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Atenor Valuation Multiples

Discover revenue and EBITDA valuation multiples for Atenor and similar public comparables like New Amsterdam Invest, Aldar Properties, and Royal Heijmans.

Atenor Overview

About Atenor

Atenor SA is a Belgium based real estate development company engaged in the business activity of developing real estate projects. Its project portfolio comprises offices, mixed and residential complexes. The company's projects include Up-Site, Hermes Business Campus, Vaci Greens, Victor, Trebel, and South City hotel. The group operates in Belgium, the Grand Duchy of Luxembourg, Hungary, and Romania.


Founded

1997

HQ

Belgium
Employees

28

Website

atenor.be

Financials

LTM Revenue $263M

LTM EBITDA $40.7M

EV

$898M

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Atenor Financials

Atenor has a last 12-month revenue of $263M and a last 12-month EBITDA of $40.7M.

In the most recent fiscal year, Atenor achieved revenue of $358M and an EBITDA of $71.7M.

Atenor expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Atenor P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $96.1M $358M XXX XXX XXX
Gross Profit $7.1M $3.4M XXX XXX XXX
Gross Margin 7% 1% XXX XXX XXX
EBITDA -$74.1M $71.7M XXX XXX XXX
EBITDA Margin -77% 20% XXX XXX XXX
Net Profit -$0.9M -$115M XXX XXX XXX
Net Margin -1% -32% XXX XXX XXX
Net Debt $926M $861M XXX XXX XXX

Financial data powered by Morningstar, Inc.

Atenor Stock Performance

As of April 15, 2025, Atenor's stock price is EUR 3 (or $3).

Atenor has current market cap of EUR 172M (or $185M), and EV of EUR 836M (or $898M).

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Atenor Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$898M $185M XXX XXX XXX XXX $-0.00

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Atenor Valuation Multiples

As of April 15, 2025, Atenor has market cap of $185M and EV of $898M.

Atenor's trades at 3.4x LTM EV/Revenue multiple, and 22.1x LTM EBITDA.

Analysts estimate Atenor's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Atenor Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $898M XXX XXX XXX
EV/Revenue 2.5x XXX XXX XXX
EV/EBITDA 12.5x XXX XXX XXX
P/E -4.4x XXX XXX XXX
P/E/Growth n/a XXX XXX XXX
EV/FCF 5.2x XXX XXX XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Atenor Valuation Multiples

Atenor's NTM/LTM revenue growth is -25%

Atenor's revenue per employee for the last fiscal year averaged $12.8M, while opex per employee averaged $0.2M for the same period.

Over next 12 months, Atenor's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Atenor's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Atenor Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 272% XXX XXX XXX XXX
EBITDA Margin 20% XXX XXX XXX XXX
EBITDA Growth -197% XXX XXX XXX XXX
Rule of 40 (SaaS-only) -5% XXX XXX XXX XXX
Revenue per Employee $12.8M XXX XXX XXX XXX
Opex per Employee $0.2M XXX XXX XXX XXX
S&M Expenses to Revenue n/a XXX XXX XXX XXX
G&A Expenses to Revenue n/a XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 2% XXX XXX XXX XXX

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Atenor Public Comps

See public comps and valuation multiples for Real Estate Development and Construction & Engineering comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Aldar Properties XXX XXX XXX XXX XXX XXX
CTP XXX XXX XXX XXX XXX XXX
Royal Heijmans XXX XXX XXX XXX XXX XXX
New Amsterdam Invest XXX XXX XXX XXX XXX XXX
DigiCo REIT XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

Valuation data powered by FactSet, Inc.

Atenor M&A and Investment Activity

Atenor acquired  XXX companies to date.

Last acquisition by Atenor was  XXXXXXXX, XXXXX XXXXX XXXXXX . Atenor acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Atenor

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Atenor

When was Atenor founded? Atenor was founded in 1997.
Where is Atenor headquartered? Atenor is headquartered in Belgium.
How many employees does Atenor have? As of today, Atenor has 28 employees.
Is Atenor publicy listed? Yes, Atenor is a public company listed on BRU.
What is the stock symbol of Atenor? Atenor trades under ATEB ticker.
When did Atenor go public? Atenor went public in 1994.
Who are competitors of Atenor? Similar companies to Atenor include e.g. Aldar Properties, CTP, Royal Heijmans, New Amsterdam Invest.
What is the current market cap of Atenor? Atenor's current market cap is $185M
What is the current revenue of Atenor? Atenor's last 12-month revenue is $263M.
What is the current EBITDA of Atenor? Atenor's last 12-month EBITDA is $40.7M.
What is the current EV/Revenue multiple of Atenor? Current revenue multiple of Atenor is 3.4x.
What is the current EV/EBITDA multiple of Atenor? Current EBITDA multiple of Atenor is 22.1x.
What is the current revenue growth of Atenor? Atenor revenue growth between 2023 and 2024 was 272%.
Is Atenor profitable? Yes, Atenor is EBITDA-positive (as of the last 12 months).

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