First Berlin – Aroundtown SA Research Update (15/03/2019)

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 9.50 price target.

Abstract
Aroundtown (AT) announced the successful placement of $600m fixed rate notes due 2029 as part of its Euro Medium Term Note Programme (EMTN). The issuance continues the recent strategy of extending the maturity of the debt portfolio and maintaining adequate financial firepower to drive the external growth strategy. We believe the company will deliver another strong year of external and organic growth in 2019, and we will update our forecasts on the publication of full year results on 28 March. Our rating remains Buy with a €9.5 price target.