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1. Company Snapshot

1.a. Company Description

Atenor SA, a real estate development company, invests in large-scale real estate projects in Belgium, Luxembourg, the Netherlands, France, Germany, Portugal, Poland, Hungary, and Romania.It develops real estate projects, such as offices and residential buildings.The company was founded in 1910 and is headquartered in La Hulpe, Belgium.

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1.b. Last Insights on ATEB

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1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.18%)

6. Segments

Sale of Apartments, Office Buildings and Leases

Expected Growth: 7.38%

Atenor SA's 7.38% growth is driven by increasing demand for apartments and office spaces, fueled by urbanization and economic growth. Strong leasing activity, strategic acquisitions, and successful project developments also contribute to this growth. Additionally, the company's focus on sustainable and high-quality properties, as well as its diversified portfolio, have attracted investors and tenants, further boosting sales and leases.

Investment Property Rental Income

Expected Growth: 4.83%

Atenor SA's 4.83% growth in Investment Property Rental Income is driven by increasing demand for office spaces in prime locations, strategic acquisitions, and proactive asset management. Additionally, the company's focus on sustainability and energy-efficient buildings attracts environmentally conscious tenants, leading to higher occupancy rates and rental yields.

7. Detailed Products

Office Buildings

Atenor SA develops and invests in high-quality office buildings, providing modern and sustainable workspaces for businesses and organizations.

Residential Properties

Atenor SA develops and invests in residential properties, offering high-quality apartments and houses for individuals and families.

Mixed-Use Developments

Atenor SA develops and invests in mixed-use projects, combining office, residential, and retail spaces to create vibrant and dynamic communities.

Logistics and Industrial Properties

Atenor SA develops and invests in logistics and industrial properties, providing modern and efficient spaces for businesses and organizations.

Urban Regeneration Projects

Atenor SA develops and invests in urban regeneration projects, transforming underutilized areas into vibrant and sustainable communities.

8. Atenor SA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Atenor SA is moderate due to the presence of alternative real estate developers and investors in the market.

Bargaining Power Of Customers

The bargaining power of customers is low for Atenor SA as the company has a strong brand reputation and a diverse portfolio of properties.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate for Atenor SA as the company relies on a network of contractors and suppliers for its development projects.

Threat Of New Entrants

The threat of new entrants is high for Atenor SA as the real estate development industry is attractive and has low barriers to entry.

Intensity Of Rivalry

The intensity of rivalry is high for Atenor SA as the company operates in a competitive market with many established players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 71.20%
Debt Cost 3.95%
Equity Weight 28.80%
Equity Cost 7.36%
WACC 4.93%
Leverage 247.19%

11. Quality Control: Atenor SA passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Immobel

A-Score: 5.6/10

Value: 9.2

Growth: 4.2

Quality: 4.4

Yield: 4.4

Momentum: 8.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Harworth

A-Score: 5.4/10

Value: 8.2

Growth: 6.8

Quality: 6.1

Yield: 1.2

Momentum: 3.0

Volatility: 7.0

1-Year Total Return ->

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Stock-Card
Altareit

A-Score: 5.1/10

Value: 6.8

Growth: 3.8

Quality: 1.7

Yield: 0.0

Momentum: 8.5

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
John Mattson Fastighetsföretagen

A-Score: 4.2/10

Value: 4.0

Growth: 5.1

Quality: 6.0

Yield: 0.0

Momentum: 3.0

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
Atenor

A-Score: 3.5/10

Value: 9.6

Growth: 2.9

Quality: 2.6

Yield: 1.9

Momentum: 0.5

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
WCM Beteiligungs

A-Score: 3.2/10

Value: 1.8

Growth: 1.7

Quality: 7.2

Yield: 1.2

Momentum: 3.0

Volatility: 4.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.65$

Current Price

2.65$

Potential

-0.00%

Expected Cash-Flows