Atenor - There is light at the end of the tunnel
We adjust our estimates, incorporating the latest partnerships (Wellbe & Square 42), the project sale (Liv de Molens), and the take-up of the optional dividend. We also account for the weight of the EUR 62m capital increase in Q3 on the current share price.Overall, Atenor has been able to mitigate the liquidity risk from the last months in a swift manner. Nonetheless, the pre-announced sales of assets and capital increase remain clear triggers to turn around the story.We reiterate our ‘Hold' rating but decrease our TP to EUR 36.0 (from EUR 45.0) to reflect the additional weight of the capitalAtenor 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.
We are an investment house with Belgian roots founded on more than 150 years of trust.
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