Atenor A zoom on the EUR 150.0m guided debt reduction
We zoom in on the Atenor results of last week. The company guides a minimum of EUR 150m debt reduction by YE24. According to our calculations this is feasible. We even factor in EUR 170m debt reduction in our model, slightly above the guidance. According to our estimates, Atenor has 8 confirmed sales that reduce debt by EUR 230m. The decrease in debts is also driven by the reduced cash out related to the 1.200.000 sqm pipeline. This will be lower compared to previous years as there are no new projects added to the pipeline and certain projects are pushed forward in time. This positive cashflow is partially offset by higher financial costs in our model at 5.2% CoD versus 4.4% in FY23. The office leasing activity was low in 1Q24 across Europe and the transaction market lagging. However, with Atenor locking in these 8 projects, deleverage is certain. We therefore repeat our ACCUMULATE recommendation and EUR 6.80 target price.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.
We are a financial services provider for several types of professional clients, each with distinct needs.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.