Financials ATENOR

Equities

Market Closed - Euronext Bruxelles Other stock markets 11:35:10 2024-06-11 am EDT			5-day change	1st Jan Change
5.9 ^EUR	-1.67%		-2.16%	-20.70%

Mar. 08	Belgium's Atenor Recruits New CFO	MT
Mar. 01	Atenor SA Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	383.9	383.3	382	325.5	52.91	260.6	-	-
Enterprise Value (EV) ¹	383.9	972.3	1,124	325.5	860	890.1	911.5	912.9
P/E ratio	10.2 x	14.3 x	10 x	-372 x	-	27.9 x	2.11 x	8.96 x
Yield	-	4.25%	4.47%	5.52%	-	0.58%	9.42%	3.33%
Capitalization / Revenue	3.58 x	2.9 x	2.19 x	7.94 x	-	1.68 x	1.69 x	1.39 x
EV / Revenue	3.58 x	7.37 x	6.46 x	7.94 x	-	5.75 x	5.92 x	4.86 x
EV / EBITDA	-	23.8 x	17.3 x	-	-	18.3 x	18.3 x	13.4 x
EV / FCF	-	-9.19 x	-5.2 x	-	-	4.15 x	91.1 x	29.8 x
FCF Yield	-	-10.9%	-19.2%	-	-	24.1%	1.1%	3.35%
Price to Book	-	1.33 x	1.28 x	1.2 x	-	0.25 x	0.22 x	-
Nbr of stocks (in thousands)	5,318	6,725	6,725	6,725	7,112	43,426	-	-
Reference price ²	72.20	57.00	56.80	48.40	7.440	6.000	6.000	6.000
Announcement Date	3/9/20	3/8/21	3/10/22	3/10/23	3/2/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	107.2	132	174.1	41.01	-	154.9	154.1	188
EBITDA ¹	-	40.8	64.95	-	-	48.6	49.8	68.3
EBIT ¹	-	40.18	64.16	19.46	-	36.11	53.55	67.6
Operating Margin	-	30.44%	36.85%	47.46%	-	23.31%	34.75%	35.96%
Earnings before Tax (EBT) ¹	-	29.11	49.78	0.278	-	7.81	26.42	36.6
Net income ¹	-	24.13	38.07	-0.843	-107.1	10.8	22.24	29.4
Net margin	-	18.28%	21.86%	-2.06%	-	6.97%	14.43%	15.64%
EPS ²	7.080	4.000	5.660	-0.1300	-	0.2150	2.840	0.6700
Free Cash Flow ¹	-	-105.8	-216	-	-	214.5	10	30.6
FCF margin	-	-80.16%	-124.08%	-	-	138.48%	6.49%	16.28%
FCF Conversion (EBITDA)	-	-	-	-	-	441.36%	20.08%	44.8%
FCF Conversion (Net income)	-	-	-	-	-	1,986.11%	44.96%	104.08%
Dividend per Share ²	-	2.420	2.540	2.670	-	0.0350	0.5650	0.2000
Announcement Date	3/9/20	3/8/21	3/10/22	3/10/23	3/2/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	589	742	-	807	630	651	652
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	14.44 x	11.43 x	-	-	12.95 x	13.07 x	9.551 x
Free Cash Flow ¹	-	-106	-216	-	-	215	10	30.6
ROE (net income / shareholders' equity)	-	10.9%	13.7%	-0.3%	-	2.05%	7.55%	7.7%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	-	42.90	44.40	40.40	-	24.40	27.10	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	3/9/20	3/8/21	3/10/22	3/10/23	3/2/24	-	-	-

¹EUR in Million²EUR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6 EUR

Average target price

13.4 EUR

Spread / Average Target

+123.33%

	1st Jan change	Capi.
ATENOR	-20.70%	280M
MITSUI FUDOSAN CO., LTD.	+31.22%	27.05B
CHINA RESOURCES LAND LIMITED	+3.04%	26.56B
SUN HUNG KAI PROPERTIES LIMITED	-13.85%	25.79B
DLF LIMITED	+17.84%	25.12B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+10.47%	21.52B
MITSUBISHI ESTATE CO., LTD.	+35.54%	21.35B
EMAAR PROPERTIES	-2.40%	18.22B
MACROTECH DEVELOPERS LIMITED	+44.42%	17.56B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	+3.33%	17.06B