Professional
Added to YB: 2026-02-19
Pitch date: 2026-02-17
AT1.DE [bullish]
Aroundtown SA
-2.37%
current return
Author Info
Viceroy Research is an independent investigative research group. Since 2016, we’ve published in-depth reports on companies around the world, identifying signs of financial misrepresentation, mismanagement, and corporate misconduct. Sign up for the newsletter.
Company Info
Aroundtown SA, together with its subsidiaries, operates as a real estate company in Germany, the Netherlands, the United Kingdom, Belgium, and internationally.
Market Cap
EUR 3.0B
Pitch Price
EUR 2.95
Price Target
5.50
Dividend
N/A
EV/EBITDA
18.00
P/E
3.79
EV/Sales
11.06
Sector
Real Estate Management and Development
Category
value
Aroundtown – Viceroy is Long While the Market Sleeps
AT1.DE (long): Viceroy reversed short stance after full investigation found nothing. Stock at 0.36x NAV vs 0.70x peer avg = 94% base upside. Independent valuation €28.4B exceeds €25B book by 12%. 57% LTV w/ 3.8x interest coverage, €300M cash earnings at 10x P/E. Mgmt should fund buybacks via disposals or modest leverage to expand €250M program. €1 buys €2.7 unencumbered assets. Every short thesis debunked: no vacancies misreporting, tenants healthy, related party claims false, portfolio conservatively marked. European RE rebounding.
Read full article (37 min)