Atenor The turnaround that the market does not seem to believe
Atenor guided towards a EUR 150.0m consolidated debt reduction by YE24 vs. YE23. The recent negative share price performance does not reflect this. In this note, we outline the 8 projects that could lead to an EUR 150.0m debt reduction. We also provide a detailed overview of the EUR 403.0m short term (<1y) debt maturities. The bonds that matured in FY24 are now repaid and there are 2 more coming up in FY25 for EUR 65.0m in total. We believe the bond maturities are covered while we still maintain conservative sales estimates in FY25. We updated our forecasting methodology towards a project by project basis and remove any speculative developments (= no buyer, tenant or permit) from our valuation. This is a conservative stance and lowers our target price from EUR 6.80 to EUR 5.90 per share. Given the 36% upside, we repeat our Accumulate recommendation.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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