Atenor Long-term optimism clouded by short-term uncertainty
At the last Q3 FY22 results, Atenor issued a profit warning for FY22 and indicated that the group would only break even (net result close to €0.0m) due to buyers postponing asset purchases. They choose to “wait and see” what happens in the marketplace. On the other hand, Atenor strengthened its FY23 outlook as the company expects to complete all the postponed FY22 sales while also being confident on closing all asset sales planned for FY23. We believe that Atenor's medium to long-term prospects look promising due to Atenor's highly diversified project portfolio, experienced management, and established position in Europe which helps scout projects. These offer a higher gross margin than Atenor's hurdle rate of €480.0 per sqm. However, over the short term, due to a weaker FY23 economic outlook, the FY22 profit warning, and uncertainty over asset sales during FY23, we remain cautious and re-initiate with a HOLD rating and €57.0 TP.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.