Upcoming Dividend • Jun 03
Upcoming dividend of €8.00 per share Eligible shareholders must have bought the stock before 10 June 2026. Payment date: 07 July 2026. Trailing yield: 7.6%. Within top quartile of German dividend payers (4.5%). Higher than average of industry peers (6.8%). Declared Dividend • May 10
Dividend of €8.00 announced Dividend of €8.00 is the same as last year. Ex-date: 10th June 2026 Payment date: 7th July 2026 Dividend yield will be 7.4%, which is higher than the industry average of 3.8%. New Risk • Mar 04
New minor risk - Earnings quality The 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. Announcement • Mar 04
Altarea SCA to Report First Half, 2026 Results on Jul 29, 2026 Altarea SCA announced that they will report first half, 2026 results on Jul 29, 2026 New Risk • Mar 02
New major risk - Dividend sustainability The 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 28
Full year 2025 earnings released: FFO per share: €6.3 (vs €5.97 in FY 2024) Full 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 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. Announcement • Feb 26
Altarea SCA, Annual General Meeting, Jun 04, 2026 Altarea SCA, Annual General Meeting, Jun 04, 2026. New Risk • Feb 14
New minor risk - Financial data availability The 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). Announcement • Jul 30
Altarea SCA to Report Fiscal Year 2025 Results on Feb 24, 2026 Altarea SCA announced that they will report fiscal year 2025 results After-Market on Feb 24, 2026 Upcoming Dividend • Jun 04
Upcoming dividend of €8.00 per share Eligible shareholders must have bought the stock before 11 June 2025. Payment date: 07 July 2025. Trailing yield: 7.5%. Within top quartile of German dividend payers (4.3%). Higher than average of industry peers (5.4%). Announcement • May 01
Altarea SCA, Annual General Meeting, Jun 05, 2025 Altarea SCA, Annual General Meeting, Jun 05, 2025. Location: 87 rue de richelieu, paris France Declared Dividend • Mar 03
Dividend of €8.00 announced Shareholders will receive a dividend of €8.00. Ex-date: 11th June 2025 Payment date: 7th July 2025 Dividend yield will be 7.8%, which is higher than the industry average of 3.8%. Announcement • Feb 27
Altarea SCA announces Annual dividend, payable on July 07, 2025 Altarea 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 26
Full year 2024 earnings released Full 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 is forecast to stay flat during the next 2 years compared to a 5.5% growth forecast for the Residential REITs industry in Europe. Announcement • Feb 26
Altarea SCA to Report First Half, 2025 Results on Jul 29, 2025 Altarea SCA announced that they will report first half, 2025 results on Jul 29, 2025 New Risk • Feb 16
New minor risk - Financial data availability The 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). Announcement • Nov 08
Altarea SCA to Report Fiscal Year 2024 Results on Feb 25, 2025 Altarea SCA announced that they will report fiscal year 2024 results at 5:45 PM, Central European Standard Time on Feb 25, 2025 Announcement • Sep 27
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. 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 05
First 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 • Mar 15
New major risk - Revenue and earnings growth Earnings 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 04
New minor risk - Shareholder dilution The 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). Reported Earnings • Feb 28
Full year 2023 earnings released: €23.16 loss per share (vs €16.21 profit in FY 2022) Full 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 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 22% per year, which means it is significantly lagging earnings. New Risk • Feb 12
New minor risk - Financial data availability The 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). Announcement • Nov 25
Altarea 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. New Risk • Nov 08
New major risk - Revenue and earnings growth Earnings 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). Announcement • Nov 08
Altarea SCA to Report Fiscal Year 2023 Results on Feb 27, 2024 Altarea SCA announced that they will report fiscal year 2023 results at 5:45 PM, Central European Standard Time on Feb 27, 2024 Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €82.20, 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 20% over the past three years. New Risk • Aug 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.7% 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 (6.7% average weekly change). Profit margins are more than 30% lower than last year (3.9% net profit margin). Reported Earnings • Jul 30
First 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. Upcoming Dividend • Jun 05
Upcoming dividend of €10.00 per share at 8.4% yield Eligible shareholders must have bought the stock before 12 June 2023. Payment date: 04 July 2023. Trailing yield: 8.4%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (5.8%). Buying Opportunity • Mar 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.9%. The fair value is estimated to be €153, 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. Announcement • Nov 08
Altarea SCA to Report Fiscal Year 2022 Results on Feb 28, 2023 Altarea SCA announced that they will report fiscal year 2022 results After-Market on Feb 28, 2023 Reported Earnings • Aug 02
First half 2022 earnings released First 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% while the industry in Germany is not expected to grow. Announcement • Jul 29
Altarea SCA to Report Q3, 2022 Results on Nov 07, 2022 Altarea SCA announced that they will report Q3, 2022 results After-Market on Nov 07, 2022 Upcoming Dividend • May 20
Upcoming dividend of €9.75 per share Eligible shareholders must have bought the stock before 27 May 2022. Payment date: 31 May 2022. Trailing yield: 6.5%. Within top quartile of German dividend payers (4.4%). Higher than average of industry peers (4.4%). Announcement • Apr 06
Altarea SCA to Report First Half, 2022 Results on Jul 28, 2022 Altarea SCA announced that they will report first half, 2022 results on Jul 28, 2022 Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €128, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the REITs industry in Europe. Total loss to shareholders of 20% over the past three years. Reported Earnings • Feb 24
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full 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%. Over the next year, revenue is forecast to grow 16% while thereits industry in Germany is not expected to grow. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Announcement • Feb 24
Altarea SCA, Annual General Meeting, May 24, 2022 Altarea SCA, Annual General Meeting, May 24, 2022, at 11:00 Central European Standard Time. Announcement • Feb 10
Altarea SCA to Report Fiscal Year 2021 Results on Feb 22, 2022 Altarea SCA announced that they will report fiscal year 2021 results After-Market on Feb 22, 2022 Announcement • Sep 25
Altarea SCA (ENXTPA:ALTA) reached an agreement to acquire Building located in the 15th arrondissement of Marseille from S.A. La Provence for €38 million. Altarea SCA (ENXTPA:ALTA) reached an agreement to acquire Building located in the 15th arrondissement of Marseille from S.A. La Provence for €38 million on September 23, 2021. Pursuant to the terms of the agreement, an initial down payment of €12 million is expected during the fall. Altarea SCA will have to pay the remaining €26 million when the locals leave "La Provence", scheduled for 2024. Reported Earnings • Aug 05
First 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. Announcement • Jul 24
Altarea SCA (ENXTPA:ALTA) agreed to acquire 60% stake in Groupe Primonial SAS. Altarea SCA (ENXTPA:ALTA) agreed to acquire 60% stake in Groupe Primonial SAS on July 23, 2021. The transaction is expected to complete in first quarter of 2022. Announcement • Jul 01
Altarea in Talks to Buy Primonial Group Altarea SCA (ENXTPA:ALTA) said on June 30, 2021 that it has entered into exclusive negotiations to acquire property investment company Primonial Group for an enterprise value of EUR 1.9 billion ($2.25 billion) to strengthen its expertise in the real estate asset management market. Altarea said it was in talks with Primonial Group’s shareholders and management to buy 60% of the company in the first quarter of 2022 and then buy the rest in early 2024. Upcoming Dividend • Jun 28
Upcoming dividend of €9.50 per share Eligible shareholders must have bought the stock before 05 July 2021. Payment date: 26 July 2021. Trailing yield: 5.3%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (3.4%). Is New 90 Day High Low • Mar 05
New 90-day high: €150 The company is up 9.0% from its price of €138 on 04 December 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 5.0% over the same period. Announcement • Feb 27
Altarea SCA, Annual General Meeting, Jun 30, 2021 Altarea SCA, Annual General Meeting, Jun 30, 2021, at 10:00 Central European Standard Time. Is New 90 Day High Low • Dec 28
New 90-day high: €143 The company is up 27% from its price of €113 on 29 September 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 9.0% over the same period. Is New 90 Day High Low • Oct 30
New 90-day low: €108 The company is down 8.0% from its price of €117 on 31 July 2020. The German market is down 4.0% 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 8.0% over the same period. Is New 90 Day High Low • Sep 25
New 90-day low: €112 The company is down 18% from its price of €136 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 5.0% over the same period.