Altarea SCA (ATRRF)
NEUTRALファンダメンタル
44
株価
$99.10
時価総額
$2.44B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
セグメント別売上高
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.
需要を左右する要因
景気循環型Residential 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.
強気材料
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.
弱気材料
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 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年8月23日 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.
貸借対照表と流動性
売上高
$2.20B
直近の公表四半期までの12か月 — 1株当たり指標からの推計
純利益
$9M
直近の公表四半期までの12か月 — 1株当たり指標からの推計
フリーキャッシュフロー
$182M
自己資本合計
$1.60B
負債合計
$2.71B
流動比率
1.06
利払い倍率
-
負債/EBITDA
13.95
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$108.20
現在株価
$99.10
安全マージン
+8.4%
適正価値レンジ
$74.41 - $141.98
推定方法
バリュエーション指標
P/E レシオ
262.51
ROE
3.5%
P/B レシオ
1.40
P/FCF
13.38
粗利益率
24.6%
ROIC
4.5%
収益性レーダー
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.
ファンダメンタル分析基準
合格（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%
不合格（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
データなし（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)
Piotroski F-スコア
重大な財務上の懸念
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| 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 | - |
監査リスク
7
取締役会リスク
8
報酬リスク
7
株主権利リスク
9
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for ATRRF, sourced from Markets Gazette.