Atrium European Real Estate

Atrium European Real Estate is engaged in the ownership, management and operation of commercial real estate in the retail sector. Co. primarily operates in Poland, the Czech Republic, Slovakia, Russia, Hungary and Romania. Co. has two reportable segments: the standing investment segment includes all commercial real estate held to generate rental income for Co.; and the development segment includes all development activities and activities related to land plots. As of Dec 31 2016, the portfolio of standing investments consisted of 59 properties in Poland, the Czech Republic, Slovakia, Russia, Hungary, and Romania.
  • TickerATRS
  • ISINJE00B3DCF752
  • ExchangeVienna Stock Exchange
  • SectorReal Estate Investment & Services
  • CountryJersey

Atrium European Real Estate Ltd: 1 director bought

A director at Atrium European Real Estate Ltd bought 37,530 shares at 2.355EUR and the significance rating of the trade was 59/100. 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. ...

Research Team

WOOD Daily: KMB MS; CEE Real Estate; PZU PW; MYTIL GA; OPAP GA; CAR PW; CIE PW; TENERGY GA; PL Utilities

HEADLINES: • Komercijalna Banka: a sizeable growth story in the Balkans (BUY - initiation of coverage) • CEE real estate: turning constructive (Atrium, CA Immo, Dom Development, Echo Investment, Etalon, Globalworth, Graphisoft, GTC, Immofinanz, LSR, NEPI Rockcastle, S Immo, Warimpex) • PZU: 2Q20 results - big beat vs.consensus; very strong insurance delivery POSITIVE • PZU: changes in the management board • Mytilineos: 1H20 results - Power and Gas unit leading the way • OPAP: 2Q20 review - EUR 15m net loss, in line with expectations • Inter Cars: 2Q20 results - in line with p...

Jakub Caithaml ...
  • Research Team

CEE Real Estate: Turning constructive (Atrium, CA Immo, Dom Development, Echo Investment, Etalon, Globalworth, Graphisoft, GTC, Immofinanz, LSR, NEPI Rockcastle, S Immo, Warimpex)

We are bullish on CEE real estate on a one-to-three year horizon, as we believe the rent levels should be broadly sustainable, at both quality offices and retail assets. Financing seems accessible, if at a higher cost than before the pandemic started. The available liquidity should support the investment volumes and, in turn, limit the downside for valuations, in our view. That said, we do expect the companies to book further revaluation losses in the rest of the year, beyond the 2-4% write-off that most of the CEE real estate landlords have recorded so far. As such, our preference – for the...

Research Team

The Rear-View Mirror – EME markets: Turkish ISE30 still weak, down 9.6% in August

EME Equity Market – August 2020 Market performance – most indices end August in the black, but the ISE30 Index decline continues, down 9.6%. In August, the MSCI EM Europe Index declined by 1.2% in EUR terms, but stayed mostly flat (+0.1%) in local currency terms. Romania’s BET Index performed the best, up 7.2%; followed by the Greek ASE Index (+2.7%); the Czech Republic’s PX Index (+2.4%); Poland’s WIG20 Index (+2.3%); and the MOEX Index (+0.5%). The Hungarian BUX Index declined by 2.6%, followed by the ISE30 Index, the poor performance of which reflects the current weakness of Turki...

Oliver Simkovic

Atrium 1H 20 - FFO I better than expected, portfolio revaluation leads to loss

Atriums 1H 20 results came in today with the Covid-19 rental income impact being somewhat lower than expected at about EUR 12 mn (previously guided ca. EUR 15-20 mn). As a result net rental income came in at EUR 67 mn, ca. EUR 5 mn above our estimates which also translated into higher EBITDA (EUR 57.4 mn vs. EUR 50.1 mn) and cash earnings (FFO I) of EUR 37.4 mn (vs. RCBe EUR 32 mn). The results were however defined by negative revaluation effects of EUR 85 mn which resulted in a net loss of EUR 63 mn and a 6% decrease in EPRA NAV to EUR 4.65 per share (from 4.96 per share at year end).

Atrium European Real Estate Ltd: 1 director bought

A director at Atrium European Real Estate Ltd bought 37,530 shares at 2.355EUR and the significance rating of the trade was 59/100. 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. ...

Jakub Caithaml ...
  • Research Team

CEE Real Estate: Turning constructive (Atrium, CA Immo, Dom Development, Echo Investment, Etalon, Globalworth, Graphisoft, GTC, Immofinanz, LSR, NEPI Rockcastle, S Immo, Warimpex)

We are bullish on CEE real estate on a one-to-three year horizon, as we believe the rent levels should be broadly sustainable, at both quality offices and retail assets. Financing seems accessible, if at a higher cost than before the pandemic started. The available liquidity should support the investment volumes and, in turn, limit the downside for valuations, in our view. That said, we do expect the companies to book further revaluation losses in the rest of the year, beyond the 2-4% write-off that most of the CEE real estate landlords have recorded so far. As such, our preference – for the...

Research Team

The Rear-View Mirror – EME markets: Turkish ISE30 still weak, down 9.6% in August

EME Equity Market – August 2020 Market performance – most indices end August in the black, but the ISE30 Index decline continues, down 9.6%. In August, the MSCI EM Europe Index declined by 1.2% in EUR terms, but stayed mostly flat (+0.1%) in local currency terms. Romania’s BET Index performed the best, up 7.2%; followed by the Greek ASE Index (+2.7%); the Czech Republic’s PX Index (+2.4%); Poland’s WIG20 Index (+2.3%); and the MOEX Index (+0.5%). The Hungarian BUX Index declined by 2.6%, followed by the ISE30 Index, the poor performance of which reflects the current weakness of Turki...

Oliver Simkovic

Atrium 1H 20 - FFO I better than expected, portfolio revaluation leads to loss

Atriums 1H 20 results came in today with the Covid-19 rental income impact being somewhat lower than expected at about EUR 12 mn (previously guided ca. EUR 15-20 mn). As a result net rental income came in at EUR 67 mn, ca. EUR 5 mn above our estimates which also translated into higher EBITDA (EUR 57.4 mn vs. EUR 50.1 mn) and cash earnings (FFO I) of EUR 37.4 mn (vs. RCBe EUR 32 mn). The results were however defined by negative revaluation effects of EUR 85 mn which resulted in a net loss of EUR 63 mn and a 6% decrease in EPRA NAV to EUR 4.65 per share (from 4.96 per share at year end).

Raiffeisen Centrobank Equity Daily 05.08.2020

 AT: Atrium - Higher than expected rental income and cash-earnings, revaluation effects result in significant net loss (negative)  AT: Lenzing - 2Q results as bad as expected, outlook for remainder of FY 20 sees at least sales of EUR 1.5 bn, EBITDA of EUR 151 mn (neutral)  AT: voestalpine - 1Q earnings considerably better than expected, FY 20/21 EBITDA range of EUR 0.6-1.0 bn confirmed (positive)  PL: AmRest - Partnership with Just Eat Takeway (positive)  PL: Bank Pekao - 2Q bottom-line 34% ahead of expectations on better NII and lower opex (positive)  PL: PKO BP - 2Q bottom-...

Research Team

The Rear-View Mirror – EME markets: Equities back in the red in EUR terms in July

EME Equity Market – July 2020 Market performance – majority of indices in the red, with the ISE30 Index down 12.6%. Following its mediocre decline in June, the MSCI EM Europe Index declined 4.4% in EUR terms, but gained 0.4% in local currency terms in July. Following the rather large decline in the Turkish equities, the MOEX Index was also down, 3.5%, in July; while the Athens’ benchmark declined 3.3% and the Romanian BET Index fell 3.2%. Following its gain last month, the PX Index declined by 2.4%, followed by the Hungarian BUX Index, -0.4%. The only benchmark with a positive return in ...

Research Team

WOOD Daily: KMB MS; CEE Real Estate; PZU PW; MYTIL GA; OPAP GA; CAR PW; CIE PW; TENERGY GA; PL Utilities

HEADLINES: • Komercijalna Banka: a sizeable growth story in the Balkans (BUY - initiation of coverage) • CEE real estate: turning constructive (Atrium, CA Immo, Dom Development, Echo Investment, Etalon, Globalworth, Graphisoft, GTC, Immofinanz, LSR, NEPI Rockcastle, S Immo, Warimpex) • PZU: 2Q20 results - big beat vs.consensus; very strong insurance delivery POSITIVE • PZU: changes in the management board • Mytilineos: 1H20 results - Power and Gas unit leading the way • OPAP: 2Q20 review - EUR 15m net loss, in line with expectations • Inter Cars: 2Q20 results - in line with p...

Research Team

WOOD Morning (5 August June 2020)

HEADLINES: • OMV Petrom: honey, I'm tougher than the rest (upgraded to BUY) • European natural gas monthly: July 2020 NEUTRAL • Bank Pekao: big surprise on the bottom line driven by costs and NII POSITIVE • PKO BP: solid 2Q20 delivery, COR performance is much better than elsewhere in the sector NEUTRAL • Atrium 2Q20: encouraging turnovers in June at 77% vs. last year; 3% revaluation loss booked • Piraeus Bank: solid 2Q20 results across the board POSITIVE • Wizz Air: July passengers down 53%, vs 70% drop at Ryanair in July • BRD-GSG: notes from the conference call • Turke...

Research Team

The Rear-View Mirror – EME markets: Equity returns mixed as rebound forces weaken

EME Equity Market – June 2020 Market performance – in June, Turkish equities performed the best (+7.7%), while Hungary was the weakest (-2.2%). Following its rebound in the past couple of months, the MSCI EM Europe Index declined in June, losing 1.8% in EUR terms and 0.6% in local currency terms. Turkish equities were the best performers, with the ISE30 Index +7.7%, followed by Prague’s PX Index (+3.5%), and the WIG20 (+2.3%). After its good run in May, the Romanian BET lost 0.3% in June, while the Russian MOEX was down 2%. Greek equities declined 2.1%, while the worst-performing index w...

Research Team

WOOD Daily: TL Banks; ATAD LI; ENA PW; TCELL TI; ATRS AV; PL Retail; CDR PW; PL Banks; AFLT RX; 11B PW

HEADLINES: • Turkish banks: let's talk Turkey (Garanti and Yapi Kredi stay BUY, Isbank upgraded to BUY and Akbank upgraded to HOLD) • Tatneft: dividends - to the shareholders • Enea: 1Q20 results in line with preliminaries NEUTRAL • Turkcell: Turkish Wealth Fund takes control POSITIVE • Atrium: issues EUR 200m bonds at 3.7% yield POSITIVE • Polish retail: Netto buys 301 Tesco stores in Poland NEGATIVE • CD Projekt: delays Cyberpunk 2077 release date by nine weeks NEUTRAL • Polish banks: Prime Minister Morawiecki rules out removal of bank tax in Poland NEUTRAL • Aeroflot: ...

Research Team

WOOD Morning (18 June 2020)

HEADLINES: • AmRest: covenants limbo (stays BUY) • Polish banks: retail loans sales pick up in May, but still major drops in annual dynamics NEGATIVE • EME Strategy: MSCI 2020 Global Market Accessibility Review POSITIVE • Atrium: new bond issuance and buyback of existing notes POSITIVE • Czech telecoms: CEZ confirms it is considering entering CZ mobile market NEGATIVE • DIGI Communications: approval from Competition Council to take over AKTA's customer base NEUTRAL • Siauliu Bankas: postpones loan repayments for more than 626 customers NEUTRAL • Short News (FMF)

ATRIUM EUR.RLST.LTD. sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of ATRIUM EUR.RLST.LTD. (AT), a company active in the Real Estate Holding & Development industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date June 5, 2020, the closing price was EUR 2.77 and its potential was estimated at EUR 3.16.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

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