Credit Analyst corner
I joined Atlanticomnium three years ago, having spent 5 years specializing in corporate financial analysis in Paris and London. At Atlanticomnium, I have had the chance to expand my skills in the exciting buy-side world, researching banks, insurance and real estate companies.
One of the first names I initiated when I joined is Aroundtown, and I have been lucky to follow the robust growth and evolution of the company since then. With EUR32bn assets on its balance sheet at June 2020, Aroundtown is the biggest commercial real estate player in Western Europe and one of the main issuers of hybrid instruments in this area. The business model is sound and simple: from buying to renting its assets. It has a well-diversified customer base per sector, which, together with its very strong balance sheet provides protection from the current Covid related slowdown. It grew significantly in the last few years, mainly via acquisition, but is also showing a high level of (and still significant potential for) organic growth. The cherry on the cake: the hybrid instruments are rated investment grade and currently trade at a very interesting valuation.
08 September 2020
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