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Atenor Valuation Multiples

Discover revenue and EBITDA valuation multiples for Atenor and similar public comparables like DigiCo REIT, New Amsterdam Invest, 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 $311M

LTM EBITDA $48.4M

EV

$939M

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Atenor Financials

Atenor has a last 12-month revenue (LTM) of $311M and a last 12-month EBITDA of $48.4M.

In the most recent fiscal year, Atenor achieved revenue of $374M and an EBITDA of $49.1M.

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

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Atenor P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $311M XXX $374M XXX XXX XXX
Gross Profit $31.2M XXX $38.8M XXX XXX XXX
Gross Margin 10% XXX 10% XXX XXX XXX
EBITDA $48.4M XXX $49.1M XXX XXX XXX
EBITDA Margin 16% XXX 13% XXX XXX XXX
EBIT $0.2M XXX $32.6M XXX XXX XXX
EBIT Margin 0% XXX 9% XXX XXX XXX
Net Profit -$28.1M XXX -$44.3M XXX XXX XXX
Net Margin -9% XXX -12% XXX XXX XXX
Net Debt XXX XXX $739M XXX XXX XXX

Financial data powered by Morningstar, Inc.

Atenor Stock Performance

As of May 30, 2025, Atenor's stock price is EUR 3 (or $3).

Atenor has current market cap of EUR 171M (or $192M), and EV of EUR 836M (or $939M).

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Atenor Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$939M $192M XXX XXX XXX XXX $-0.28

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Atenor Valuation Multiples

As of May 30, 2025, Atenor has market cap of $192M and EV of $939M.

Atenor's trades at 2.5x EV/Revenue multiple, and 19.1x EV/EBITDA.

Equity research analysts estimate Atenor's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

Atenor has a P/E ratio of -6.8x.

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Atenor Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $192M XXX $192M XXX XXX XXX
EV (current) $939M XXX $939M XXX XXX XXX
EV/Revenue 3.0x XXX 2.5x XXX XXX XXX
EV/EBITDA 19.4x XXX 19.1x XXX XXX XXX
EV/EBIT 5047.0x XXX 28.8x XXX XXX XXX
EV/Gross Profit 30.1x XXX n/a XXX XXX XXX
P/E -6.8x XXX -4.3x XXX XXX XXX
EV/FCF 6.6x XXX 5.2x XXX XXX XXX

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Atenor Margins & Growth Rates

Atenor's last 12 month revenue growth is -33%

Atenor's revenue per employee in the last FY averaged $13.4M, while opex per employee averaged $0.2M for the same period.

Atenor's rule of 40 is -110% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Atenor's rule of X is -67% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Atenor Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth -33% XXX -24% XXX XXX XXX
EBITDA Margin 16% XXX 13% XXX XXX XXX
EBITDA Growth 24% XXX n/a XXX XXX XXX
Rule of 40 -110% XXX -20% XXX XXX XXX
Bessemer Rule of X XXX XXX -67% XXX XXX XXX
Revenue per Employee XXX XXX $13.4M XXX XXX XXX
Opex per Employee XXX XXX $0.2M XXX XXX XXX
S&M Expenses to Revenue XXX XXX n/a XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX n/a XXX XXX XXX
Opex to Revenue XXX XXX 2% 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

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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 $192M
What is the current revenue of Atenor? Atenor's last 12 months revenue is $311M.
What is the current revenue growth of Atenor? Atenor revenue growth (NTM/LTM) is -33%.
What is the current EV/Revenue multiple of Atenor? Current revenue multiple of Atenor is 3.0x.
Is Atenor profitable? Yes, Atenor is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Atenor? Atenor's last 12 months EBITDA is $48.4M.
What is Atenor's EBITDA margin? Atenor's last 12 months EBITDA margin is 16%.
What is the current EV/EBITDA multiple of Atenor? Current EBITDA multiple of Atenor is 19.4x.
What is the current FCF of Atenor? Atenor's last 12 months FCF is $142M.
What is Atenor's FCF margin? Atenor's last 12 months FCF margin is 46%.
What is the current EV/FCF multiple of Atenor? Current FCF multiple of Atenor is 6.6x.

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