Altarea SCA (ATRRF)
NEUTRALFondamental
44
Prix
$99.10
Capitalisation boursière
$2.44B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
Altarea is a French real-estate group active in three main lines: building and selling new homes to individual buyers and institutional investors, owning and operating shopping centres that it leases to retailers, and developing offices, logistics warehouses and, more recently, data centres. Founded in 1994 around retail real estate, it has since expanded into large-scale urban redevelopment projects that combine housing, retail and offices on the same site.
Comment l'entreprise gagne de l'argent
The residential business recognizes revenue as new-build homes are sold and constructed, so it swings with buyer demand and interest rates — 2025 revenue there fell sharply as the French housing market stayed weak. The shopping-centre business earns steadier rental income from long leases with retailers. A smaller and newer line develops renewable-energy and data-centre projects, including a partnership on large data centres, which does not yet generate meaningful revenue.
Chiffre d'affaires par segment
Developing and selling new homes to individual buyers and institutional investors across France.
Rental income and service fees from owned and operated shopping centres, including large train-station retail sites.
Combines office and logistics development, early-stage renewable-energy and data-centre projects, and unallocated corporate items — a residual the press release does not split out line by line.
Ce qui stimule la demande
CycliqueResidential development revenue tracks buyer demand and mortgage rates closely: it fell about 17% in 2025 as the French new-build housing market stayed weak. The shopping-centre business is comparatively steadier, since it earns fixed rental income under multi-year leases rather than selling units.
Les arguments en faveur
Buyers argue that Altarea's combination of development expertise and a stable shopping-centre rental base lets it keep investing through housing downturns, and that expansion into data centres and renewable energy opens a new growth avenue beyond traditional real estate cycles.
Les arguments contre
Sellers fear that the residential division, still the largest part of revenue, is directly exposed to interest rates and French housing demand that can stay weak for years, and that new ventures in data centres are unproven and not yet contributing meaningful revenue.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 23 août 2026 with claude-opus-5 — shared with all users
France's largest integrated residential developer, competing with Altarea's Cogedim for the same land plots, the same new-build homebuyers and the same institutional block sales across French cities.
The second-largest French housing developer, bidding for the same municipal urban-regeneration projects and mixed-use schemes that Altarea targets in the main metropolitan areas.
A French developer with the same mix of apartments and commercial property, selling to the same first-time buyers, investors and corporate tenants in the same regional markets.
The property arm of the Vinci group, competing head-on with Altarea on large French residential, office and managed-residence developments.
A shopping-centre landlord competing with Altarea Commerce for the same retail tenants and the same shopper catchment areas in France.
Bilan & Liquidités
Chiffre d'affaires
$2.20B
12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action
Résultat net
$9M
12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action
Flux de trésorerie libre
$182M
Capitaux propres totaux
$1.60B
Passif total
$2.71B
Ratio de liquidité général
1.06
Couverture des intérêts
-
Dette/EBITDA
13.95
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$108.20
Prix actuel
$99.10
Marge de sécurité
+8.4%
Fourchette de juste valeur
$74.41 - $141.98
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
262.51
ROE
3.5%
Ratio P/B
1.40
P/FCF
13.38
Marge brute
24.6%
ROIC
4.5%
Radar de rentabilité
Value Creation (Economic Moat)
ROIC
4.5%
WACC
5.1%
ROIC − WACC
-0.6 pp
ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.
Critères d'analyse fondamentale
Réussi (8)
- P/FCF 13.38
- P/B Ratio 1.40
- Debt/Equity ratio
- Operating Margin 7.3%
- Positive Free Cash Flow
- Current Ratio
- Earnings Quality (OCF/NI) 33.85
- Net Margin Trend 0.4% vs 0.2%
Échoué (11)
- Price CAGR -5.16%
- ROIC 4.5%
- Gross Margin 24.6%
- CapEx intensity
- Debt/EBITDA
- Price below Graham Number
- DCF valuation (Fairly valued)
- ROE 0.5%
- Revenue Growth 5Y -7.5%
- Analyst Consensus 9% Buy
- Piotroski F-Score 2/9
Indisponible (8)
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Earnings Surprise (Finnhub)
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
Score F de Piotroski
Préoccupations financières sérieuses
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Alain Taravella | Founder, Chairman, President, Co-Manager & General Partner | 77 |
| Mr. Edward Rodolphe Paul Arkwright | Group CEO and President of History & Heritage | 51 |
| Mr. Eric Dumas | Chief Financial Officer | 53 |
| Stephane Franck | Director of Operations & Risk Management | - |
| Mr. Philippe Bouvier | Director of Investor Relations - Cogedim | 69 |
| Ms. Séverine Buffard | Marketing Director | - |
| Ms. Karine Marchand | Group Human Resources Director | - |
| Mr. Adrien Blanc | Chairman & President of Altarea Entreprise | 54 |
| Mr. Ludovic Castillo | CEO & Chm. of Mgmt. Board of Altarea Commerce, Chm. of Altarea Data Center and Renewable Energies | - |
| Mr. Frédéric Laloum | Chief Executive Officer of Retail & Leasing | - |
Risque d'audit
7
Risque du conseil
8
Risque de rémunération
7
Risque droits des actionnaires
9
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Latest News
Recent headlines for ATRRF, sourced from Markets Gazette.