Professional
Added to YB: 2023-03-30
Pitch date: 2023-03-30
ATEB.BR [bearish]
Atenor SA
+89.71%
current return
Author Info
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Company Info
Atenor SA, a real estate development company, invests in large-scale real estate projects in Belgium, Luxembourg, the Netherlands, France, Germany, Portugal, Poland, Hungary, the United Kingdom, and Romania.
Market Cap
EUR 262.7M
Pitch Price
EUR 24.70
Price Target
N/A
Dividend
N/A
EV/EBITDA
-50.32
P/E
-0.57
EV/Sales
11.97
Sector
Real Estate Management and Development
Category
turnaround
Atenor (short)
ATEB.BR: Atenor SA faces existential risk from rate hikes. Highly levered developer targeting €400/m2 margins on 1.8M m2 by 2026, but asset prices reversing, demand falling, costs rising, delays mounting. 8x debt/EBITDA, 40% due 2023. Needs growth to refi but likely goes kaputt instead.
Read full article (4 min)