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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI China Daily Summary: Wednesday, December 11
AroundTown (ARNDTN: BBB+ neg): 1Q24 Results
Stable results from Aroundtown which is a continuation of what the market wants to see. The tender exchange resulted in a reduction of €0.3b perps and will reduce coupon expense by €35m after 2024.
- Adj EBITDA €247m +1% yoy
- Net Rental Income €293m +2.8% like-for-like but -1% yoy due to disposals
- FFO I €76m
- ICR 3.9x. S&P's report saw this falling to 3.0x in FY24 not quite there yet.
- LTV 43% targeting <45%
- Average debt maturity 4.2y. average cost 2.2%. 76% Fixed Rate + 7% Capped
- Cash and liquidity covering 21% of debt (€2.9b)
The company has signed disposals totalling €9b since 1Q20 and used proceeds to reduce leverage. 13% office vacancy would be the one cause for concern.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.