Reported Earnings • Mar 08
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: €2.41 loss per share (further deteriorated from €0.91 loss in FY 2024). Revenue: €98.9m (down 69% from FY 2024). Net loss: €138.7m (loss widened 252% from FY 2024). Revenue missed analyst estimates by 38%. Earnings per share (EPS) also missed analyst estimates significantly. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Real Estate industry in Belgium. New Risk • Jan 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Belgian stocks, typically moving 4.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Shareholders have been substantially diluted in the past year (40% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (4.9% average weekly change). Reported Earnings • Sep 10
First half 2025 earnings released: €0.41 loss per share (vs €0.005 profit in 1H 2024) First half 2025 results: €0.41 loss per share (down from €0.005 profit in 1H 2024). Revenue: €53.4m (down 60% from 1H 2024). Net loss: €22.5m (down €22.7m from profit in 1H 2024). Revenue is expected to decline by 2.1% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Belgium are expected to grow by 6.2%. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 61% per year, which means it is performing significantly worse than earnings. New Risk • Aug 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Belgian stocks, typically moving 4.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (40% increase in shares outstanding). Minor Risks High level of debt (226% net debt to equity). Share price has been volatile over the past 3 months (4.9% average weekly change). Major Estimate Revision • May 22
Consensus revenue estimates decrease by 10%, EPS upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from €115.6m to €104.0m. Expected to report profit of -€0.025, versus loss of €0.09 per share previously. Real Estate industry in Belgium expected to see average net income growth of 24% next year. Consensus price target of €4.70 unchanged from last update. Share price was steady at €2.80 over the past week. Board Change • Apr 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Olivier Lambrecht was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. New Risk • Mar 28
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 40% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (40% increase in shares outstanding). Minor Risk High level of debt (226% net debt to equity). Reported Earnings • Mar 04
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: €0.91 loss per share (improved from €10.60 loss in FY 2023). Revenue: €321.3m (up 259% from FY 2023). Net loss: €39.4m (loss narrowed 63% from FY 2023). Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 68%. Revenue is expected to fall by 9.2% p.a. on average during the next 3 years compared to a 20% decline forecast for the Real Estate industry in Belgium. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 1 percentage points per year. New Risk • Mar 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Belgian stocks, typically moving 5.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.2x net interest cover). Minor Risk Share price has been volatile over the past 3 months (5.2% average weekly change). Announcement • Nov 08
Atenor SA to Report Q1, 2025 Results on May 20, 2025 Atenor SA announced that they will report Q1, 2025 results on May 20, 2025 Buy Or Sell Opportunity • Sep 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to €5.16. The fair value is estimated to be €6.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Sep 09
First half 2024 earnings released: EPS: €0.005 (vs €7.99 loss in 1H 2023) First half 2024 results: EPS: €0.005 (up from €7.99 loss in 1H 2023). Revenue: €146.9m (up 373% from 1H 2023). Net income: €226.0k (up €54.0m from 1H 2023). Profit margin: 0.2% (up from net loss in 1H 2023). Revenue is expected to decline by 12% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Belgium are expected to grow by 7.2%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 06
Full year 2023 earnings released: €10.60 loss per share (vs €0.13 loss in FY 2022) Full year 2023 results: €10.60 loss per share (further deteriorated from €0.13 loss in FY 2022). Revenue: €106.5m (up 160% from FY 2022). Net loss: €107.1m (loss widened €106.3m from FY 2022). Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Real Estate industry in Belgium. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Announcement • Feb 06
Atenor SA to Report Fiscal Year 2023 Results on Mar 01, 2024 Atenor SA announced that they will report fiscal year 2023 results on Mar 01, 2024 New Risk • Jan 25
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 5x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.004x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Announcement • Oct 27
Atenor SA to Report Fiscal Year 2023 Results on Mar 21, 2024 Atenor SA announced that they will report fiscal year 2023 results on Mar 21, 2024 Buying Opportunity • Oct 03
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 65%. The fair value is estimated to be €12.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 37% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 99% in a year. Earnings is forecast to grow by 82% in the next year. Announcement • Sep 15
An unknown buyer acquired RoseVille from Atenor SA (ENXTBR:ATEB). An unknown buyer acquired RoseVille from Atenor SA (ENXTBR:ATEB) on September 13, 2023.An unknown buyer completed the acquisition of RoseVille from Atenor SA (ENXTBR:ATEB) on September 13, 2023. Reported Earnings • Aug 20
First half 2023 earnings released: €7.99 loss per share (vs €1.34 profit in 1H 2022) First half 2023 results: €7.99 loss per share (down from €1.34 profit in 1H 2022). Revenue: €31.0m (up 156% from 1H 2022). Net loss: €53.8m (down €62.8m from profit in 1H 2022). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Real Estate industry in Belgium. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Buying Opportunity • Aug 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 34%. The fair value is estimated to be €32.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Meanwhile, the company became loss making. New Risk • Jul 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.07x net interest cover). Share price has been highly volatile over the past 3 months (8.3% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Shareholders have been diluted in the past year (5.7% increase in shares outstanding). Price Target Changed • May 29
Price target decreased by 18% to €53.50 Down from €65.40, the current price target is an average from 2 analysts. New target price is 97% above last closing price of €27.20. Stock is down 51% over the past year. The company is forecast to post earnings per share of €9.84 next year compared to a net loss per share of €0.13 last year. Announcement • May 19
Atenor SA, Annual General Meeting, Apr 26, 2024 Atenor SA, Annual General Meeting, Apr 26, 2024. Reported Earnings • Mar 12
Full year 2022 earnings released: €0.13 loss per share (vs €5.66 profit in FY 2021) Full year 2022 results: €0.13 loss per share (down from €5.66 profit in FY 2021). Revenue: €62.3m (down 64% from FY 2021). Net loss: €843.0k (down 102% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 2 highly experienced directors. Independent Director Christian Delaire was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Oct 17
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 2 highly experienced directors. Independent Director Christian Delaire was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Sep 04
First half 2022 earnings released: EPS: €1.34 (vs €4.40 in 1H 2021) First half 2022 results: EPS: €1.34 (down from €4.40 in 1H 2021). Revenue: €30.9m (down 77% from 1H 2021). Net income: €9.00m (down 70% from 1H 2021). Profit margin: 29% (up from 22% in 1H 2021). Over the next year, revenue is forecast to grow 222% compared to a 7.9% decline forecast for the Real Estate industry in Belgium. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Sep 03
Atenor SA, Annual General Meeting, Apr 28, 2023 Atenor SA, Annual General Meeting, Apr 28, 2023. Upcoming Dividend • Apr 19
Upcoming dividend of €1.78 per share Eligible shareholders must have bought the stock before 26 April 2022. Payment date: 28 April 2022. Payout ratio is a comfortable 45% but the company is not cash flow positive. Trailing yield: 4.2%. Lower than top quartile of Belgian dividend payers (5.4%). Higher than average of industry peers (2.7%). Reported Earnings • Mar 14
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: €5.66 (up from €4.00 in FY 2020). Revenue: €197.3m (up 50% from FY 2020). Net income: €38.1m (up 58% from FY 2020). Profit margin: 19% (up from 18% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 36%. Earnings per share (EPS) also missed analyst estimates by 24%. Over the next year, revenue is forecast to grow 24% compared to a 2.8% decline forecast for the industry in Belgium. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Sep 10
First half 2021 earnings released: EPS €4.40 (vs €3.69 in 1H 2020) The company reported a solid first half result with improved earnings and revenues, although profit margins were weaker. First half 2021 results: Revenue: €132.7m (up 144% from 1H 2020). Net income: €29.6m (up 51% from 1H 2020). Profit margin: 22% (down from 36% in 1H 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 8% per year. Upcoming Dividend • Apr 19
Upcoming dividend of €1.69 per share Eligible shareholders must have bought the stock before 26 April 2021. Payment date: 28 April 2021. Trailing yield: 3.9%. Lower than top quartile of Belgian dividend payers (4.7%). Higher than average of industry peers (2.9%). Reported Earnings • Mar 10
Full year 2020 earnings released: EPS €4.00 (vs €7.08 in FY 2019) The company reported a mediocre full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: €180.5m (up 68% from FY 2019). Net income: €24.1m (down 36% from FY 2019). Profit margin: 13% (down from 35% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Mar 10
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 8.7%. Earnings per share (EPS) missed analyst estimates by 35%. Over the next year, revenue is forecast to grow 7.9% compared to a 13% decline forecast for the Real Estate industry in Belgium. Is New 90 Day High Low • Feb 24
New 90-day low: €54.80 The company is down 4.0% from its price of €57.00 on 25 November 2020. The Belgian market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €26.32 per share. Announcement • Dec 30
Atenor SA (ENXTBR:ATEB) completed the acquisition of 50% stake in TBMB. Atenor SA (ENXTBR:ATEB) entered into an agreement to acquire 50% stake in TBMB on July 2, 2020. The transaction is subject to conditions and subject to the positive completion of due diligence.
Atenor SA (ENXTBR:ATEB) completed the acquisition of 50% stake in TBMB on December 28, 2020. Is New 90 Day High Low • Oct 21
New 90-day low: €56.60 The company is down 2.0% from its price of €57.80 on 23 July 2020. The Belgian market is also down 2.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Real Estate industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €22.61 per share.