First Berlin Equity Research has published a research update on Aroundtown SA (ISIN: LU1673108939). Analyst Ellis Acklin reiterated his BUY rating and decreased the price target from EUR 4.20 to EUR 4.00.

Abstract
AT wrapped up a busy year with another good operational performance in the December quarter. This included an encouraging +€466m property valuation result helping bring the full year bottom line back into the black after two years of net losses owing mainly to yield expansion headwinds. Headline figures matched our forecasts, thanks primarily to the strong performances of the residential and hotel asset classes. These notched 4.4% and 2.9% LFL rental growth respectively. The 2025 guide calls for FFO of €280m to €310m that will be determined by an operational formula similar to 2024 with the landlord continuing to extract operational upside to help offset higher financing costs. Our updated forecasts point to a €4.0 TP (old: €4.2). We rate AT with a Buy.