View ValuationAltarea 将来の成長Future 基準チェック /46Altarea利益と収益がそれぞれ年間36.1%と7.5%増加すると予測されています。EPS は年間 増加すると予想されています。自己資本利益率は 3 年後に12.9% 39.4%なると予測されています。主要情報36.1%収益成長率39.42%EPS成長率Residential REITs 収益成長36.0%収益成長率7.5%将来の株主資本利益率12.91%アナリストカバレッジLow最終更新日30 Jul 2026今後の成長に関する最新情報Price Target Changed • Sep 19Price target increased by 8.9% to €122Up from €112, the current price target is provided by 1 analyst. New target price is 14% above last closing price of €107. Stock is down 1.5% over the past year. The company is forecast to post earnings per share of €4.32 for next year compared to €0.29 last year.Price Target Changed • May 03Price target increased by 10% to €88.00Up from €80.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €89.70. Stock is down 25% over the past year. The company is forecast to post earnings per share of €3.28 next year compared to a net loss per share of €23.16 last year.Price Target Changed • Feb 29Price target decreased by 8.0% to €80.00Down from €87.00, the current price target is provided by 1 analyst. New target price is 13% above last closing price of €70.50. Stock is down 43% over the past year. The company is forecast to post earnings per share of €6.24 next year compared to a net loss per share of €23.16 last year.Major Estimate Revision • Nov 10Consensus EPS estimates upgraded to €5.95 lossThe consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -€23.75 to -€5.95 per share. Revenue forecast unchanged from €2.90b at last update. Residential REITs industry in France expected to see average net income growth of 76% next year. Consensus price target down from €103 to €80.00. Share price fell 6.9% to €71.00 over the past week.Price Target Changed • May 01Price target decreased by 7.9% to €128Down from €139, the current price target is provided by 1 analyst. New target price is 7.7% above last closing price of €119. Stock is down 17% over the past year. The company is forecast to post a net loss per share of €0.51 compared to earnings per share of €16.21 last year.Price Target Changed • Nov 16Price target decreased to €139Down from €165, the current price target is provided by 1 analyst. New target price is 6.8% above last closing price of €130. Stock is down 28% over the past year. The company is forecast to post earnings per share of €13.63 for next year compared to €11.74 last year.すべての更新を表示Recent updatesReported Earnings • Aug 04First half 2026 earnings released: FFO per share: €3.7 (vs €2.80 in 1H 2025)First half 2026 results: FFO per share: €3.7 (up from €2.80 in 1H 2025). Revenue: €833.8m (down 9.3% from 1H 2025). Funds from operations (FFO): €86.6m (up 39% from 1H 2025). FFO margin: 10% (up from 6.8% in 1H 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, while revenues in the Residential REITs industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.お知らせ • Aug 01Altarea SCA to Report Fiscal Year 2026 Results on Feb 23, 2027Altarea SCA announced that they will report fiscal year 2026 results After-Market on Feb 23, 2027Upcoming Dividend • Jun 03Upcoming dividend of €8.00 per shareEligible shareholders must have bought the stock before 10 June 2026. Payment date: 07 July 2026. Trailing yield: 7.6%. Within top quartile of French dividend payers (5.5%). Higher than average of industry peers (6.8%).Declared Dividend • May 08Dividend of €8.00 announcedDividend of €8.00 is the same as last year. Ex-date: 10th June 2026 Payment date: 7th July 2026 Dividend yield will be 7.3%, which is higher than the industry average of 3.9%.New Risk • Mar 04New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 31% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.2x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 124% Dividend per share is over 7x cash flows per share. Minor Risk Large one-off items impacting financial results.お知らせ • Mar 04Altarea SCA to Report First Half, 2026 Results on Jul 29, 2026Altarea SCA announced that they will report first half, 2026 results on Jul 29, 2026New Risk • Mar 02New major risk - Dividend sustainabilityThe dividend is not well covered by earnings and cash flows. Dividend per share is over 80x earnings per share. The company is paying a dividend despite having no free cash flows. Dividend yield: 6.2% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (5.3% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Dividend per share is over 80x earnings per share. Paying a dividend despite having no free cash flows.Reported Earnings • Feb 28Full year 2025 earnings: EPS and revenues miss analyst expectationsFull year 2025 results: FFO per share: €6.3 (up from €5.97 in FY 2024). Revenue: €2.00b (down 26% from FY 2024). Funds from operations (FFO): €144.9m (up 14% from FY 2024). FFO margin: 7.2% (up from 4.7% in FY 2024). Revenue missed analyst estimates by 7.1%. Earnings per share (EPS) also missed analyst estimates by 91%. Revenue is forecast to grow 7.4% p.a. on average during the next 2 years, while revenues in the Residential REITs industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings.お知らせ • Feb 26Altarea SCA, Annual General Meeting, Jun 04, 2026Altarea SCA, Annual General Meeting, Jun 04, 2026.New Risk • Feb 15New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Dividend is not well covered by earnings (128% payout ratio).Price Target Changed • Sep 19Price target increased by 8.9% to €122Up from €112, the current price target is provided by 1 analyst. New target price is 14% above last closing price of €107. Stock is down 1.5% over the past year. The company is forecast to post earnings per share of €4.32 for next year compared to €0.29 last year.お知らせ • Jul 30Altarea SCA to Report Fiscal Year 2025 Results on Feb 24, 2026Altarea SCA announced that they will report fiscal year 2025 results After-Market on Feb 24, 2026Upcoming Dividend • Jun 04Upcoming dividend of €8.00 per shareEligible shareholders must have bought the stock before 11 June 2025. Payment date: 07 July 2025. Trailing yield: 7.5%. Within top quartile of French dividend payers (5.5%). Higher than average of industry peers (5.4%).お知らせ • May 01Altarea SCA, Annual General Meeting, Jun 05, 2025Altarea SCA, Annual General Meeting, Jun 05, 2025. Location: 87 rue de richelieu, paris FranceDeclared Dividend • Feb 28Dividend of €8.00 announcedShareholders will receive a dividend of €8.00. Ex-date: 11th June 2025 Payment date: 7th July 2025 Dividend yield will be 7.6%, which is higher than the industry average of 3.9%.お知らせ • Feb 27Altarea SCA announces Annual dividend, payable on July 07, 2025Altarea SCA announced Annual dividend of EUR 6.0000 per share payable on July 07, 2025, ex-date on June 11, 2025 and record date on June 12, 2025.Reported Earnings • Feb 27Full year 2024 earnings: Revenues miss analyst expectationsFull year 2024 results: Revenue: €2.71b (up 5.0% from FY 2023). Net income: €6.10m (up €479.0m from FY 2023). Profit margin: 0.2% (up from net loss in FY 2023). The move to profitability was primarily driven by lower expenses. Revenue missed analyst estimates by 3.2%. Revenue is forecast to stay flat during the next 2 years compared to a 6.6% growth forecast for the Residential REITs industry in Europe.New Risk • Feb 26New major risk - Revenue and earnings growthEarnings have declined by 30% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (4.5% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 150% Cash payout ratio: 149% Earnings have declined by 30% per year over the past 5 years. Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end).お知らせ • Feb 26Altarea SCA to Report First Half, 2025 Results on Jul 29, 2025Altarea SCA announced that they will report first half, 2025 results on Jul 29, 2025New Risk • Feb 15New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (4.5% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 150% Cash payout ratio: 149% Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end).お知らせ • Nov 08Altarea SCA to Report Fiscal Year 2024 Results on Feb 25, 2025Altarea SCA announced that they will report fiscal year 2024 results at 5:45 PM, Central European Standard Time on Feb 25, 2025お知らせ • Sep 27SCOR SE (ENXTPA:SCR) reached an agreement to acquire an additional 15.92% stake in MRM (ENXTPA:MRM) from Altarea SCA (ENXTPA:ALTA) for €15.3 million.SCOR SE (ENXTPA:SCR) reached an agreement to acquire an additional 15.92% stake in MRM (ENXTPA:MRM) from Altarea SCA (ENXTPA:ALTA) for €15.3 million on September 26, 2024. Upon completion, SCOR SE will own 72.48% stake in MRM. Simultaneously with the signing of the share purchase agreement, Altarea resigned from its position of member of MRM's board of directors. SCOR to file a simplified public tender offer for the remaining shares held by MRM minority shareholders. If conditions are met, it will be followed by a squeeze-out resulting in a delisting of MRM by the end of 2024.Reported Earnings • Aug 05First half 2024 earnings released: FFO per share: €2.8 (vs €1.07 in 1H 2023)First half 2024 results: FFO per share: €2.8 (up from €1.07 in 1H 2023). Revenue: €1.16b (down 4.2% from 1H 2023). Funds from operations (FFO): €57.9m (up 167% from 1H 2023). FFO margin: 5.0% (up from 1.8% in 1H 2023). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Residential REITs industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance.New Risk • Jun 13New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (204% payout ratio). Share price has been volatile over the past 3 months (6.4% average weekly change). Shareholders have been diluted in the past year (2.2% increase in shares outstanding).Price Target Changed • May 03Price target increased by 10% to €88.00Up from €80.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €89.70. Stock is down 25% over the past year. The company is forecast to post earnings per share of €3.28 next year compared to a net loss per share of €23.16 last year.New Risk • Mar 15New major risk - Revenue and earnings growthEarnings have declined by 18% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Earnings have declined by 18% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (204% payout ratio). Shareholders have been diluted in the past year (2.2% increase in shares outstanding).New Risk • Mar 04New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (123% payout ratio). Shareholders have been diluted in the past year (2.2% increase in shares outstanding).Price Target Changed • Feb 29Price target decreased by 8.0% to €80.00Down from €87.00, the current price target is provided by 1 analyst. New target price is 13% above last closing price of €70.50. Stock is down 43% over the past year. The company is forecast to post earnings per share of €6.24 next year compared to a net loss per share of €23.16 last year.New Risk • Feb 28New major risk - Revenue and earnings growthEarnings have declined by 18% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Earnings have declined by 18% per year over the past 5 years. Minor Risk Dividend is not well covered by earnings (123% payout ratio).Reported Earnings • Feb 28Full year 2023 earnings: EPS and revenues miss analyst expectationsFull year 2023 results: €23.16 loss per share (down from €16.21 profit in FY 2022). Revenue: €2.64b (down 13% from FY 2022). Net loss: €472.9m (down 245% from profit in FY 2022). Revenue missed analyst estimates by 6.3%. Earnings per share (EPS) also missed analyst estimates significantly. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Residential REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings.お知らせ • Feb 28+ 1 more updateAltarea SCA to Report First Half, 2024 Results on Jul 30, 2024Altarea SCA announced that they will report first half, 2024 results on Jul 30, 2024New Risk • Feb 12New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Dividend is not well covered by earnings (0% payout ratio). Profit margins are more than 30% lower than last year (3.9% net profit margin).お知らせ • Nov 25Altarea SCA (ENXTPA:ALTA) acquired Sopregi and Sopregim.Altarea SCA (ENXTPA:ALTA) acquired Sopregi and Sopregim on November 23, 2023.Altarea SCA (ENXTPA:ALTA) completed the acquisition of Sopregi and Sopregim on November 23, 2023.Major Estimate Revision • Nov 10Consensus EPS estimates upgraded to €5.95 lossThe consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -€23.75 to -€5.95 per share. Revenue forecast unchanged from €2.90b at last update. Residential REITs industry in France expected to see average net income growth of 76% next year. Consensus price target down from €103 to €80.00. Share price fell 6.9% to €71.00 over the past week.お知らせ • Nov 08Altarea SCA to Report Fiscal Year 2023 Results on Feb 27, 2024Altarea SCA announced that they will report fiscal year 2023 results at 5:45 PM, Central European Standard Time on Feb 27, 2024New Risk • Nov 08New major risk - Revenue and earnings growthEarnings have declined by 0.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Earnings have declined by 0.9% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (0% payout ratio). Profit margins are more than 30% lower than last year (3.9% net profit margin).Valuation Update With 7 Day Price Move • Aug 03Investor sentiment deteriorates as stock falls 21%After last week's 21% share price decline to €82.80, the stock trades at a trailing P/E ratio of 15.2x. Average forward P/E is 10x in the Residential REITs industry in Europe. Total loss to shareholders of 16% over the past three years.New Risk • Aug 02New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (72% cash payout ratio). Share price has been volatile over the past 3 months (6.2% average weekly change). Profit margins are more than 30% lower than last year (3.9% net profit margin).Reported Earnings • Jul 30First half 2023 earnings released: FFO per share: €1.1 (vs €6.75 in 1H 2022)First half 2023 results: FFO per share: €1.1 (down from €6.75 in 1H 2022). Revenue: €1.22b (down 14% from 1H 2022). Funds from operations (FFO): €21.7m (down 83% from 1H 2022). FFO margin: 1.8% (down from 9.2% in 1H 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Residential REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings.New Risk • Jul 28New major risk - Revenue and earnings growthEarnings have declined by 8.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (6.9% operating cash flow to total debt). Earnings have declined by 8.9% per year over the past 5 years. Minor Risk Dividend is not well covered by cash flows (108% cash payout ratio).Upcoming Dividend • Jun 05Upcoming dividend of €10.00 per share at 8.4% yieldEligible shareholders must have bought the stock before 12 June 2023. Payment date: 04 July 2023. Trailing yield: 8.4%. Within top quartile of French dividend payers (5.2%). Higher than average of industry peers (5.8%).Price Target Changed • May 01Price target decreased by 7.9% to €128Down from €139, the current price target is provided by 1 analyst. New target price is 7.7% above last closing price of €119. Stock is down 17% over the past year. The company is forecast to post a net loss per share of €0.51 compared to earnings per share of €16.21 last year.Buying Opportunity • Mar 10Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 9.4%. The fair value is estimated to be €154, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.7% over the last 3 years. Earnings per share has grown by 51%. Revenue is forecast to grow by 1.9% in 2 years. Earnings is forecast to decline by 24% in the next 2 years.Price Target Changed • Nov 16Price target decreased to €139Down from €165, the current price target is provided by 1 analyst. New target price is 6.8% above last closing price of €130. Stock is down 28% over the past year. The company is forecast to post earnings per share of €13.63 for next year compared to €11.74 last year.Major Estimate Revision • Nov 10Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 revenue forecast fell from €3.23b to €3.12b. EPS estimate rose from €11.52 to €13.63. Net income forecast to shrink 22% next year vs 42% decline forecast for REITs industry in France. Consensus price target of €139 unchanged from last update. Share price was steady at €129 over the past week.お知らせ • Nov 08Altarea SCA to Report Fiscal Year 2022 Results on Feb 28, 2023Altarea SCA announced that they will report fiscal year 2022 results After-Market on Feb 28, 2023Price Target Changed • Oct 30Price target decreased to €139Down from €165, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €136. Stock is down 26% over the past year. The company is forecast to post earnings per share of €11.52 for next year compared to €11.74 last year.Reported Earnings • Aug 02First half 2022 earnings releasedFirst half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €103.5m from profit in 1H 2021). Profit margin: (down from 7.4% in 1H 2021). Over the next year, revenue is forecast to grow 12% compared to a 10% decline forecast for the industry in France.Upcoming Dividend • May 20Upcoming dividend of €9.75 per shareEligible shareholders must have bought the stock before 27 May 2022. Payment date: 31 May 2022. Trailing yield: 6.5%. Within top quartile of French dividend payers (4.9%). Higher than average of industry peers (5.9%).Valuation Update With 7 Day Price Move • Mar 07Investor sentiment deteriorated over the past weekAfter last week's 17% share price decline to €127, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the REITs industry in France. Total loss to shareholders of 15% over the past three years.Major Estimate Revision • Mar 04Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 revenue forecast fell from €3.45b to €3.23b. EPS estimate rose from €7.04 to €11.19. Net income forecast to grow 8.2% next year vs 42% decline forecast for REITs industry in France. Consensus price target down from €208 to €165. Share price fell 14% to €132 over the past week.Price Target Changed • Mar 03Price target decreased to €165Down from €215, the current price target is provided by 1 analyst. New target price is 19% above last closing price of €138. Stock is down 9.4% over the past year. The company is forecast to post earnings per share of €7.04 for next year compared to €11.74 last year.Reported Earnings • Feb 24Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behindFull year 2021 results: EPS: €11.74 (up from €18.26 loss in FY 2020). Revenue: €2.98b (down 2.9% from FY 2020). Net income: €211.6m (up €519.3m from FY 2020). Profit margin: 7.1% (up from net loss in FY 2020). Revenue missed analyst estimates by 9.0%. Earnings per share (EPS) exceeded analyst estimates by 178%. Over the next year, revenue is forecast to grow 16% compared to a 7.0% decline forecast for the reits industry in France. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance.Reported Earnings • Aug 05First half 2021 earnings released: FFO €6.79 per share (vs €6.92 in 1H 2020)The company reported a decent first half result with improved earnings and profit margins, although revenues were flat. First half 2021 results: Revenue: €1.41b (flat on 1H 2020). Funds from operations (FFO): €118.0m (up 3.1% from 1H 2020). FFO margin: 8.4% (up from 8.1% in 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance.Upcoming Dividend • Jun 28Upcoming dividend of €9.50 per shareEligible shareholders must have bought the stock before 05 July 2021. Payment date: 26 July 2021. Trailing yield: 5.3%. Within top quartile of French dividend payers (3.8%). Higher than average of industry peers (4.1%).Price Target Changed • Mar 18Price target increased to €180Up from €160, the current price target is provided by 1 analyst. New target price is 17% above last closing price of €154. Stock is up 48% over the past year.Is New 90 Day High Low • Mar 03New 90-day high: €150The company is up 9.0% from its price of €137 on 03 December 2020. The French market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 1.0% over the same period.分析記事 • Feb 22Here's What Altarea SCA's (EPA:ALTA) Shareholder Ownership Structure Looks LikeA look at the shareholders of Altarea SCA ( EPA:ALTA ) can tell us which group is most powerful. Generally speaking, as...Is New 90 Day High Low • Jan 14New 90-day high: €148The company is up 30% from its price of €114 on 15 October 2020. The French market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 22% over the same period.分析記事 • Dec 30If You Had Bought Altarea's (EPA:ALTA) Shares Three Years Ago You Would Be Down 33%While it may not be enough for some shareholders, we think it is good to see the Altarea SCA ( EPA:ALTA ) share price...Is New 90 Day High Low • Dec 28New 90-day high: €143The company is up 26% from its price of €113 on 29 September 2020. The French market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 24% over the same period.Is New 90 Day High Low • Oct 29New 90-day low: €105The company is down 9.0% from its price of €115 on 30 July 2020. The French market is down 2.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 15% over the same period.Is New 90 Day High Low • Oct 13New 90-day low: €112The company is down 8.0% from its price of €121 on 15 July 2020. The French market is up 1.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 9.0% over the same period.Is New 90 Day High Low • Sep 25New 90-day low: €112The company is down 18% from its price of €136 on 26 June 2020. The French market is down 1.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the REITs industry, which is also down 18% over the same period.業績と収益の成長予測ENXTPA:ALTA - アナリストの将来予測と過去の財務データ ( )EUR Millions日付収益収益フリー・キャッシュフロー営業活動によるキャッシュ平均アナリスト数12/31/20282,427212223345212/31/20272,322274225311212/31/20262,27218825727826/30/20261,92836175284N/A3/31/20261,97122101210N/A12/31/20252,014826135N/A9/30/20252,245-1232303N/A6/30/20252,476-11438471N/A3/31/20252,598-3419452N/A12/31/20242,7216400432N/A9/30/20242,626-211258280N/A6/30/20242,531-428115127N/A3/31/20242,556-451215229N/A12/31/20232,582-473315331N/A9/30/20232,707-181298311N/A6/30/20232,832110281292N/A3/31/20232,931219234245N/A12/31/20223,030327187197N/A9/30/20223,020317226237N/A6/30/20223,009307265278N/A3/31/20223,006259231246N/A12/31/20213,002212197214N/A9/30/20213,03671192214N/A6/30/20213,069-69187213N/A3/31/20213,071-189304329N/A12/31/20203,072-308421445N/A9/30/20203,168-144402418N/A6/30/20203,26419384392N/A3/31/20203,196126N/A365N/A12/31/20193,128234N/A338N/A9/30/20192,874249N/A317N/A6/30/20192,620264N/A296N/A3/31/20192,515258N/A254N/A12/31/20182,410252N/A211N/A9/30/20182,248234N/AN/AN/A6/30/20182,087215N/A260N/A3/31/20182,018269N/A233N/A12/31/20171,948323N/A207N/A9/30/20171,871329N/AN/AN/A6/30/20171,793335N/A61N/A3/31/20171,692250N/A102N/A12/31/20161,591166N/A142N/A9/30/20161,458127N/A112N/A6/30/20161,32588N/A82N/A3/31/20161,263134N/A84N/A12/31/20151,200181N/A86N/Aもっと見るアナリストによる今後の成長予測収入対貯蓄率: ALTAの予測収益成長率 (年間36.1% ) は 貯蓄率 ( 2.5% ) を上回っています。収益対市場: ALTAの収益 ( 36.1% ) はFrench市場 ( 13% ) よりも速いペースで成長すると予測されています。高成長収益: ALTAの収益は今後 3 年間で 大幅に 増加すると予想されています。収益対市場: ALTAの収益 ( 7.5% ) French市場 ( 6% ) よりも速いペースで成長すると予測されています。高い収益成長: ALTAの収益 ( 7.5% ) 20%よりも低い成長が予測されています。一株当たり利益成長率予想将来の株主資本利益率将来のROE: ALTAの 自己資本利益率 は、3年後には低くなると予測されています ( 12.9 %)。成長企業の発掘7D1Y7D1Y7D1YReal-estate 業界の高成長企業。View Past Performance企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/08/05 07:04終値2026/08/05 00:00収益2026/06/30年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレークこのレポートを生成するために使用した分析モデルの詳細は、当社のGitHubページでご覧いただけます。また、レポートの活用方法に関するガイドやYouTubeのチュートリアルも用意しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Altarea SCA 2 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。3 アナリスト機関Florent Laroche-JoubertODDO BHF Corporate & MarketsPatrick JousseaumeSociete Generale Cross Asset ResearchMichel VaraldoSociete Generale Cross Asset Research
Price Target Changed • Sep 19Price target increased by 8.9% to €122Up from €112, the current price target is provided by 1 analyst. New target price is 14% above last closing price of €107. Stock is down 1.5% over the past year. The company is forecast to post earnings per share of €4.32 for next year compared to €0.29 last year.
Price Target Changed • May 03Price target increased by 10% to €88.00Up from €80.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €89.70. Stock is down 25% over the past year. The company is forecast to post earnings per share of €3.28 next year compared to a net loss per share of €23.16 last year.
Price Target Changed • Feb 29Price target decreased by 8.0% to €80.00Down from €87.00, the current price target is provided by 1 analyst. New target price is 13% above last closing price of €70.50. Stock is down 43% over the past year. The company is forecast to post earnings per share of €6.24 next year compared to a net loss per share of €23.16 last year.
Major Estimate Revision • Nov 10Consensus EPS estimates upgraded to €5.95 lossThe consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -€23.75 to -€5.95 per share. Revenue forecast unchanged from €2.90b at last update. Residential REITs industry in France expected to see average net income growth of 76% next year. Consensus price target down from €103 to €80.00. Share price fell 6.9% to €71.00 over the past week.
Price Target Changed • May 01Price target decreased by 7.9% to €128Down from €139, the current price target is provided by 1 analyst. New target price is 7.7% above last closing price of €119. Stock is down 17% over the past year. The company is forecast to post a net loss per share of €0.51 compared to earnings per share of €16.21 last year.
Price Target Changed • Nov 16Price target decreased to €139Down from €165, the current price target is provided by 1 analyst. New target price is 6.8% above last closing price of €130. Stock is down 28% over the past year. The company is forecast to post earnings per share of €13.63 for next year compared to €11.74 last year.
Reported Earnings • Aug 04First half 2026 earnings released: FFO per share: €3.7 (vs €2.80 in 1H 2025)First half 2026 results: FFO per share: €3.7 (up from €2.80 in 1H 2025). Revenue: €833.8m (down 9.3% from 1H 2025). Funds from operations (FFO): €86.6m (up 39% from 1H 2025). FFO margin: 10% (up from 6.8% in 1H 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, while revenues in the Residential REITs industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.
お知らせ • Aug 01Altarea SCA to Report Fiscal Year 2026 Results on Feb 23, 2027Altarea SCA announced that they will report fiscal year 2026 results After-Market on Feb 23, 2027
Upcoming Dividend • Jun 03Upcoming dividend of €8.00 per shareEligible shareholders must have bought the stock before 10 June 2026. Payment date: 07 July 2026. Trailing yield: 7.6%. Within top quartile of French dividend payers (5.5%). Higher than average of industry peers (6.8%).
Declared Dividend • May 08Dividend of €8.00 announcedDividend of €8.00 is the same as last year. Ex-date: 10th June 2026 Payment date: 7th July 2026 Dividend yield will be 7.3%, which is higher than the industry average of 3.9%.
New Risk • Mar 04New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 31% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.2x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 124% Dividend per share is over 7x cash flows per share. Minor Risk Large one-off items impacting financial results.
お知らせ • Mar 04Altarea SCA to Report First Half, 2026 Results on Jul 29, 2026Altarea SCA announced that they will report first half, 2026 results on Jul 29, 2026
New Risk • Mar 02New major risk - Dividend sustainabilityThe dividend is not well covered by earnings and cash flows. Dividend per share is over 80x earnings per share. The company is paying a dividend despite having no free cash flows. Dividend yield: 6.2% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (5.3% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Dividend per share is over 80x earnings per share. Paying a dividend despite having no free cash flows.
Reported Earnings • Feb 28Full year 2025 earnings: EPS and revenues miss analyst expectationsFull year 2025 results: FFO per share: €6.3 (up from €5.97 in FY 2024). Revenue: €2.00b (down 26% from FY 2024). Funds from operations (FFO): €144.9m (up 14% from FY 2024). FFO margin: 7.2% (up from 4.7% in FY 2024). Revenue missed analyst estimates by 7.1%. Earnings per share (EPS) also missed analyst estimates by 91%. Revenue is forecast to grow 7.4% p.a. on average during the next 2 years, while revenues in the Residential REITs industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings.
お知らせ • Feb 26Altarea SCA, Annual General Meeting, Jun 04, 2026Altarea SCA, Annual General Meeting, Jun 04, 2026.
New Risk • Feb 15New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Dividend is not well covered by earnings (128% payout ratio).
Price Target Changed • Sep 19Price target increased by 8.9% to €122Up from €112, the current price target is provided by 1 analyst. New target price is 14% above last closing price of €107. Stock is down 1.5% over the past year. The company is forecast to post earnings per share of €4.32 for next year compared to €0.29 last year.
お知らせ • Jul 30Altarea SCA to Report Fiscal Year 2025 Results on Feb 24, 2026Altarea SCA announced that they will report fiscal year 2025 results After-Market on Feb 24, 2026
Upcoming Dividend • Jun 04Upcoming dividend of €8.00 per shareEligible shareholders must have bought the stock before 11 June 2025. Payment date: 07 July 2025. Trailing yield: 7.5%. Within top quartile of French dividend payers (5.5%). Higher than average of industry peers (5.4%).
お知らせ • May 01Altarea SCA, Annual General Meeting, Jun 05, 2025Altarea SCA, Annual General Meeting, Jun 05, 2025. Location: 87 rue de richelieu, paris France
Declared Dividend • Feb 28Dividend of €8.00 announcedShareholders will receive a dividend of €8.00. Ex-date: 11th June 2025 Payment date: 7th July 2025 Dividend yield will be 7.6%, which is higher than the industry average of 3.9%.
お知らせ • Feb 27Altarea SCA announces Annual dividend, payable on July 07, 2025Altarea SCA announced Annual dividend of EUR 6.0000 per share payable on July 07, 2025, ex-date on June 11, 2025 and record date on June 12, 2025.
Reported Earnings • Feb 27Full year 2024 earnings: Revenues miss analyst expectationsFull year 2024 results: Revenue: €2.71b (up 5.0% from FY 2023). Net income: €6.10m (up €479.0m from FY 2023). Profit margin: 0.2% (up from net loss in FY 2023). The move to profitability was primarily driven by lower expenses. Revenue missed analyst estimates by 3.2%. Revenue is forecast to stay flat during the next 2 years compared to a 6.6% growth forecast for the Residential REITs industry in Europe.
New Risk • Feb 26New major risk - Revenue and earnings growthEarnings have declined by 30% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (4.5% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 150% Cash payout ratio: 149% Earnings have declined by 30% per year over the past 5 years. Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end).
お知らせ • Feb 26Altarea SCA to Report First Half, 2025 Results on Jul 29, 2025Altarea SCA announced that they will report first half, 2025 results on Jul 29, 2025
New Risk • Feb 15New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (4.5% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 150% Cash payout ratio: 149% Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end).
お知らせ • Nov 08Altarea SCA to Report Fiscal Year 2024 Results on Feb 25, 2025Altarea SCA announced that they will report fiscal year 2024 results at 5:45 PM, Central European Standard Time on Feb 25, 2025
お知らせ • Sep 27SCOR SE (ENXTPA:SCR) reached an agreement to acquire an additional 15.92% stake in MRM (ENXTPA:MRM) from Altarea SCA (ENXTPA:ALTA) for €15.3 million.SCOR SE (ENXTPA:SCR) reached an agreement to acquire an additional 15.92% stake in MRM (ENXTPA:MRM) from Altarea SCA (ENXTPA:ALTA) for €15.3 million on September 26, 2024. Upon completion, SCOR SE will own 72.48% stake in MRM. Simultaneously with the signing of the share purchase agreement, Altarea resigned from its position of member of MRM's board of directors. SCOR to file a simplified public tender offer for the remaining shares held by MRM minority shareholders. If conditions are met, it will be followed by a squeeze-out resulting in a delisting of MRM by the end of 2024.
Reported Earnings • Aug 05First half 2024 earnings released: FFO per share: €2.8 (vs €1.07 in 1H 2023)First half 2024 results: FFO per share: €2.8 (up from €1.07 in 1H 2023). Revenue: €1.16b (down 4.2% from 1H 2023). Funds from operations (FFO): €57.9m (up 167% from 1H 2023). FFO margin: 5.0% (up from 1.8% in 1H 2023). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Residential REITs industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance.
New Risk • Jun 13New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (204% payout ratio). Share price has been volatile over the past 3 months (6.4% average weekly change). Shareholders have been diluted in the past year (2.2% increase in shares outstanding).
Price Target Changed • May 03Price target increased by 10% to €88.00Up from €80.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €89.70. Stock is down 25% over the past year. The company is forecast to post earnings per share of €3.28 next year compared to a net loss per share of €23.16 last year.
New Risk • Mar 15New major risk - Revenue and earnings growthEarnings have declined by 18% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Earnings have declined by 18% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (204% payout ratio). Shareholders have been diluted in the past year (2.2% increase in shares outstanding).
New Risk • Mar 04New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (123% payout ratio). Shareholders have been diluted in the past year (2.2% increase in shares outstanding).
Price Target Changed • Feb 29Price target decreased by 8.0% to €80.00Down from €87.00, the current price target is provided by 1 analyst. New target price is 13% above last closing price of €70.50. Stock is down 43% over the past year. The company is forecast to post earnings per share of €6.24 next year compared to a net loss per share of €23.16 last year.
New Risk • Feb 28New major risk - Revenue and earnings growthEarnings have declined by 18% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Earnings have declined by 18% per year over the past 5 years. Minor Risk Dividend is not well covered by earnings (123% payout ratio).
Reported Earnings • Feb 28Full year 2023 earnings: EPS and revenues miss analyst expectationsFull year 2023 results: €23.16 loss per share (down from €16.21 profit in FY 2022). Revenue: €2.64b (down 13% from FY 2022). Net loss: €472.9m (down 245% from profit in FY 2022). Revenue missed analyst estimates by 6.3%. Earnings per share (EPS) also missed analyst estimates significantly. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Residential REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings.
お知らせ • Feb 28+ 1 more updateAltarea SCA to Report First Half, 2024 Results on Jul 30, 2024Altarea SCA announced that they will report first half, 2024 results on Jul 30, 2024
New Risk • Feb 12New minor risk - Financial data availabilityThe company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Dividend is not well covered by earnings (0% payout ratio). Profit margins are more than 30% lower than last year (3.9% net profit margin).
お知らせ • Nov 25Altarea SCA (ENXTPA:ALTA) acquired Sopregi and Sopregim.Altarea SCA (ENXTPA:ALTA) acquired Sopregi and Sopregim on November 23, 2023.Altarea SCA (ENXTPA:ALTA) completed the acquisition of Sopregi and Sopregim on November 23, 2023.
Major Estimate Revision • Nov 10Consensus EPS estimates upgraded to €5.95 lossThe consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -€23.75 to -€5.95 per share. Revenue forecast unchanged from €2.90b at last update. Residential REITs industry in France expected to see average net income growth of 76% next year. Consensus price target down from €103 to €80.00. Share price fell 6.9% to €71.00 over the past week.
お知らせ • Nov 08Altarea SCA to Report Fiscal Year 2023 Results on Feb 27, 2024Altarea SCA announced that they will report fiscal year 2023 results at 5:45 PM, Central European Standard Time on Feb 27, 2024
New Risk • Nov 08New major risk - Revenue and earnings growthEarnings have declined by 0.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Earnings have declined by 0.9% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (0% payout ratio). Profit margins are more than 30% lower than last year (3.9% net profit margin).
Valuation Update With 7 Day Price Move • Aug 03Investor sentiment deteriorates as stock falls 21%After last week's 21% share price decline to €82.80, the stock trades at a trailing P/E ratio of 15.2x. Average forward P/E is 10x in the Residential REITs industry in Europe. Total loss to shareholders of 16% over the past three years.
New Risk • Aug 02New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (72% cash payout ratio). Share price has been volatile over the past 3 months (6.2% average weekly change). Profit margins are more than 30% lower than last year (3.9% net profit margin).
Reported Earnings • Jul 30First half 2023 earnings released: FFO per share: €1.1 (vs €6.75 in 1H 2022)First half 2023 results: FFO per share: €1.1 (down from €6.75 in 1H 2022). Revenue: €1.22b (down 14% from 1H 2022). Funds from operations (FFO): €21.7m (down 83% from 1H 2022). FFO margin: 1.8% (down from 9.2% in 1H 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Residential REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings.
New Risk • Jul 28New major risk - Revenue and earnings growthEarnings have declined by 8.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (6.9% operating cash flow to total debt). Earnings have declined by 8.9% per year over the past 5 years. Minor Risk Dividend is not well covered by cash flows (108% cash payout ratio).
Upcoming Dividend • Jun 05Upcoming dividend of €10.00 per share at 8.4% yieldEligible shareholders must have bought the stock before 12 June 2023. Payment date: 04 July 2023. Trailing yield: 8.4%. Within top quartile of French dividend payers (5.2%). Higher than average of industry peers (5.8%).
Price Target Changed • May 01Price target decreased by 7.9% to €128Down from €139, the current price target is provided by 1 analyst. New target price is 7.7% above last closing price of €119. Stock is down 17% over the past year. The company is forecast to post a net loss per share of €0.51 compared to earnings per share of €16.21 last year.
Buying Opportunity • Mar 10Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 9.4%. The fair value is estimated to be €154, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.7% over the last 3 years. Earnings per share has grown by 51%. Revenue is forecast to grow by 1.9% in 2 years. Earnings is forecast to decline by 24% in the next 2 years.
Price Target Changed • Nov 16Price target decreased to €139Down from €165, the current price target is provided by 1 analyst. New target price is 6.8% above last closing price of €130. Stock is down 28% over the past year. The company is forecast to post earnings per share of €13.63 for next year compared to €11.74 last year.
Major Estimate Revision • Nov 10Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 revenue forecast fell from €3.23b to €3.12b. EPS estimate rose from €11.52 to €13.63. Net income forecast to shrink 22% next year vs 42% decline forecast for REITs industry in France. Consensus price target of €139 unchanged from last update. Share price was steady at €129 over the past week.
お知らせ • Nov 08Altarea SCA to Report Fiscal Year 2022 Results on Feb 28, 2023Altarea SCA announced that they will report fiscal year 2022 results After-Market on Feb 28, 2023
Price Target Changed • Oct 30Price target decreased to €139Down from €165, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €136. Stock is down 26% over the past year. The company is forecast to post earnings per share of €11.52 for next year compared to €11.74 last year.
Reported Earnings • Aug 02First half 2022 earnings releasedFirst half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €103.5m from profit in 1H 2021). Profit margin: (down from 7.4% in 1H 2021). Over the next year, revenue is forecast to grow 12% compared to a 10% decline forecast for the industry in France.
Upcoming Dividend • May 20Upcoming dividend of €9.75 per shareEligible shareholders must have bought the stock before 27 May 2022. Payment date: 31 May 2022. Trailing yield: 6.5%. Within top quartile of French dividend payers (4.9%). Higher than average of industry peers (5.9%).
Valuation Update With 7 Day Price Move • Mar 07Investor sentiment deteriorated over the past weekAfter last week's 17% share price decline to €127, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the REITs industry in France. Total loss to shareholders of 15% over the past three years.
Major Estimate Revision • Mar 04Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 revenue forecast fell from €3.45b to €3.23b. EPS estimate rose from €7.04 to €11.19. Net income forecast to grow 8.2% next year vs 42% decline forecast for REITs industry in France. Consensus price target down from €208 to €165. Share price fell 14% to €132 over the past week.
Price Target Changed • Mar 03Price target decreased to €165Down from €215, the current price target is provided by 1 analyst. New target price is 19% above last closing price of €138. Stock is down 9.4% over the past year. The company is forecast to post earnings per share of €7.04 for next year compared to €11.74 last year.
Reported Earnings • Feb 24Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behindFull year 2021 results: EPS: €11.74 (up from €18.26 loss in FY 2020). Revenue: €2.98b (down 2.9% from FY 2020). Net income: €211.6m (up €519.3m from FY 2020). Profit margin: 7.1% (up from net loss in FY 2020). Revenue missed analyst estimates by 9.0%. Earnings per share (EPS) exceeded analyst estimates by 178%. Over the next year, revenue is forecast to grow 16% compared to a 7.0% decline forecast for the reits industry in France. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance.
Reported Earnings • Aug 05First half 2021 earnings released: FFO €6.79 per share (vs €6.92 in 1H 2020)The company reported a decent first half result with improved earnings and profit margins, although revenues were flat. First half 2021 results: Revenue: €1.41b (flat on 1H 2020). Funds from operations (FFO): €118.0m (up 3.1% from 1H 2020). FFO margin: 8.4% (up from 8.1% in 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance.
Upcoming Dividend • Jun 28Upcoming dividend of €9.50 per shareEligible shareholders must have bought the stock before 05 July 2021. Payment date: 26 July 2021. Trailing yield: 5.3%. Within top quartile of French dividend payers (3.8%). Higher than average of industry peers (4.1%).
Price Target Changed • Mar 18Price target increased to €180Up from €160, the current price target is provided by 1 analyst. New target price is 17% above last closing price of €154. Stock is up 48% over the past year.
Is New 90 Day High Low • Mar 03New 90-day high: €150The company is up 9.0% from its price of €137 on 03 December 2020. The French market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 1.0% over the same period.
分析記事 • Feb 22Here's What Altarea SCA's (EPA:ALTA) Shareholder Ownership Structure Looks LikeA look at the shareholders of Altarea SCA ( EPA:ALTA ) can tell us which group is most powerful. Generally speaking, as...
Is New 90 Day High Low • Jan 14New 90-day high: €148The company is up 30% from its price of €114 on 15 October 2020. The French market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 22% over the same period.
分析記事 • Dec 30If You Had Bought Altarea's (EPA:ALTA) Shares Three Years Ago You Would Be Down 33%While it may not be enough for some shareholders, we think it is good to see the Altarea SCA ( EPA:ALTA ) share price...
Is New 90 Day High Low • Dec 28New 90-day high: €143The company is up 26% from its price of €113 on 29 September 2020. The French market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 24% over the same period.
Is New 90 Day High Low • Oct 29New 90-day low: €105The company is down 9.0% from its price of €115 on 30 July 2020. The French market is down 2.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 15% over the same period.
Is New 90 Day High Low • Oct 13New 90-day low: €112The company is down 8.0% from its price of €121 on 15 July 2020. The French market is up 1.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 9.0% over the same period.
Is New 90 Day High Low • Sep 25New 90-day low: €112The company is down 18% from its price of €136 on 26 June 2020. The French market is down 1.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the REITs industry, which is also down 18% over the same period.