Aroundtown SA (AT1) Fair Value & Analysis
Real Estate · DE · Market cap €2.2B · ISIN LU1673108939
What is Aroundtown SA really worth?
A solid business, trading 61% below our fair value of €4.94.
Strengths
Risks
For context
Fair value as of: Aug 29, 2026
From 14 valuation models · updated 6 days ago
Fair value updated Aug 29, 2026, revised from €5.01 to €4.94 (−1.4%) since Aug 27, 2026. Share price −12.9% over the past month.
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What matters now
- The price is below even our cautious bear case (€4.44). The market is more pessimistic than our downside scenario.
- Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality.
- A fairly wide model range (€4.44 to €8.04) leaves room in how you read the outcome.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.
How to read this chart
60‑month range €0.8736 – €6.27 · fair‑value band €4.44 – €8.04 · the €1.90 price screens below the €4.94 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 29, 2026.
Analysis
Aroundtown SA (AT1) currently trades at €1.90, while our model-based Fair Value estimate is €4.94, implying the stock looks roughly 61.5% undervalued today. The Quality Score stands at 69/100 (solid quality), in the Real Estate sector. Bull case: the Multiples group reads highest at a median of €9.69 per share, and 13 of the 14 models we run sit above the €1.90 price. Bear case: the Asset-Based group reads lowest at €5.18, and 1 of the 14 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Aroundtown SA generated revenue of €1.6B at a net margin of 45.2%. Revenue declined 1.2% year over year. It earns a return on equity of 6.1%. Net debt stands at €15.5B. Fundamentals as of Aug 29, 2026
Our scenario range runs from €4.44 (bear case) to €8.04 (bull case); at €1.90, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 46% below its 52-week high, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −23% fair-value upside, at 160%, AT1 screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €0.2572 per share, which is 5.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 14 models by family
Widest divergence: Multiples (€9.69) versus Asset-Based (€5.18). Highest evidence: FCF DCF (77).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 62 · Market factors (momentum, volatility) 20
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Aroundtown SA, together with its subsidiaries, operates as a real estate company in Germany, the Netherlands, the United Kingdom, Belgium, and internationally. The company operates through Commercial Portfolio and GCP Portfolio segments.
Full company description
Aroundtown SA, together with its subsidiaries, operates as a real estate company in Germany, the Netherlands, the United Kingdom, Belgium, and internationally. The company operates through Commercial Portfolio and GCP Portfolio segments. It invests in commercial real estate properties, including hotel, office, retail, logistics, and other properties, as well as in residential real estate properties. The company also engages in financing activities. Aroundtown SA was incorporated in 2004 and is based in Luxembourg, Luxembourg.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Aroundtown SA reported revenue of €1.5B in FY2025 versus €1.3B in FY2021, a compound +3.9%/yr. Reported net income was €872M in FY2025, compounding −5.2%/yr from FY2021.
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Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Aroundtown SA (AANNF) (H1 2026) Earnings Call Highlights: Stable Rents and Strategic Buybacks ...
- Aroundtown SA (AANNF) Q1 2026 Earnings Call Highlights: Strong Liquidity and Strategic Growth ...
- Aroundtown Q1 Earnings Call Highlights
- Should You Investigate Aroundtown SA (ETR:AT1) At €2.62?
Peer Group
Real Estate Services · 523 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Real Estate Services median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Aug 29, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| CBRE Group CBRE | $148.74 | $69.47 | −53% |
| Vonovia SE VNA | €19.85 | €36.67 | +85% |
| Cellnex Telecom, S.A CLNX | €27.47 | €25.46 | −7% |
| KE Holdings BEKE | $17.42 | $6.57 | −62% |
| Jones Lang LaSalle Incorporated JLL | $378.01 | $290.25 | −23% |
| Swire Properties Limited 1972 | HK$24.84 | HK$5.12 | −79% |
| CoStar Group CSGP | $32.22 | $4.64 | −86% |
| China Resources Mixc Lifestyle Services Limited 1209 | HK$39.84 | HK$34.95 | −12% |
| CapitaLand Investment Limited 9CI | 2.66 SGD | 0.4900 SGD | −82% |
| Plaza S.A MALLPLAZA | 4,040 CLP | 4,571 CLP | +13% |
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