 18.41B | 19.52B | 20.23B |
| Stockholders Equity | 7.89B | 8.01B | 12.17B | 12.40B | 14.33B | 15.28B |
Cash Flow | ||||||
| Free Cash Flow | 657.80M | 559.10M | 801.20M | 541.70M | 761.60M | -174.40M |
| Operating Cash Flow | 680.00M | 579.50M | 820.50M | 557.90M | 788.00M | 625.80M |
| Investing Cash Flow | -116.30M | 181.50M | 152.60M | 523.80M | 408.50M | 1.08B |
| Financing Cash Flow | 252.70M | -273.00M | -495.90M | -753.00M | -1.76B | -2.61B |
Aroundtown SA Technical Analysis
Neutral
2.61
Price Trends
2.47
Positive
2.60
Negative
2.84
Negative
Market Momentum
0.02
Negative
52.27
Neutral
76.43
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:AT1, the sentiment is Neutral. The current price of 2.61 is above the 20-day moving average (MA) of 2.49, above the 50-day MA of 2.47, and below the 200-day MA of 2.84, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 52.27 is Neutral, neither overbought nor oversold. The STOCH value of 76.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for DE:AT1.
Aroundtown SA Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | €1.57B | 7.34 | 11.70% | 28.14% | 0.94% | 72.90% | |
68 Neutral | €1.63B | 3.42 | 11.65% | ― | 0.72% | 89.13% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | €2.83B | 3.90 | 7.69% | ― | 0.71% | 123.72% | |
61 Neutral | €4.26B | 3.26 | 15.43% | 4.45% | 2.65% | 408.35% | |
55 Neutral | €18.38B | 5.28 | 13.06% | 5.08% | -20.27% | ― | |
49 Neutral | €6.11B | 24.08 | 4.04% | ― | -11.42% | ― |
* Real Estate Sector Average
DE:AT1
Aroundtown SA
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-0.25
-9.05%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.