AlphaValue Corporate Services
SOCIETES SUIVIES A PROPOS CONTACT EN
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
29/08/25OpinionAlléger vs Vente
29/07/25 RésultatsAdequate positioning in a still uncertain ...
05/05/25 Initiation cov.Gradual recovery starting in 2025?
Synthèse
Objectif
Potentiel -5,24 %
Cours (€) 101,4
Objectif de cours (€) 96,1
Capi (M€) 2 315
Perf. 1S: -7,31 %
Perf. 1M: -3,98 %
Perf. 3M: 5,30 %
Perf Ytd: 12,9 %
Perf. relative/stoxx600 10j: -6,53 %
Perf. relative/stoxx600 20j: -5,92 %
Key Indicators