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Altarea

CR 		Bloomberg   ALTA FP
Immobilier de commerce  /  France  Web Site   |   Investors Relation
Reprise progressive à partir de 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
08/01/26OpinionVente vs Alléger
07/11/25 RésultatsRésilience confirmée, mais pas encore d...
29/07/25 RésultatsAdequate positioning in a still uncertain ...
05/05/25 Initiation cov.Gradual recovery starting in 2025?
Synthèse
Prochaine publication : 24/02/2026
Objectif
Potentiel -18,2 %
Cours (€) 117,8
Objectif de cours (€) 96,4
Capi (M€) 2 804
Perf. 1S: 4,06 %
Perf. 1M: 8,07 %
Perf. 3M: 19,6 %
Perf Ytd: 7,48 %
Perf. relative/stoxx600 10j: 3,43 %
Perf. relative/stoxx600 20j: 5,39 %
Key Indicators