Altarea SCA (ATRRF)
UnterbewertetFundamental
58
Kurs
$76.90
Marktkapitalisierung
$2.07B
Teil 1 · Was das Unternehmen wert ist
Übersicht
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.
Wie das Geld verdient wird
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.
Umsatz nach 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.
Was die Nachfrage antreibt
ZyklischResidential 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.
Die Argumente dafür
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.
Die Argumente dagegen
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. August 2026
Direct competitors
Who this company fights with for the same customers
Generated on 23. August 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.
Bilanz & Liquidität
Umsatz
$2.07B
Letzte 12 Monate bis zum zuletzt gemeldeten Quartal — Schätzung aus Kennzahlen je Aktie
Nettogewinn
$37M
Letzte 12 Monate bis zum zuletzt gemeldeten Quartal — Schätzung aus Kennzahlen je Aktie
Freier Cashflow
$182M
Gesamtes Eigenkapital
$1.60B
Gesamtverbindlichkeiten
$2.71B
Current Ratio
1.06
Zinsdeckungsgrad
-
Schulden/EBITDA
13.95
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$120.50
Aktueller Kurs
$76.90
Sicherheitsmarge
+36.2%
Innerer-Wert-Spanne
$114.48 - $126.53
Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
54.02
ROE
3.5%
P/B-Verhältnis
1.26
P/FCF
11.36
Bruttomarge
25.1%
ROIC
4.5%
Rentabilitäts-Radar
Wertschöpfung (Wettbewerbsvorteil)
ROIC
4.5%
WACC
4.5%
ROIC − WACC
0.0 pp
Der ROIC liegt etwa auf Höhe der Kapitalkosten: Das Unternehmen deckt gerade eben seine Kapitalkosten.
Fundamentalanalyse-Kriterien
Bestanden (9)
- P/FCF 11.36
- P/B Ratio 1.26
- Debt/Equity ratio
- Operating Margin 7.8%
- Positive Free Cash Flow
- Current Ratio
- DCF valuation (Undervalued)
- Earnings Quality (OCF/NI) 33.85
- Net Margin Trend 0.4% vs 0.2%
Nicht bestanden (10)
- Price CAGR -6.83%
- ROIC 4.5%
- Gross Margin 25.1%
- CapEx intensity
- Debt/EBITDA
- Price below Graham Number
- ROE 2.3%
- Revenue Growth 5Y -7.5%
- Analyst Consensus 9% Buy
- Piotroski F-Score 2/9
Nicht verfügbar (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-Score
Ernsthafte finanzielle Bedenken
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Institutionelle Beteiligungen
Für dieses Unternehmen liegen keine institutionellen Meldungen vor.
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| 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 | - |
Prüfungsrisiko
7
Vorstandsrisiko
8
Vergütungsrisiko
7
Aktionärsrechterisiko
9
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Latest News
Recent headlines for ATRRF, sourced from Markets Gazette.