ENXTBR:ATEB

Stock Analysis Report

Executive Summary

Atenor SA invests in large-scale real estate projects in Belgium and internationally.


Snowflake Analysis

Proven track record average dividend payer.

Share Price & News

How has Atenor's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: ATEB has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-8.6%

ATEB

-3.1%

BE Real Estate

-6.5%

BE Market


1 Year Return

12.3%

ATEB

35.8%

BE Real Estate

2.2%

BE Market

Return vs Industry: ATEB underperformed the Belgian Real Estate industry which returned 35.8% over the past year.

Return vs Market: ATEB exceeded the Belgian Market which returned 2.2% over the past year.


Shareholder returns

ATEBIndustryMarket
7 Day-8.6%-3.1%-6.5%
30 Day-10.3%5.3%-6.0%
90 Day-11.7%7.4%-5.1%
1 Year14.9%12.3%38.8%35.8%4.2%2.2%
3 Year51.9%39.7%32.7%15.2%-9.5%-15.4%
5 Year77.7%53.1%166.4%109.5%-7.7%-18.4%

Price Volatility Vs. Market

How volatile is Atenor's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Atenor undervalued compared to its fair value and its price relative to the market?

10.16x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: ATEB (€67.6) is trading above our estimate of fair value (€25.74)

Significantly Below Fair Value: ATEB is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: ATEB is good value based on its PE Ratio (10.2x) compared to the Real Estate industry average (14.7x).

PE vs Market: ATEB is good value based on its PE Ratio (10.2x) compared to the Belgian market (16.4x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate ATEB's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: ATEB is overvalued based on its PB Ratio (2.3x) compared to the BE Real Estate industry average (1.5x).


Next Steps

Future Growth

How is Atenor forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

-8.7%

Forecasted Real Estate industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Atenor has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has Atenor performed over the past 5 years?

17.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ATEB has a large one-off gain of €37.9M impacting its June 30 2019 financial results.

Growing Profit Margin: ATEB's current net profit margins (41.7%) are higher than last year (9.1%).


Past Earnings Growth Analysis

Earnings Trend: ATEB's earnings have grown by 17.7% per year over the past 5 years.

Accelerating Growth: ATEB's earnings growth over the past year (223.8%) exceeds its 5-year average (17.7% per year).

Earnings vs Industry: ATEB earnings growth over the past year (223.8%) exceeded the Real Estate industry 117.9%.


Return on Equity

High ROE: Whilst ATEB's Return on Equity (22.64%) is high, this metric is skewed due to their high level of debt.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Atenor's financial position?


Financial Position Analysis

Short Term Liabilities: ATEB's short term assets (€674.0M) exceed its short term liabilities (€190.2M).

Long Term Liabilities: ATEB's short term assets (€674.0M) exceed its long term liabilities (€374.4M).


Debt to Equity History and Analysis

Debt Level: ATEB's debt to equity ratio (324%) is considered high.

Reducing Debt: ATEB's debt to equity ratio has increased from 221.5% to 324% over the past 5 years.

Debt Coverage: ATEB's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: ATEB's interest payments on its debt are not well covered by EBIT (1.2x coverage).


Balance Sheet

Inventory Level: ATEB has a high level of physical assets or inventory.

Debt Coverage by Assets: ATEB's debt is covered by short term assets (assets are 1.3x debt).


Next Steps

Dividend

What is Atenor's current dividend yield, its reliability and sustainability?

3.25%

Current Dividend Yield


Dividend Yield vs Market

company3.3%marketbottom25%2.2%markettop25%4.5%industryaverage1.9%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: ATEB's dividend (3.25%) is higher than the bottom 25% of dividend payers in the Belgian market (2.17%).

High Dividend: ATEB's dividend (3.25%) is low compared to the top 25% of dividend payers in the Belgian market (4.51%).


Stability and Growth of Payments

Stable Dividend: ATEB's dividends per share have been stable in the past 10 years.

Growing Dividend: ATEB's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (33.1%), ATEB's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

14.9yrs

Average management tenure


CEO

Stéphan Sonneville 0

14.9yrs

Tenure

0

Mr. Stéphan Sonneville, SA, has been the Chief Executive Officer of Atenor Group (formerly ATENOR SA) since March 2005 and serves as its Managing Director. Mr. Sonneville served as a General Manager of Ate ...


Leadership Team

NamePositionTenureCompensationOwnership
Stéphan Sonneville
CEO, MD & Executive Director14.9yrsno data4.53% 16.3m
Sidney Bens
Chief Financial Officer22.3yrsno datano data
Hans Vandendael
Secretary of the Board3.2yrsno datano data

14.9yrs

Average Tenure

Experienced Management: ATEB's management team is seasoned and experienced (14.9 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Stéphan Sonneville
CEO, MD & Executive Director14.9yrsno data4.53% 16.3m
Frank Donck
Chairman12.8yrs€60.00kno data
Jacquot Schwertzer
Non-Executive Director0yrs€30.00kno data
Philippe Vastapane
Non-Executive Director0yrs€30.00kno data
Christian Delaire
Independent Non-Executive Director1.8yrs€30.00kno data
Nadine Lemaitre
Independent Director0yrs€38.00kno data
Emmanuèle Attout
Independent Non-Executive Director4.8yrs€38.00kno data
Michèle Grégoire
Independent Director4.8yrs€30.00kno data

4.8yrs

Average Tenure

54yo

Average Age

Experienced Board: ATEB's board of directors are considered experienced (4.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Atenor SA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Atenor SA
  • Ticker: ATEB
  • Exchange: ENXTBR
  • Founded: 1910
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Market Cap: €359.473m
  • Shares outstanding: 5.32m
  • Website: https://www.atenor.be

Number of Employees


Location

  • Atenor SA
  • Avenue Reine Astrid, 92
  • La Hulpe
  • Walloon Brabant
  • 1310
  • Belgium

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ATEBENXTBR (Euronext Brussels)YesOrdinary SharesBEEURJun 2000
0NG6LSE (London Stock Exchange)YesOrdinary SharesGBEURJun 2000
ATEBBBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJun 2000

Biography

Atenor SA invests in large-scale real estate projects in Belgium and internationally. It develops office and residential buildings. The company was founded in 1910 and is based in La Hulpe, Belgium. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/25 21:19
End of Day Share Price2020/02/25 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.