OTCPK:ATRB.F

Stock Analysis Report

Atrium European Real Estate

Executive Summary

Atrium European Real Estate Limited, together with its subsidiaries, owns, manages, and operates commercial real estate properties in the retail sector in Poland, the Czech Republic, Slovakia, Russia, Hungary, Romania, and Turkey.


Snowflake Analysis

Second-rate dividend payer and slightly overvalued.


Similar Companies

Share Price & News

How has Atrium European Real Estate's share price performed over time and what events caused price changes?


Latest Share Price and Events

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


Market Performance


7 Day Return

0%

ATRB.F

-1.6%

US Real Estate

-1.1%

US Market


1 Year Return

n/a

ATRB.F

6.5%

US Real Estate

17.9%

US Market

Return vs Industry: Insufficient data to determine how ATRB.F performed against the US Real Estate industry.

Return vs Market: Insufficient data to determine how ATRB.F performed against the US Market.


Shareholder returns

ATRB.FIndustryMarket
7 Day0%-1.6%-1.1%
30 Day0%1.5%1.4%
90 Dayn/a7.4%6.9%
1 Yearn/a7.4%6.5%20.3%17.9%
3 Year-6.3%-6.3%27.7%24.6%47.8%38.3%
5 Year-20.1%-20.1%15.0%11.2%71.9%53.0%

Price Volatility Vs. Market

How volatile is Atrium European Real Estate's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Atrium European Real Estate undervalued compared to its fair value and its price relative to the market?

18.96x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: ATRB.F ($3.9) is trading above our estimate of fair value ($3.21)

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


Price To Earnings Ratio

PE vs Industry: ATRB.F is good value based on its PE Ratio (19x) compared to the Real Estate industry average (22.8x).

PE vs Market: ATRB.F is poor value based on its PE Ratio (19x) compared to the US market (18.2x).


Price to Earnings Growth Ratio

PEG Ratio: ATRB.F is poor value based on its PEG Ratio (2.1x)


Price to Book Ratio

PB vs Industry: ATRB.F is good value based on its PB Ratio (0.7x) compared to the US Real Estate industry average (1.4x).


Next Steps

Future Growth

How is Atrium European Real Estate forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

9.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ATRB.F's forecast earnings growth (9% per year) is above the savings rate (1.7%).

Earnings vs Market: ATRB.F's earnings (9% per year) are forecast to grow slower than the US market (14.1% per year).

High Growth Earnings: ATRB.F's earnings are forecast to grow, but not significantly.

Revenue vs Market: ATRB.F's revenue is expected to decline over the next 3 years (-1.5% per year).

High Growth Revenue: ATRB.F's revenue is forecast to decline over the next 3 years (-1.5% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ATRB.F's Return on Equity is forecast to be low in 3 years time (5.6%).


Next Steps

Past Performance

How has Atrium European Real Estate performed over the past 5 years?

36.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ATRB.F has a large one-off loss of €29.3M impacting its June 30 2019 financial results.

Growing Profit Margin: ATRB.F's current net profit margins (27.3%) are lower than last year (28.9%).


Past Earnings Growth Analysis

Earnings Trend: ATRB.F's earnings have grown significantly by 36.9% per year over the past 5 years.

Accelerating Growth: ATRB.F's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: ATRB.F had negative earnings growth (-9.5%) over the past year, making it difficult to compare to the Real Estate industry average (-31.1%).


Return on Equity

High ROE: ATRB.F's Return on Equity (3.9%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Atrium European Real Estate's financial position?


Financial Position Analysis

Short Term Liabilities: ATRB.F's short term assets (€390.3M) exceed its short term liabilities (€353.5M).

Long Term Liabilities: ATRB.F's short term assets (€390.3M) do not cover its long term liabilities (€1.2B).


Debt to Equity History and Analysis

Debt Level: ATRB.F's debt to equity ratio (73.8%) is considered high.

Reducing Debt: ATRB.F's debt to equity ratio has increased from 30.6% to 73.8% over the past 5 years.

Debt Coverage: ATRB.F's debt is not well covered by operating cash flow (6.2%).

Interest Coverage: ATRB.F's interest payments on its debt are well covered by EBIT (3.8x coverage).


Balance Sheet

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

Debt Coverage by Assets: ATRB.F's debt is not covered by short term assets (assets are 0.3x debt).


Next Steps

Dividend

What is Atrium European Real Estate's current dividend yield, its reliability and sustainability?

7.79%

Current Dividend Yield


Dividend Yield vs Market

company7.8%marketbottom25%1.4%markettop25%3.7%industryaverage2.3%forecastin3Years7.4%

Current dividend yield vs market & industry

Notable Dividend: ATRB.F's dividend (7.79%) is higher than the bottom 25% of dividend payers in the US market (1.45%).

High Dividend: ATRB.F's dividend (7.79%) is in the top 25% of dividend payers in the US market (3.73%)


Stability and Growth of Payments

Stable Dividend: ATRB.F's dividend payments have been volatile in the past 10 years.

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


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (147.8%), ATRB.F's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: ATRB.F's dividends in 3 years are not forecast to be well covered by earnings (98.8% payout ratio).


Next Steps

Management

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

2.7yrs

Average management tenure


CEO

Liad Barzilai (41yo)

3yrs

Tenure

€1,086,000

Compensation

Mr. Liad Barzilai has been Group Chief Executive Officer of Atrium European Real Estate Limited since February 23, 2017. Mr. Barzilai served as Deputy Chief Executive Officer of Atrium European Real Estate ...


CEO Compensation Analysis

Compensation vs Market: Liad's total compensation ($USD1.18M) is below average for companies of similar size in the US market ($USD3.81M).

Compensation vs Earnings: Liad's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Liad Barzilai
Group Chief Executive Officer3yrs€1.09mno data
Ryan Lee
Group Chief Financial Officer4.8yrs€761.00kno data
Scott Dwyer
Group Chief Operating Officer2.3yrs€545.00kno data
Graham Kilbane
Group Chief Development Officer2.3yrs€338.00kno data
Alice Augustova
Chief Financial Officer of Czech Republic and Slovakia0yrsno datano data
Murat Gursey
Chief Operating Officer of Russia0yrsno datano data
Ondrej Jirak
Chief Operating Officer of Czech Republic and Slovakia0yrsno datano data
Tatyana Mironova
Chief Financial Officer of Russia0yrsno datano data
Claudiu Muscalu
Chief Financial Officer of Romania0yrsno datano data
Jolanta Wawrzyszuk
Group Head of Leasing0yrsno datano data

2.7yrs

Average Tenure

52.5yo

Average Age

Experienced Management: ATRB.F's management team is considered experienced (2.7 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Neil Flanzraich
Independent Non-Executive Director2.8yrs€236.00kno data
Chaim Katzman
Chairman of the Board11.5yrs€700.00k0.10% 1.5m
Andrew Wignall
Independent Non-Executive Director11.9yrs€238.00k0.0023% 32.2k
Simon Radford
Independent Non-Executive Director11.9yrs€227.00k0.0053% 75.2k
Michael Errichetti
Independent Non-Executive Director2.8yrs€226.00kno data
Lucy Lilley
Independent Non-Executive Director1.8yrs€196.00kno data

7.2yrs

Average Tenure

62yo

Average Age

Experienced Board: ATRB.F's board of directors are considered experienced (7.2 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

Atrium European Real Estate Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Atrium European Real Estate Limited
  • Ticker: ATRB.F
  • Exchange: OTCPK
  • Founded: 1997
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Market Cap: €1.310b
  • Listing Market Cap: €1.423b
  • Shares outstanding: 378.16m
  • Website: https://www.aere.com

Number of Employees


Location

  • Atrium European Real Estate Limited
  • Channel House
  • 4th Floor
  • St. Helier
  • JE2 4UH
  • Jersey

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ATRB.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDNov 2002
ATRSWBAG (Wiener Boerse AG)YesOrdinary SharesATEURNov 2002
ODDBDB (Deutsche Boerse AG)YesOrdinary SharesDEEURNov 2002
ATRSENXTAM (Euronext Amsterdam)YesOrdinary SharesNLEURNov 2002
0MK2LSE (London Stock Exchange)YesOrdinary SharesGBEURNov 2002
ATRSVBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURNov 2002
ATRSABATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURNov 2002

Biography

Atrium European Real Estate Limited, together with its subsidiaries, owns, manages, and operates commercial real estate properties in the retail sector in Poland, the Czech Republic, Slovakia, Russia, Hungary, Romania, and Turkey. The company operates in two segments, Standing Investment and Development. Its property portfolio includes food- and fashion-anchored shopping centers. The company owns 33 shopping centers and retail properties. It is also involved in redevelopment activities, as well as activities related to land plots. The company was formerly known as Meinl European Land Limited and changed its name to Atrium European Real Estate Limited in May 2008. The company was founded in 1997 and is based in St. Helier, Jersey. Atrium European Real Estate Limited is a subsidiary of Gazit-Globe Ltd. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/23 01:45
End of Day Share Price2020/01/17 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.