Aroundtown SA

Aroundtown Property Holdings Plc (Co.) is a specialist real estate investment group, focusing in the German real estate markets. Co. covers the main real estate segments which benefit from strong fundamentals and growth prospects: residential (through its holding in Grand City Properties S.A.), commercial and hotel properties. The Co.'s vision is buying, redeveloping, turning around and optimizing real estate properties in Germany.
  • TickerAT1
  • ISINLU1673108939
  • SectorReal Estate Investment & Services
  • CountryLuxembourg
Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global Equities Dive, Testing Major Support Global equities have gone from extreme bullish sentiment and an extended market to panic and fear over coronavirus concerns. It is virtually impossible to predict what will happen regarding the virus or how much further markets could sell off as a result. Below we explain our outlook based on what we do know, which has been dampened but is not yet dire. • Indexes Testing Major Support. Major indexes are testing long-term base support and/or support at their respective 200-day MAs. These include the MSCI ACWI, ACWI ex-US, EAFE, EM, S&P 500, Nikkei 2...

Stephane Houri

Ageas : Digitalisation post-COVID : quelles conséquences sur nos secteurs et valeurs ?

Cette note transversale du bureau d’étude ODDO BHF a pour but d’identifier les secteurs et valeurs positivement impactés ou en risque face à une accélération de la digitalisation de la société et de l’économie post COVID-19. Nous ressortons avec 16 valeurs attractives et 12 valeurs en risque. - >Digitalisation accélérée, pas de retour en arrière - La crise du COVID-19 va sans aucun doute accélérer l’utilisation du numérique dans la société en général. Le télétravail a ...

Manuel Martin, CEFA,CREA

Aroundtown SA : Solid Q1 2020 results – Q2 2020 set to be tough for hotel rental revenues – But AT1 well-equipped to withstand and benefit from the crisis

>Solid Q1 2020 results unaffected by COVID-19 crisis – still no guidance - Yesterday (Wednesday 27 May), Aroundtown (AT1) reported Q1 2020 figures, that were broadly in line with our expectations. Revenues increased significantly to € 277.7m (+33.8% y-o-y) in line with our estimate of € 279.6m and which were also driven for the most part by the first-time consolidation of TLG in February 2020. Property revaluations increased to € 318.4m (+32.7% y-o-y) clearly beating...

Aroundtown SA: 1 director bought

A director at Aroundtown SA bought 22,522 shares at 4.438EUR and the significance rating of the trade was 61/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board...

Manuel Martin, CEFA,CREA

Aroundtown SA : Hotel properties are causing uncertainty – However, we see Aroundtown as being shielded by its significant cash position

>Final FY 2019 figures as expected – No initial FY 2020e guidance - Yesterday (26 March), Aroundtown (AT1) reported its final FY 2019 figures which confirmed the preliminary key figures released on 18 March (see table below). Management did not provide initial guidance for 2020e but proposed a DPS of € 0.28 for 2019 which was above our estimated € 0.26 and in line with consensus of € 0.28.Initial guidance for 2020e will be provided when there is more clar...

Manuel Martin, CEFA,CREA

Aroundtown SA : Unexpected reporting of preliminary 2019 results, which were in line with our estimates

>Solid preliminary FY 2019 results - Yesterday afternoon (Wednesday 18 March), Aroundtown (AT1) unexpectedly reported preliminary 2019 figures, which were in line with our expectations. Revenues came in at € 894.8m (+19.8% y-o-y), in line with our estimate of € 895.8m (consensus: € 900.0m). Property revaluations of € 1,217.5m (-20.8%% y-o-y) were close to our estimate of € 1,450.8m. After perpetual notes attribution, group FFO I increased by +23.9 y-o-y to € 445...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 27/11/2019 - Aroundtown - En

Aroundtown (O/P): EBITDA of €557m (+26%) In The Nine-Month Period of 2019 Quadient (O/P): Organic Growth of +2.2% In The Nine-Month Period of 2019/20 EDF (U/P): €500m of Hybrid Bonds Issued And Tender Offer on the Hybrid NC22 bond Immofinanz: Discontinues Its Merger Project With S Immo AG Europcar Mobility (U/P): Draws Private Equity Interest Burger King France (O/P) - 9M-19: Pro-Forma EBITDA of €97m (+15%) Enel (O/P): €28.7bn Investment Plan Between 2020-2022 Vivat (U/P): Fitch Affirms BBB Rating With Stable Outlook

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 27/11/2019 - Aroundtown - FR

Aroundtown (Achat) : EBITDA de €557m (+26%) sur les 9M-19 Quadient (Achat) : Croissance organique de +2,2% sur les 9M-2019/20 EDF (Vente) :  Emission de €500m d'obligations hybrides et rachat d’une hybride NC22 Immofinanz : Abandonne son projet de fusion avec S Immo AG Europcar Mobility (Vente) : Des fonds pourraient faire leur entrée au capital du groupe Burger King France (Achat) : EBITDA pro-forma de €97m (+15%) Enel (Achat) : Plan d’investissement de €28,7 mds entre 2020-2022 Vivat (Vente) : Fitch confirme la note BBB avec pe...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 19/11/2019 - Aroundtown - EN

Aroundtown (O/P Vs M/P): Agrees On All Share Merger With TLG Immobilien (O/P) Erste Group Bank (O/P): Issued A New Tier 2 At Mid-Swap+130bps Accor (O/P): Sale of 5.2% of Its Subsidiary AccorInvest For €204m Casino (O/P on short term bonds, M/P on long term bonds): New €2bn Syndicated Credit Line ArcelorMittal (O/P): Completes The Acquisition of Essar Steel For $5.8bn Coty (O/P): Acquisition of 51% of The Kylie Jenner Group For $600m Volkswagen (O/P): Cuts Its 2016-2020 Forecast Orange (O/P Hybrid): Considers An IPO of Its Africa B...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 19/11/2019 - Aroundtown - FR

Aroundtown (Conserver) : Fusion avec TLG Immobilien (Achat) Erste Group Bank (Achat) : Emission d'un nouveau titre Tier 2 à mid-swap+130pbs Accor (Achat) : Cède 5,2% de sa filiale AccorInvest pour €204m Casino (Achat souches courtes, Conserver souches longues) : Nouvelle ligne de crédit syndiquée de €2 mds ArcelorMittal (Achat) : Finalise l'acquisition d'Essar Steel d’un montant de $5,8 mds Coty (Achat) : Acquisition de 51% du groupe Kylie Jenner pour $600m Volkswagen (Achat) : Revoit à la baisse ses perspectives de moyen-terme 2016-2020 ...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 28/10/2019 - Eurofins - FR

Eurofins (Achat) - T3-19 : Revenus de €1,2md (+22,3%, +6,4% en organique) HSBC (Achat) : Abaisse ses perspectives de revenus pour 2019, l’objectif d’un ROTE >11% en 2020 ne sera pas atteint AXA (Achat) : Cède ses activités bancaires en Belgique à Crelan Banque pour €620m Cemex (Achat) - 9M-19 : EBITDA de $1,9 md (-11%, -9% en organique) Aroundtown  (Conserver) et TLG Immobilien (Achat) : Accord sur les conditions d’une fusion Suedzucker (Vente) : Rehausse son objectif de résultat opérationnel pour l’exercice 2019-2020 Verizon (Achat) - 9M...

Alfred Glaser ...
  • Delphine Brault
  • Manuel Martin, CEFA,CREA
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/28/2020

The “dream part” (i.e. the proportion of index value not accounted for by the sum of consensus forecasts present value and book value) of market rallies is eminently variable: historically high in the US, negative in Italy and Spain. But an examination of 11 indexes results in a common observation: the larger it is (as a % of the value of the index), the weaker the future performance (and vice-versa). On this basis, the message is favourable to the European market relative to the US ...

Alfred Glaser ...
  • Delphine Brault
  • Manuel Martin, CEFA,CREA
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/05/2020

La part du « rêve » (id est la proportion de la valeur indicielle non expliquée par la somme des prévisions du consensus et la book value) dans le rebond des marchés est éminemment variable : historiquement élevée aux Etats-Unis, négative en Italie et en Espagne. Mais une constatation commune, établie sur les 11 indices étudiés s’impose : plus son importance (en % de la valeur de l’indice) est grande plus la performance future est faible. Sur ces bases le message est favorable au marc...

Antoine Boivin-Champeaux ...
  • Manuel Martin, CEFA,CREA
  • Martial Descoutures
  • Oussema Denguir
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/27/2020

The market's valuation has returned to a zone corresponding to a rapid exit from the crisis and a limited drop in GDP. This is the effect of the strength of the unprecedented support measures that have been announced. But the extent of the growth shock currently remains a major unknown and the epidemic is still spreading rapidly. Downward revisions will likely continue. It is difficult to believe in a lasting rebound before the near-finalisation of downward revisions to EPS forecasts....

Antoine Boivin-Champeaux ...
  • Manuel Martin, CEFA,CREA
  • Martial Descoutures
  • Oussema Denguir
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/03/2020

La valorisation du marché est revenue dans une zone correspondant à une sortie de crise rapide et un recul limité du PIB. C’est un effet de la puissance des mesures de soutien sans précédent qui ont été annoncées. Mais l’ampleur du choc de croissance reste pour le moment une inconnue majeure et l’épidémie reste en expansion rapide. Les révisions en baisse vont se poursuivre. Or difficile de croire à un rebond durable avant la quasi-finalisation des révisions en baisse de BPA. C’est lo...

Ahmed Ben Salem ...
  • Alain William
  • Anis Zgaya
  • Christophe-Raphaël Ganet
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Louis Boujard, CFA
  • Manuel Martin, CEFA,CREA
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/19/2020

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AROUNDTOWN with less fundamental stars is reduced to Neutral

AROUNDTOWN (DE), a company active in the Real Estate Holding & Development industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date June 26, 2020, the closing price was EUR 5.12 and its expected value was estimated at...

AROUNDTOWN reduced its risk exposure resulting in an upgrade to Slightly Positive

AROUNDTOWN (FR), a company active in the Real Estate Holding & Development industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 3 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date September 15, 2017, the closing price was EUR 5.90 and its potential was estimated at EUR 6.20.

Expert Corporate Governance Service (ECGS)

Aroundtown - AGM 24 June 2020

In light of the uncertainties for future macroeconomic developments caused by the Covid-19 pandemic and resulting international lockdowns, the Board of Directors considers it is not in the Company's best interest to propose a distribution of dividends to the AGM at this stage. The Board of Directors will continue to evaluate the market situation and may, if warranted in light of changed conditions, propose a future dividend distribution and accordingly call for another general meeting.ITEMS 8-9 ECGS appreciates the company's effort to publish the remuneration report and policy for the first ti...

Expert Corporate Governance Service (ECGS)

Aroundtown - AGM and EGM 16 December 2019

ITEMS 1 to 7: the board seeks shareholder approval of the re-election of 5 members, and the election of 2 new nominees. ECGS notes that the board previously had only 40% of independent members, which did not respect our recommendations. After the AGM, ECGS considers 4 of the 7 shareholder-elected directors to be independent (57%), which respects our minimum of 50%. Furthermore, there will be 2 women on board (29%), which does not respect our minimum of 30%, but the fact that one out of the two nominees proposed at the current AGM is a woman, the percentage increased from 20% to 29%, which is s...

Expert Corporate Governance Service (ECGS)

Aroundt June, 26 2019

ECGS notes that there is a lack of transparency concerning the biographical details of the members of the Board since there is no information in the 2018 Annual Report. Under ITEMS 7 to 11, the Company seeks shareholder approval to re-appoint all the members of the Board. Given the insufficient independent members (40%), ECGS recommends to OPPOSE to the re-appointments of Frank Roseen, Oschrie Massatschi and Jelena Afxentiou. Under ITEM13, the Board of Directors anticipates that shareholders will have the choice of receiving the dividend either in cash or in the form of new shares in the Com...

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