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Aroundtown SA
(XETRA:AT1)
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Rating:62Neutral
Price Target:
€1.50
▼(-26.11% Downside)
Action:Reiterated
Date:10/14/26
The score is driven primarily by improving operating performance and cash generation but constrained by elevated leverage and a thinner equity cushion, which increases refinancing and valuation sensitivity for a diversified REIT. Valuation is a clear positive (very low P/E and high yield), while technicals are a significant negative due to a strong downtrend and very weak momentum. The earnings call adds support via guidance, dividend resumption, and liquidity/hedging strength, tempered by higher finance costs and 2027–2028 refinancing headwinds.
Positive Factors
Organic rental growth
Residential and hotel exposure is providing recurring rental growth in key portfolio segments, while together representing 53% of the portfolio. This supports durable cash-flow resilience and partially offsets weaker office conditions through stronger operating performance.
Negative Factors
High leverage and thinner equity cushion
Higher leverage combined with a materially smaller equity base leaves the company more sensitive to property-value movements and refinancing conditions. The thinner cushion can constrain capital allocation and amplify the impact of adverse real-estate or financing developments.
Read all positive and negative factors
Positive Factors
Negative Factors
Organic rental growth
Residential and hotel exposure is providing recurring rental growth in key portfolio segments, while together representing 53% of the portfolio. This supports durable cash-flow resilience and partially offsets weaker office conditions through stronger operating performance.
Read all positive factors
Aroundtown SA (AT1) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€1.56B
Dividend Yield5.63%
Average Volume (3M)2.66M
Price to Earnings (P/E)3.9
Beta (1Y)1.02
Revenue Growth1.08%
EPS Growth-44.48%
CountryDE
Employees1,531
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.37
Shares Outstanding1,537,025,600
10 Day Avg. Volume2,596,363
30 Day Avg. Volume2,657,763
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
€2.51Price Target Upside23.86% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering7
EPS Forecast (FY)0.28
Revenue Forecast (FY)€1.55B
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. The company operates through Commercial Portfolio and GCP Portfolio segments. It invest...
How the Company Makes Money
Aroundtown makes money primarily by generating recurring rental income from its real estate portfolio. The core revenue model is leasing: (1) Contracted rents and service charges from tenants in office, hotel, and other commercial properties, as w...
Aroundtown SA Earnings Call Summary
Earnings Call Date:Aug 26, 2026
(Q2-2026)
| Next Earnings Date:Nov 25, 2026
Earnings Call Sentiment Positive
The call presents a constructive operational story: stable net rental income, positive like‑for‑like growth (particularly in residential and hotels), active capital recycling with accretive buybacks and disposals, strong liquidity and sustainability progress. These positives are tempered by higher finance expenses, a short‑term decline in FFO I, weaker office dynamics, and refinancing headwinds in 2027–2028. Management has articulated clear mitigation measures (proactive refinancing, conversions, accretive CapEx, and continued disposals) and expects an inflection by 2029 if rates stabilize.Positive Updates
Stable Net Rental Income with Organic Growth
Net rental income of EUR 591 million in H1 2026, stable vs H1 2025, supported by like‑for‑like rental growth of 2.7% across the portfolio.
Negative Updates
FFO I Decline and Higher Finance Costs
FFO I amounted to EUR 144 million, down 4% vs EUR 150 million in H1 2025, primarily due to higher finance expenses. FFO I per share EUR 0.13 vs EUR 0.14 prior period.
Read all updates
Q2-2026 Updates
Positive
Negative
Stable Net Rental Income with Organic Growth
Net rental income of EUR 591 million in H1 2026, stable vs H1 2025, supported by like‑for‑like rental growth of 2.7% across the portfolio.
Read all positive updates
Company Guidance
Aroundtown guided 2026 FFO I of EUR 275–305 million (EUR 0.24–0.27 per share) and a dividend per share of EUR 0.120–0.135 (50% FFO I payout policy, AGM subject), noting mid‑term upside from like‑for‑like rental growth of ~2–3% p.a. (c. EUR 100m over 3–4 years) plus EUR 55m of rental upside from conversions/repositionings by 2030; H1 metrics cited to support this include LFL rent growth of 2.7% (residential 3.5%, hotels 4.4%, offices 0.9%), portfolio value EUR 25.2bn, annualized rent EUR 1.16bn (5% headline yield; hotels 5.7% stabilized), EPRA NTA EUR 8.0, liquidity EUR 3.9bn + >EUR1bn undrawn, hedging ratio 95%, pro‑forma cost of debt ~2.6% (2.4% at 30 June), average debt maturity 3.9 years (4.7y including liquidity), LTV within the 45% Board limit, and an expected ICR above ~3x at year‑end with an anticipated FFO inflection from 2029 as refinancing headwinds ease.Aroundtown SA Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
48
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.55B | 1.54B | 1.18B | 1.19B | 1.61B | 1.32B |
| Gross Profit | 970.10M | 976.40M | 630.70M | 554.40M | 915.00M | 790.20M |
| EBITDA | 660.70M | 1.08B | 701.70M | -2.60B | -216.20M | 1.59B |
| Net Income | 599.60M | 871.50M | 256.30M | -1.83B | -457.10M | 1.08B |
Balance Sheet | ||||||
| Total Assets | 33.92B | 33.69B | 33.62B | 33.56B | 37.35B | 39.38B |
| Cash, Cash Equivalents and Short-Term Investments | 3.48B | 3.68B | 3.89B | 3.13B | 3.08B | 3.74B |
| Total Debt | 19.09B | 19.12B | 14.70B | 14.55B | 14.94B | 15.74B |
| Total Liabilities | 23.19B | 22.62B | 18.61B | 18.41B | 19.52B | 20.23B |
| Stockholders Equity | 8.52B | 8.01B | 12.17B | 12.40B | 14.33B | 15.28B |
Cash Flow | ||||||
| Free Cash Flow | 596.30M | 559.10M | 801.20M | 541.70M | 761.60M | -174.40M |
| Operating Cash Flow | 616.90M | 579.50M | 820.50M | 557.90M | 788.00M | 625.80M |
| Investing Cash Flow | -337.30M | 181.50M | 152.60M | 523.80M | 408.50M | 1.08B |
| Financing Cash Flow | 250.00M | -273.00M | -495.90M | -753.00M | -1.76B | -2.61B |
Aroundtown SA Technical Analysis
Negative
2.03
Price Trends
1.76
Negative
1.99
Negative
2.25
Negative
Market Momentum
-0.11
Negative
32.13
Neutral
26.51
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:AT1, the sentiment is Negative. The current price of 2.03 is above the 20-day moving average (MA) of 1.51, above the 50-day MA of 1.76, and below the 200-day MA of 2.25, indicating a bearish trend. The MACD of -0.11 indicates Negative momentum. The RSI at 32.13 is Neutral, neither overbought nor oversold. The STOCH value of 26.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | €1.24B | 5.73 | 11.53% | 6.12% | 1.56% | 61.95% | |
71 Outperform | €1.13B | 3.19 | 11.29% | 4.20% | 2.40% | -8.00% | |
67 Neutral | €3.72B | 2.82 | 14.93% | 6.04% | 0.54% | 112.86% | |
66 Neutral | €14.03B | 3.61 | 14.27% | 7.53% | -20.61% | 907.76% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | €1.56B | 3.85 | 6.50% | 5.63% | 1.08% | -44.48% | |
44 Neutral | €6.15B | 38.89 | 2.34% | ― | -8.37% | ― |
* Real Estate Sector Average
DE:AT1
Aroundtown SA
1.42
-1.71
-54.55%
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DE:LEG
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DE:VNA
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16.61
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-36.38%
DE:GYC
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7.14
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-35.35%
DE:O5G
CPI PROPERTY GROUP S.A.
0.74
-0.07
-8.13%
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.