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 4.00 price target.

Abstract
Q1 reporting featured another good operational performance with all asset classes contributing solid LFL rental growth results. Headline figures were close to FBe and prior year comps despite the negative impact of disposals. Bottom line FFO 1 matched the prior year number at €76m thanks to the slight uptick in AEBITDA. Revaluations remained a positive, continuing Q4 trends and helping nudge EPRA NTAPS 3% higher QoQ to €7.6. The balance sheet received a boost post-reporting with a successful bond issuance paired with bond buybacks. Low demand for office space has been a drag on performance, but this may finally be improving with rising return-to-office trends. Management confirmed guidance calling for FFO 1 of €280m to €310m (FBe: €301m). We reiterate our Buy rating and €4 TP (upside: 43%).