Aroundtown sales increased by 34 percent in the first quarter to EUR 278 million. Adjusted EBITDA increased by 32 percent to EUR 237 million. The profit drops from 412 million euros to 183 million euros. A poorer financial result and higher tax expenses must be taken into account here. The FFO is up 25 percent to 147 million euros.
The dividend of EUR 0.28 is initially suspended. Here one wants to wait for further developments in the crisis. This is somewhat surprising for SRC Research analysts. One can understand the cautious attitude of society. The announced share buyback program, however, is well received. Details will be published soon.
In the second quarter, almost all hotels in the Aroundtown portfolio initially suspended rents. There should not be major losses, however, and rents will probably be paid later.
The analysts confirm the buy recommendation for Aroundtown shares. They continue to see the target price at EUR 9.50.
At a glance – chart and news: Aroundtown Property Holdings