Atea — Q4 delivers in challenging markets

Atea’s solid Q424 results illustrate how management continues to navigate challenging markets successfully. Atea’s prospects look more positive for 2025, with IT infrastructure trends remaining strong. Demand seems to have stabilised and changes in the customer mix during 2024 should make current-year margin comparables easier. Consensus forecasts suggest the shares trade at a discount to peers, yet a strongly cash-generative Q424 leaves Atea with a strong balance sheet, supporting an attractive dividend yield by sector standards.