Altarea

Cette analyse a été commandée et financée par l’entreprise concernée et constitue donc un avantage non-monétaire mineur tel que défini par MIFID2

Altarea ^CR	Bloomberg ALTA FP
Immobilier de commerce / France	Web Site \| Investors Relation

Gradual recovery starting in 2025?

Pros

Altarea has swiftly adapted to the French residential development crisis since 2022, maintaining resilience in a now stabilising environment.
The company's largely hedged debt offers time and flexibility to manage the balance sheet and FFO effectively, allowing Altarea to support a potentially gradual recovery in the residential market.
Altarea, with its entrepreneurial management since inception, can capitalise on opportunities across the real estate market, both within and beyond its traditional operations.

Cons

The outlook for Residential Development in 2025 largely depends on long-term interest rate trends. Since 2023, the dividend has surpassed the annual distribution capacity.
Management anticipates FFO to triple from 2023 to 2028. However, due to the continued low activity in Tertiary Development, we believe it is premature to confirm this forecast.
Limited public information hinders forming a precise opinion on the group's share of debt. Altarea operates as a partnership ("commandite") with a free float of just 20%.

Mises à Jour

05/05/25

Initiation cov.

Synthèse

	12/23A	12/24A	12/25E	12/26E	12/27E
PER ajusté (x)	20,3	15,5	16,1	15,6	17,0
Rendement net (%)	7,92	8,75	8,11	5,07	5,07
VE/EBITDA(R) (x)	31,1	18,6	18,2	19,5	18,3
BPA ajusté (€)	4,97	5,91	6,14	6,34	5,80
Croissance des BPA (%)	-63,7	18,8	4,03	3,22	-8,55
Dividende net (€)	8,00	8,00	8,00	5,00	5,00
Chiffre d'affaires (M€)	2 867	2 915	2 982	3 032	3 107
Marge d'EBITDA/R (%)	8,79	9,15	10,2	10,4	9,65
Résultat net pdg (M€)	-473	6,10	70,5	61,8	82,5
ROE (après impôts) (%)	-22,9	0,35	4,17	3,70	5,02
Taux d'endettement (%)	113	121	123	128	136
Next Div. Firm 8,00 € payment 05/07/2025