Aroundtown SA (AT1) fair value: what the stock is really worth
We calculate from audited financials what Aroundtown SA is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.
How to read this chart
60‑month range €0.8736 – €6.27 · fair‑value band €4.56 – €12.08 · the €1.82 price screens below the €4.56 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 13, 2026.
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.
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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.
Stock analysis
Aroundtown SA (AT1) currently trades at €1.82, while our model-based Fair Value estimate is €4.56, implying the stock looks roughly 60.0% undervalued today.
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Valuation
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 €1.82 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.
Scenario range: €4.56 (bear) to €12.08 (bull), the price of €1.82 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 69/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
Key figures
Market cap €2.2B · P/E ratio 4.0 · P/S ratio 2.24 · EPS (TTM) €0.4600 · Dividend yield 4.4% · Net margin 56.5% · Return on equity 6.1% · Return on assets (EBIT) 0.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 48% below its 52-week high, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −45% fair-value upside, at 150%, AT1 screens cheaper than that median.
Fair Value models
Bear €4.56Fair Value €4.56Bull €12.08
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (€0.2676 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.75/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+30.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.5%
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+19.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+1.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.9%
Dividend (yield on the price)4.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−3% vs −3%, steady
Profit margin 2013 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.179% → 58%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+14.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.5%
Yearly sales growth analysts expect, extended to five years.
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Real Estate Services · 539 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score69 · Top 25%
Fair Value upside+160% · Top 25%
Profitability
Return on equity (TTM)6% · Above median
Return on assets2% · Below median
Net margin (TTM)45% · Top 25%
Operating margin (TTM)62% · Top 25%
Growth and dividend
Revenue growth−1% · Below median
Dividend yield (TTM)4.4% · Above median
Balance sheet
Debt / equity1.65× · Highest 25%
Valuation Multiplesvs Real Estate Services median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Aroundtown SA Fair Value". https://www.fairvalue-calculator.com/stock/AT1
Frequently asked questions
Is Aroundtown SA (AT1) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of €4.56 versus a price of €1.82, about +150% upside (undervalued).
What is the fair value of AT1?
Our model-based fair value for Aroundtown SA is €4.56 (as of Sep 13, 2026), built from audited fundamentals. The current price: €1.82.
What is the quality score of AT1?
Aroundtown SA has a Quality Score of 69/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Aroundtown SA (AT1)?
Our model-based price target is the fair value of €4.56 (as of Sep 13, 2026) from 14 valuation models. Cautious scenario €4.56, optimistic scenario €12.08. It is a calculation from audited fundamentals, not an analyst target.
What is the Aroundtown SA stock forecast for 2026?
Our models put fair value at €4.56, about +150% upside versus a price of €1.82 (undervalued). Cautious scenario €4.56, optimistic scenario €12.08. The calculation is refreshed regularly with new filings.
What is the revenue of Aroundtown SA (AT1)?
Aroundtown SA reported trailing-twelve-month revenue of about €1.6B (latest available figure, as of Sep 13, 2026).
Does Aroundtown SA pay a dividend?
Aroundtown SA currently shows a dividend yield of about 4.39% relative to its recent price (as of Sep 13, 2026).
What growth is priced into Aroundtown SA (AT1)?
For today's price to be fair in a discounted-cash-flow model, Aroundtown SA would have to grow free cash flow by +14.2 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.5 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of AT1 use?
Our models discount Aroundtown SA at 10.3 %: a base by market capitalisation (mid), damped by beta 1.33, country premium for Germany. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Aroundtown SA that is +14.2 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Aroundtown SA (AT1) delivered so far?
Over the past 5 years revenue at Aroundtown SA grew +5.5 % a year. The price currently implies +14.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Aroundtown SA (AT1) growing?
The median revenue growth in the sector is +1.6 % a year. That is the yardstick for the growth priced into Aroundtown SA (+14.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Aroundtown SA (AT1)?
The free-cash-flow yield on the price is 27.98 %: that much free cash flow Aroundtown SA produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Aroundtown SA (AT1)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Aroundtown SA it is €4.56 per share (as of Sep 13, 2026), against a price of €1.82. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Aroundtown SA stock overvalued or undervalued in 2026?
As of Sep 13, 2026, AT1 trades below its calculated fair value: price €1.82, fair value €4.56, a gap of about +150% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AT1?
No. The price is what the market pays today (€1.82); the fair value is what the company's own numbers justify (€4.56). For Aroundtown SA the two are €2.74 per share apart. That gap is exactly why we show both numbers side by side.
How much is Aroundtown SA worth?
The market values Aroundtown SA at about €2.2B (market capitalisation, as of Sep 13, 2026). Per share that is €1.82; our models calculate a fair value of €4.56 per share.
What do the bullish and bearish scenarios say about AT1?
Our models span a range for Aroundtown SA: cautious scenario €4.56, base €4.56, optimistic €12.08 per share (as of Sep 13, 2026, price €1.82). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AT1?
Aroundtown SA trades at a price-to-earnings ratio of 4.0 (as of Sep 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €4.56 is built from several models across several years. Other multiples: P/B 0.3, P/S 1.6, EV/EBITDA 12.7.
How solid is the balance sheet of Aroundtown SA (AT1)?
Balance-sheet figures for Aroundtown SA (as of Sep 13, 2026): return on equity 6.1%, debt of 1.65 per unit of equity. They feed the Quality Score of 69/100, which measures business quality independently of the share price.
How far is AT1 from its 52-week high?
Aroundtown SA trades at €1.82, about 48% below its 52-week high of €3.52 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of €4.56 is for.
Which stocks are comparable to Aroundtown SA?
From the same area (Real Estate) we also value Vingroup Joint Stock Company, CBRE Group, Vonovia SE, Cellnex Telecom, S.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Aroundtown SA stock attractive at the current price?
The data as of Sep 13, 2026: price €1.82, calculated fair value €4.56 (+150%), Quality Score 69/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AT1 calculated?
We run Aroundtown SA through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €4.56, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.8 % above its aggregate fair value. Aroundtown SA currently trades 150 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What should I pay attention to with Aroundtown SA right now?
The price is below even our cautious bear case (€4.56). The market is more pessimistic than our downside scenario. The model range is unusually wide (€4.56 to €12.08). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Aroundtown SA
How large is the market capitalisation of Aroundtown SA (AT1)?
The market capitalisation of Aroundtown SA is €2.2B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Aroundtown SA (AT1)?
The price-to-sales ratio of Aroundtown SA is 2.24 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Aroundtown SA (AT1)?
Earnings per share at Aroundtown SA are €0.4600 (price ÷ EPS = P/E 4.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Aroundtown SA (AT1)?
The dividend yield of Aroundtown SA is 4.4% (payout 17.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Aroundtown SA (AT1)?
The net margin of Aroundtown SA is 56.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Aroundtown SA (AT1)?
The return on equity (ROE) of Aroundtown SA is 6.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Aroundtown SA (AT1)?
On an EBIT basis the return on assets of Aroundtown SA is 0.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Aroundtown SA (AT1)?
The operating margin of Aroundtown SA is 61.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Aroundtown SA (AT1)?
Revenue at Aroundtown SA is growing −1.2% versus a year earlier (3y avg −1.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Aroundtown SA (AT1)?
Earnings per share at Aroundtown SA are growing −74.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Aroundtown SA (AT1) carry?
The net debt of Aroundtown SA is €15.5B (fiscal year 2025, ≈ 27.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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