Altarea SCA (ATRRF)
NEUTRAL基本面
44
价格
$98.70
市值
$2.44B
第一部分 · 这家公司值多少
概览
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.
盈利方式
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.
分部营收
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.
需求驱动因素
周期性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.
看多理由
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.
看空理由
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.
资产负债表与流动性
营收
$2.20B
截至最近已公布季度的最近12个月 — 根据每股指标估算
净利润
$9M
截至最近已公布季度的最近12个月 — 根据每股指标估算
自由现金流
$182M
股东权益合计
$1.60B
负债合计
$2.71B
流动比率
1.06
利息覆盖率
-
债务/EBITDA
13.95
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$108.20
当前价格
$98.70
安全边际
+8.8%
公允价值区间
$74.41 - $141.98
估算方法
估值指标
市盈率（P/E）
262.51
ROE
3.5%
市净率（P/B）
1.40
P/FCF
13.38
毛利率
24.6%
ROIC
4.5%
盈利能力雷达图
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.
基本面分析标准
通过（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%
未通过（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
不可用（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-评分
存在严重财务隐患
盈利质量
高质量：盈利有现金流支撑
股权稀释
正在回购股份，对股东友好
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| 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 | - |
审计风险
7
董事会风险
8
薪酬风险
7
股东权利风险
9
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Latest News
Recent headlines for ATRRF, sourced from Markets Gazette.