Atenor Group

Atenor Group is a holding company. Co., through its subsidiaries, is a real estate developer that specializes in large-scale, urban real estate projects that meet strict criteria in terms of location, economic effectiveness and respect of the environment including office buildings, mixed used and residential complexes. Co. has acquired diversified know-how which it uses to design and build projects in Belgium and other countries throughout Europe.
  • TickerATEB
  • ISINBE0003837540
  • ExchangeEuronext Brussels
  • SectorReal Estate Investment & Services
  • CountryBelgium
Joachim Vansanten ...
  • Lenny Van Steenhuyse
  • Sandra Cauwenberghs
  • Wido Jongman
  • Wim Hoste

Morning Note: ARGX BB, ATEB BB, CPINV BB, IVA FP, SOLB BB

Argenx: 1Q20 webcast take aways Atenor: 1Q20 – Still too early to assess impact Covid-19 CP Invest: 1Q20 as expected, good growth Inventiva: 1Q20 financials Solvay: Restructuring program for Composite Materials

Alan Vandenberghe ...
  • Bart Cuypers
  • Guy Sips
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Marcel Achterberg
  • Michiel Declercq
  • Sandra Cauwenberghs
  • Thomas Couvreur
  • Wido Jongman
  • Wim Hoste

Morning Note: ABI BB, AED BB, ATEB BB, BOKA NA, DSM NA, FLOW NA, KBCA BB, MTLS US, MELE BB, MITRA BB, NN NA, RET BB

AB InBev: Issuing $ 6bn Notes Aedifica: Reassuring comments on COVID-19 impact Atenor: Do you dare to take the risk? Boskalis: Covid-19 update with cancellation dividend and SBB DSM: Closing of Glycom acquisition Flow Traders: Making FY2019 revenue in just a few weeks KBC Ancora: Cuts Dividend Materialise: Covid-19 : How 3D printing could save lives Melexis: Withdraws FY20 guidance and final dividend Mithra: COVID-19 update on Donesta phIII, Myring in GE NN Group: Closing VIVAT acquisition, powering ahead Retail Estates: Another COVID-19 update Various: DTPL Update : Barco and HAL in

Joachim Vansanten

ATENOR : Do you dare to take the risk?

After an update of our model, making estimates on a project by project basis, we resume coverage with a new TP of € 70 ps (prev. € 57). we see upside in Atenor’s SP as the Co creates value, has a stable dividend and a highly skilled management team with significant skin in the game. However, in the uncertain market environment of today, we think visibility is key. As a developer, Atenor falls short on this aspect. We therefore remain on the conservative side and rate the shares Hold.

Bart Cuypers ...
  • Guy Sips
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Sandra Cauwenberghs
  • Wido Jongman
  • Wim Hoste

Morning Note: ARCAD NA, ASRNL NA, ATEB BB, BEKB BB, BCART BB, CYAD BB, FLUX BB, IBAB BB, MIKO BB, PIC BB, TESB BB, UMI BB, XIOR BB

Arcadis: Share buy-back and dividend cancellation ASR: Close short, strong Sol 2, vanishing takeover hopes Atenor: New lease agreement for Vaci Greens building E Bekaert: COVID-19 impact Biocartis: SeptiCyte commercialisation and guidance impact Celyad: FY19 results and webcast feedback Fluxys Belgium: Sturdy FY19 results IBA: Earlier than expected margin pressure here to stay Miko: No dividend as Covid19 impacts out-of-home coffee Picanol: Covid-19 impact difficult to estimate Tessenderlo: FY adj EBITDA slightly lower than expected Umicore: COVID-19 update, guidance and dividend cancelled Xio...

Alan Vandenberghe ...
  • Jason Kalamboussis
  • Joachim Vansanten
  • Ruben Devos
  • Sandra Cauwenberghs

Morning Note: AGS BB, ATEB BB, BFIT NA, OBEL BB, UCB BB

Ageas: Hold your nerve, and start to ACCUMULATE Atenor: FY19 Results – Growth ahead Basic-Fit: Good FY19 results and guidance confirmed Orange Belgium: Launch of new mobile portfolio GO UCB: Sandrine Dufour becomes the new CFO

1 director bought

A director at Atenor Sa bought 2,500 shares at 72.870EUR and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board mem...

Joachim Vansanten ...
  • Lenny Van Steenhuyse
  • Sandra Cauwenberghs
  • Wido Jongman
  • Wim Hoste

Morning Note: ARGX BB, ATEB BB, CPINV BB, IVA FP, SOLB BB

Argenx: 1Q20 webcast take aways Atenor: 1Q20 – Still too early to assess impact Covid-19 CP Invest: 1Q20 as expected, good growth Inventiva: 1Q20 financials Solvay: Restructuring program for Composite Materials

Alan Vandenberghe ...
  • Bart Cuypers
  • Guy Sips
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Marcel Achterberg
  • Michiel Declercq
  • Sandra Cauwenberghs
  • Thomas Couvreur
  • Wido Jongman
  • Wim Hoste

Morning Note: ABI BB, AED BB, ATEB BB, BOKA NA, DSM NA, FLOW NA, KBCA BB, MTLS US, MELE BB, MITRA BB, NN NA, RET BB

AB InBev: Issuing $ 6bn Notes Aedifica: Reassuring comments on COVID-19 impact Atenor: Do you dare to take the risk? Boskalis: Covid-19 update with cancellation dividend and SBB DSM: Closing of Glycom acquisition Flow Traders: Making FY2019 revenue in just a few weeks KBC Ancora: Cuts Dividend Materialise: Covid-19 : How 3D printing could save lives Melexis: Withdraws FY20 guidance and final dividend Mithra: COVID-19 update on Donesta phIII, Myring in GE NN Group: Closing VIVAT acquisition, powering ahead Retail Estates: Another COVID-19 update Various: DTPL Update : Barco and HAL in

Joachim Vansanten

ATENOR : Do you dare to take the risk?

After an update of our model, making estimates on a project by project basis, we resume coverage with a new TP of € 70 ps (prev. € 57). we see upside in Atenor’s SP as the Co creates value, has a stable dividend and a highly skilled management team with significant skin in the game. However, in the uncertain market environment of today, we think visibility is key. As a developer, Atenor falls short on this aspect. We therefore remain on the conservative side and rate the shares Hold.

Bart Cuypers ...
  • Guy Sips
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Sandra Cauwenberghs
  • Wido Jongman
  • Wim Hoste

Morning Note: ARCAD NA, ASRNL NA, ATEB BB, BEKB BB, BCART BB, CYAD BB, FLUX BB, IBAB BB, MIKO BB, PIC BB, TESB BB, UMI BB, XIOR BB

Arcadis: Share buy-back and dividend cancellation ASR: Close short, strong Sol 2, vanishing takeover hopes Atenor: New lease agreement for Vaci Greens building E Bekaert: COVID-19 impact Biocartis: SeptiCyte commercialisation and guidance impact Celyad: FY19 results and webcast feedback Fluxys Belgium: Sturdy FY19 results IBA: Earlier than expected margin pressure here to stay Miko: No dividend as Covid19 impacts out-of-home coffee Picanol: Covid-19 impact difficult to estimate Tessenderlo: FY adj EBITDA slightly lower than expected Umicore: COVID-19 update, guidance and dividend cancelled Xio...

Alan Vandenberghe ...
  • Jason Kalamboussis
  • Joachim Vansanten
  • Ruben Devos
  • Sandra Cauwenberghs

Morning Note: AGS BB, ATEB BB, BFIT NA, OBEL BB, UCB BB

Ageas: Hold your nerve, and start to ACCUMULATE Atenor: FY19 Results – Growth ahead Basic-Fit: Good FY19 results and guidance confirmed Orange Belgium: Launch of new mobile portfolio GO UCB: Sandrine Dufour becomes the new CFO

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