Aroundtown SA (von First Berlin Equity Research GmbH): Buy
Original-Research: Aroundtown SA - von First Berlin Equity Research GmbH
Einstufung von First Berlin Equity Research GmbH zu Aroundtown SA
Unternehmen: Aroundtown SA
ISIN: LU1673108939
Anlass der Studie: Update
Empfehlung: Buy
seit: 15.04.2021
Kursziel: 8,60
Kursziel auf Sicht von: 12 Monate
Letzte Ratingänderung: -
Analyst:
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:
In einem Konsortium mit CPI Property Group SA (CPI) bietet Aroundtown ein
Cash-Angebot zum Kauf von Aktien der Globalworth Real Estate Investments
Ltd (GWI) zu einem Preis von €7,00 pro Aktie an. Das Konsortium hält
bereits über 50% der GWI (JE20-Anteile: AT 22,0%; CPI 29,6%), eine führende
gewerbliche Vermieterin und Entwicklerin auf dem CEE-Markt (Mittel- und
Osteuropa). Das Angebot bewertet die verbleibenden GWI-Aktien mit €774 Mio.
In Anbetracht der liquiden Mittel in Höhe von + €3 Mrd. passt das Angebot
problemlos in die Kapitalstrukturparameter von AT, während das Konsortium
seinen Anteil mit einem Abschlag von 20% auf den 2020-NAVPS von GWI (€8,70)
erhöhen könnte. Wir behalten unsere Kaufempfehlung und unser Kursziel von
€8,60 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:
In a consortium with CPI Property Group SA (CPI), Aroundtown is launching a
cash offer to purchase shares of Globalworth Real Estate Investments Ltd
(GWI) at €7 per share. The consortium already holds over 50% of GWI (YE20
stakes: AT 22.0%; CPI 29.6%), a leading commercial landlord and developer
in the CEE (Central and Eastern Europe) market. The offer values the
remaining GWI shares at €774m. Considering cash and liquid assets of +€3bn,
the offer fits comfortably within AT's capital structure parameters, while
the deal would allow the consortium to boost their stake at a 20% discount
to GWI's YE20 NAVPS of €8.7. We remain Buy-rated on Aroundtown with an €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/22317.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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