KBC opts for caution as Atenor 'lacks visibility' post H1 results

Atenor SA

05/09/2022 12:33

** KBC puts Atenor's  ATEO.BR  rating "under review" from
"hold" and removes its 64 euro target price, after the Belgian
real estate firm didn't provide earnings guidance in its H1
release  urn:newsml:reuters.com:*:nS8N2YA0B7
    ** Although the company says the H1 result came in line with
its expectations, the brokerage remains cautious with the "lack
of visibility" as macroeconomic uncertainties persist
    ** Atenor said in a statement on Friday that the uncertainty
lies in the timetable for the realization of the results, which
doesn't affect its portfolio's value and profitability potential
    ** "We hope to get more clarity on the profit potential and
timing of the current pipeline in the near future," KBC says 
    ** KBC adds it does not value a developer on the results of
one or even two years, "as the delivery of certain projects can
distort the results"
    ** Among two analysts covering the stock, one rates it "buy"
and one "hold" - Refinitiv data
    ** Atenor trades 2.3% down at 50 euros per share in midday
trade

 (Reporting by Alizee Degorce)
 ((Alizee.degorce@thomsonreuters.com))