Atenor: FY20: Favourable perspectives despite obvious headwinds ATEB BB
FY20 Earnings came in a tad lower than expected, but projects seem to evolve favourably. We expect earnings to recover in the years to come and reiterate our € 70 PT. Given the lack of ST catalysts, we rate Hold.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.
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