Atenor New target price set at EUR 6.8 after capital increase
Atenor raised more cash in its latest rights issue than estimated. The rights issue converted 100% for EUR 160.9m and a top-up issue raised another 20.7m. The total amount of 181.6m will significantly shore up the balance sheet. We estimate that the debt% will decline from 71.7% to 62.8%. We expect Atenor to become profitable over FY24 after it already wrote down 3 large projects. After the rights issue, the free float declined to 29.3% from 48.6%. The 3D group became the largest shareholder with 30.1% from 13.9%. Also 2 new shareholders with 4.6% entered in the share capital. We appreciate the transparent process that led the group into a stronger financial position. The management can now focus again on monetizing the pipeline. The recent decline in interest rates also relieves pressure on the future debt refinancing needs. We put a EUR 6.8 target and rate Accumulate.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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