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Altarea

CR 		Bloomberg   ALTA FP
Immobilier de commerce  /  France  Web Site   |   Investors Relation
La reprise progressive se poursuit en 2026.
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
Synthèse
Objectif
Potentiel -3,62 %
Cours (€) 100,6
Objectif de cours (€) 97,0
Capi (M€) 2 468
Perf. 1S: -1,18 %
Perf. 1M: 3,18 %
Perf. 3M: -3,30 %
Perf Ytd: -0,83 %
Perf. relative/stoxx600 10j: 0,52 %
Perf. relative/stoxx600 20j: 1,82 %
Key Indicators