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Altarea

ENXTPA:ALTA
Snowflake Description

6 star dividend payer and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ALTA
ENXTPA
€3B
Market Cap
  1. Home
  2. FR
  3. Real Estate
Company description

Altarea Cogedim is the leading property developer in France. The last earnings update was 25 days ago. More info.


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ALTA Share Price and Events
7 Day Returns
-0.8%
ENXTPA:ALTA
-0.4%
FR REITs
-2.1%
FR Market
1 Year Returns
-10.4%
ENXTPA:ALTA
-1.2%
FR REITs
3.4%
FR Market
ALTA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Altarea (ALTA) -0.8% 2% 12.7% -10.4% 5.1% 40.5%
FR REITs -0.4% 3.6% 13% -1.2% 2.8% 23.2%
FR Market -2.1% 1.5% 12.9% 3.4% 27.2% 27%
1 Year Return vs Industry and Market
  • ALTA underperformed the REITs industry which returned -1.2% over the past year.
  • ALTA underperformed the Market in France which returned 3.4% over the past year.
Price Volatility
ALTA
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Altarea undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Altarea to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Altarea.

ENXTPA:ALTA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Funds From Operations
Levered Funds From Operations Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.2%
Perpetual Growth Rate 10-Year FR Government Bond Rate 0.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ENXTPA:ALTA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year FR Govt Bond Rate 0.7%
Equity Risk Premium S&P Global 6.7%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.535 (1 + (1- 33%) (115.91%))
0.966
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.97
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.73% + (0.966 * 6.65%)
7.16%

Discounted Cash Flow Calculation for ENXTPA:ALTA using 2 Stage Free Cash Flow to Equity using Funds From Operations Model

The calculations below outline how an intrinsic value for Altarea is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Altarea is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

ENXTPA:ALTA DCF 1st Stage: Next 10 year cash flow forecast
Funds From Operations (FFO) (EUR, Millions) Source Present Value
Discounted (@ 7.16%)
2019 281.33 Analyst x1 262.54
2020 320.57 Analyst x2 279.17
2021 338.30 Est @ 5.53% 274.92
2022 352.14 Est @ 4.09% 267.05
2023 363.00 Est @ 3.08% 256.89
2024 371.63 Est @ 2.38% 245.43
2025 378.63 Est @ 1.88% 233.35
2026 384.46 Est @ 1.54% 221.11
2027 389.45 Est @ 1.3% 209.01
2028 393.84 Est @ 1.13% 197.25
Present value of next 10 years cash flows €2,446.72
ENXTPA:ALTA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €393.84 × (1 + 0.73%) ÷ (7.16% – 0.73%)
€6,173.34
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €6,173.34 ÷ (1 + 7.16%)10
€3,091.81
ENXTPA:ALTA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €2,446.72 + €3,091.81
€5,538.53
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €5,538.53 / 15.78
€350.92
ENXTPA:ALTA Discount to Share Price
Calculation Result
Value per share (EUR) From above. €350.92
Current discount Discount to share price of €184.20
= -1 x (€184.20 - €350.92) / €350.92
47.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Altarea is available for.
Intrinsic value
48%
Share price is €184.2 vs Future cash flow value of €350.92
Current Discount Checks
For Altarea to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Altarea's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Altarea's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Altarea's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Altarea's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTPA:ALTA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €16.17
ENXTPA:ALTA Share Price ** ENXTPA (2019-03-22) in EUR €184.2
France REITs Industry PE Ratio Median Figure of 22 Publicly-Listed REITs Companies 10.55x
France Market PE Ratio Median Figure of 422 Publicly-Listed Companies 15.49x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Altarea.

ENXTPA:ALTA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTPA:ALTA Share Price ÷ EPS (both in EUR)

= 184.2 ÷ 16.17

11.39x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Altarea is overvalued based on earnings compared to the FR REITs industry average.
  • Altarea is good value based on earnings compared to the France market.
Price based on expected Growth
Does Altarea's expected growth come at a high price?
Raw Data
ENXTPA:ALTA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.39x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
17%per year
France REITs Industry PEG Ratio Median Figure of 11 Publicly-Listed REITs Companies 0.57x
France Market PEG Ratio Median Figure of 273 Publicly-Listed Companies 1.28x

*Line of best fit is calculated by linear regression .

ENXTPA:ALTA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.39x ÷ 17%

0.67x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Altarea is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Altarea's assets?
Raw Data
ENXTPA:ALTA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €127.22
ENXTPA:ALTA Share Price * ENXTPA (2019-03-22) in EUR €184.2
France REITs Industry PB Ratio Median Figure of 27 Publicly-Listed REITs Companies 0.88x
France Market PB Ratio Median Figure of 621 Publicly-Listed Companies 1.46x
ENXTPA:ALTA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTPA:ALTA Share Price ÷ Book Value per Share (both in EUR)

= 184.2 ÷ 127.22

1.45x

* Primary Listing of Altarea.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Altarea is overvalued based on assets compared to the FR REITs industry average.
X
Value checks
We assess Altarea's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Altarea has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Altarea expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
17%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Altarea expected to grow at an attractive rate?
  • Altarea's earnings growth is expected to exceed the low risk savings rate of 0.7%.
Growth vs Market Checks
  • Altarea's earnings growth is expected to exceed the France market average.
  • Altarea's revenue growth is expected to exceed the France market average.
Annual Growth Rates Comparison
Raw Data
ENXTPA:ALTA Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTPA:ALTA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 17%
ENXTPA:ALTA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 10%
France REITs Industry Earnings Growth Rate Market Cap Weighted Average -8.5%
France REITs Industry Revenue Growth Rate Market Cap Weighted Average 2.7%
France Market Earnings Growth Rate Market Cap Weighted Average 13.1%
France Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ENXTPA:ALTA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTPA:ALTA Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 3,153 353 382 1
2020-12-31 2,962 365 429 3
2019-12-31 2,720 356 325 3
ENXTPA:ALTA Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 2,354 205 255
2018-09-30 2,213 227 237
2018-06-30 2,071 249 219
2018-03-31 1,989 228 271
2017-12-31 1,906 207 323
2017-09-30 1,825 134 329
2017-06-30 1,745 61 335
2017-03-31 1,649 102 250
2016-12-31 1,553 142 166
2016-09-30 1,429 112 127
2016-06-30 1,304 82 88
2016-03-31 1,245 84 134

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Altarea's earnings are expected to grow by 17% yearly, however this is not considered high growth (20% yearly).
  • Altarea's revenue is expected to grow by 10% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ENXTPA:ALTA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Altarea Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:ALTA Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31 29.50 29.50 29.50 1.00
2019-12-31 19.11 19.11 19.11 1.00
ENXTPA:ALTA Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 16.17
2018-09-30 15.02
2018-06-30 13.87
2018-03-31 17.35
2017-12-31 20.92
2017-09-30 21.65
2017-06-30 22.39
2017-03-31 17.29
2016-12-31 11.83
2016-09-30 9.41
2016-06-30 6.79
2016-03-31 10.51

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Altarea is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Altarea's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the France market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the France market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Altarea has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Altarea performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Altarea's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Altarea has delivered over 20% year on year earnings growth in the past 5 years.
  • Altarea's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Altarea's 1-year earnings growth is negative, it can't be compared to the FR REITs industry average.
Earnings and Revenue History
Altarea's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Altarea Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:ALTA Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 2,353.80 255.30 422.20
2018-09-30 2,212.60 237.30 395.15
2018-06-30 2,071.40 219.30 368.10
2018-03-31 1,988.70 271.15 365.35
2017-12-31 1,906.00 323.00 362.60
2017-09-30 1,825.45 328.95 350.70
2017-06-30 1,744.90 334.90 338.80
2017-03-31 1,649.15 250.20 313.40
2016-12-31 1,553.40 165.50 288.00
2016-09-30 1,428.55 126.50 264.10
2016-06-30 1,303.70 87.50 240.20
2016-03-31 1,245.30 134.10 226.75
2015-12-31 1,186.90 180.70 213.30
2015-06-30 987.70 173.20 182.60
2015-03-31 987.05 156.15 187.40
2014-12-31 986.40 139.10 192.20
2014-09-30 1,322.60 94.75 232.70
2014-06-30 1,353.20 76.50 230.60
2014-03-31 1,418.45 111.35 235.90
2013-12-31 1,483.70 146.20 241.20
2013-09-30 1,470.85 155.65 239.05
2013-06-30 1,458.00 165.10 236.90
2013-03-31 1,453.50 110.50 232.10
2012-12-31 1,449.00 55.90 227.30
2012-09-30 1,429.45 32.75 215.55
2012-06-30 1,316.50 9.60 209.90
2012-03-31 1,196.30 48.95 194.70

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Altarea has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Altarea used its assets less efficiently than the FR REITs industry average last year based on Return on Assets.
  • Altarea's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Altarea's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Altarea has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Altarea's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Altarea's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Altarea is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Altarea's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Altarea's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Altarea Company Filings, last reported 2 months ago.

ENXTPA:ALTA Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 3,237.40 3,369.80 680.70
2018-09-30 3,237.40 3,369.80 680.70
2018-06-30 3,060.40 3,957.90 940.40
2018-03-31 3,060.40 3,957.90 940.40
2017-12-31 3,164.70 3,893.30 1,177.30
2017-09-30 3,164.70 3,893.30 1,177.30
2017-06-30 2,979.40 3,439.60 651.90
2017-03-31 2,979.40 3,439.60 651.90
2016-12-31 2,758.30 3,155.70 488.60
2016-09-30 2,758.30 3,155.70 488.60
2016-06-30 2,552.20 3,280.50 602.60
2016-03-31 2,552.20 3,280.50 602.60
2015-12-31 2,250.90 2,854.40 286.00
2015-06-30 2,155.70 2,539.20 372.40
2015-03-31 2,155.70 2,539.20 372.40
2014-12-31 2,169.90 2,346.00 374.50
2014-09-30 2,169.30 2,346.00 373.90
2014-06-30 1,880.80 2,455.00 370.50
2014-03-31 1,880.80 2,455.00 370.50
2013-12-31 1,832.90 2,232.50 235.70
2013-09-30 1,832.90 2,232.50 235.70
2013-06-30 1,403.70 2,545.90 308.80
2013-03-31 1,403.70 2,545.90 308.80
2012-12-31 1,361.90 2,623.00 293.50
2012-09-30 1,361.90 2,746.50 322.60
2012-06-30 1,064.00 2,568.70 279.30
2012-03-31 1,064.00 2,568.70 279.30
  • Altarea's level of debt (104.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (121.9% vs 104.1% today).
  • Debt is not well covered by operating cash flow (6.1%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.4x coverage).
X
Financial health checks
We assess Altarea's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Altarea has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Altarea's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.92%
Current annual income from Altarea dividends. Estimated to be 7.89% next year.
If you bought €2,000 of Altarea shares you are expected to receive €138 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Altarea's pays a higher dividend yield than the bottom 25% of dividend payers in France (1.67%).
  • Altarea's dividend is above the markets top 25% of dividend payers in France (4.56%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ENXTPA:ALTA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
France REITs Industry Average Dividend Yield Market Cap Weighted Average of 23 Stocks 5.4%
France Market Average Dividend Yield Market Cap Weighted Average of 319 Stocks 3.1%
France Minimum Threshold Dividend Yield 10th Percentile 1%
France Bottom 25% Dividend Yield 25th Percentile 1.7%
France Top 25% Dividend Yield 75th Percentile 4.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTPA:ALTA Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 13.50 1.00
2020-12-31 15.89 3.00
2019-12-31 13.00 2.00
ENXTPA:ALTA Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-02-26 12.750 6.892
2018-03-15 12.500 6.499
2018-03-05 12.500 6.120
2017-03-13 11.500 5.928
2017-02-22 11.500 6.494
2016-03-11 11.000 6.192
2016-03-09 11.000 6.374
2015-03-26 10.000 5.936
2015-03-04 10.000 6.067
2014-03-07 10.000 7.372
2014-03-06 10.000 7.286
2013-04-11 10.000 7.886
2013-02-27 10.000 7.429
2012-08-02 9.000 7.701
2012-03-05 9.000 8.058
2011-04-29 8.000 6.213
2011-03-07 8.000 5.526
2010-08-30 7.200 5.736
2010-04-27 7.200 6.436
2010-03-15 7.200 6.334
2009-04-30 7.000 6.552
2009-03-30 7.000 6.127
2009-03-24 6.000 5.172

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Altarea's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (23.7x coverage).
X
Income/ dividend checks
We assess Altarea's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Altarea afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Altarea has a total score of 6/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Altarea's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Alain Taravella
COMPENSATION €5,025,000
AGE 70
TENURE AS CEO 25.2 years
CEO Bio

Mr. Alain Taravella was a Director of Boursorama SA since May 2, 2012 until October 28, 2015. is a graduate of HEC. From 1975 to 1994, Mr. Taravella held various positions within the Pierre et Vacances Group, of which he was appointed Chief Executive Officer in 1985. In 1994, he founded the Altarea Group, which he has managed since. Mr. Taravella is a Chevalier of the Légion d’Honneur. -- Corporate offices held at December 2016: - Other corporate offices in the Group: • Member and Chairman of the Supervisory Board: Cogedim (SAS), Altarea France (SNC) • Director: Alta Blue; Pitch Promotion (SAS) • Representative of Altarea, Chair: Alta Blue ; Alta Développement Italie ; Alta Rungis ; Alta Valmy • Representative of Alta Faubourg, Chair: Alta Saint Germain; Alta Reim • Representative of Alta Penthièvre, Chair: Altacom • Representative of Alta Blue, Chair : Aldeta • Permanent Representative of Altarea, Director: Société d’Économie Mixte d’Aménagement et de gestion du Marché d’Intérêt National de Rungis – Semmaris • Representative of Altarea, Co-Manager of foreign companies: Alta Spain Archibald BV; Alta Spain Castellana BV; Altalux Spain; Altalux Italy - Corporate offices outside the Group: - Chairman: Altafi 2; Altafi 3; Atlas (formerly Altafi 4); Altafi 5; AltaGroupe (formerly Altafinance 2); Altager (formerly Alta Pat 1); Alta Patrimoine - Representative of Altafi 2, Manager: Altarea; Altareit - Representative AltaGroupe (ex. Altafinance 2), Manager: SCI Sainte Anne. - Representative of Alta Patrimoine, Manager: SNC Altarea Commerce; SNC ATI; SCI Matignon Toulon Grand Ciel - Corporate offices expired within the past five years: • Chairman of the Board of Directors & Chief Executive Officer – Director: Aldeta • Director: Boursorama; Picth Promotion (SA) • Representative of Altarea, Chair : Alta Delcassé • Representative of Alta Faubourg, Chair : Alta Reim • Representative of Alta Penthièvre, Director: Altacom • Representative of Altacom, Director: Rue du Commerce • Chairman and/or Director of foreign companies: Altarag Srl; Altarea Italia Srl; Altarea Inc.; Altarea España.

CEO Compensation
  • Alain's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Alain's remuneration is higher than average for companies of similar size in France.
Management Team Tenure

Average tenure and age of the Altarea management team in years:

2.2
Average Tenure
55.5
Average Age
  • The tenure for the Altarea management team is about average.
Management Team

Alain Taravella

TITLE
Co-Manager
COMPENSATION
€5M
AGE
70
TENURE
25.2 yrs

Philippe Josse

TITLE
Chairman of Management Board
AGE
62
TENURE
1 yrs

Éric Dumas

TITLE
Chief Financial Officer
AGE
47

Alain Jodar

TITLE
Chief Executive Officer of Operation & Risk Management
TENURE
2.3 yrs

Anne Ghisalberti

TITLE
Finance & Accounting Director
TENURE
2.3 yrs

Nabil Akl

TITLE
Group Technical Director
TENURE
2 yrs

Catherine Leroy

TITLE
Analyst & Investor Relations

Karine Marchand

TITLE
Human Resources Director

Albert Malaquin

TITLE
Group Chief Executive Officer of Digital Technology & Innovation
AGE
49

Ludovic Castillo

TITLE
Chairman of the Management Board of Altarea Commerce
TENURE
1.8 yrs
Board of Directors Tenure

Average tenure and age of the Altarea board of directors in years:

7.3
Average Tenure
60.5
Average Age
  • The tenure for the Altarea board of directors is about average.
Board of Directors

Alain Taravella

TITLE
Co-Manager
COMPENSATION
€5M
AGE
70
TENURE
13.8 yrs

Christian de Gournay

TITLE
Chairman of the Supervisory Board
COMPENSATION
€300K
AGE
66
TENURE
4.8 yrs

Jacques Nicolet

TITLE
Supervisory Board Member
COMPENSATION
€13K
AGE
62
TENURE
11.8 yrs

Dominique Rongier

TITLE
Supervisory Board Member
COMPENSATION
€18K
AGE
73
TENURE
9.8 yrs

Matthieu Taravella

TITLE
Supervisory Board Member
COMPENSATION
€10K
AGE
40
TENURE
11.8 yrs

Gautier Taravella

TITLE
Supervisory Board Member
AGE
38
TENURE
2.9 yrs

Françoise Jacqueline Debrus

TITLE
Supervisory Board Member
COMPENSATION
€15K
AGE
58
TENURE
9.8 yrs

Stéphane Theuriau

TITLE
Supervisory Board Member
COMPENSATION
€800K
AGE
53
TENURE
1 yrs

Alain Dassas

TITLE
Supervisory Board Member
COMPENSATION
€15K
AGE
72
TENURE
3.3 yrs

Christian Terrassoux

TITLE
Supervisory Board Member
COMPENSATION
€2M
AGE
59
TENURE
4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Altarea's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Altarea has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

What Altarea SCA's (EPA:ALTA) ROE Can Tell Us

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … That means that for every €1 worth of shareholders' equity, it generated €0.089 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Did You Miss Altarea's 31% Share Price Gain?

Unfortunately for shareholders, while the Altarea SCA (EPA:ALTA) share price is up 31% in the last five years, that's less than the market return. … By comparing earnings per share (EPS) and and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … During five years of share price growth, Altarea achieved compound earnings per share (EPS) growth of 21% per year.

Simply Wall St -

Is Altarea SCA's (EPA:ALTA) CEO Pay Fair?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … Next, we'll consider growth that the business demonstrates. … How Does Alain Taravella's Compensation Compare With Similar Sized Companies?

Simply Wall St -

These Fundamentals Make Altarea SCA (EPA:ALTA) Truly Worth Looking At

Altarea SCA (EPA:ALTA) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects. … Below, I've touched on some key aspects you should know on a high level

Simply Wall St -

Have Investors Priced In Altarea Cogedim's (EPA:ALTA) Growth?

Altarea Cogedim (EPA:ALTA) is a stock well-positioned for future growth, but many investors are wondering whether its last closing price of €183.2 is based on unrealistic expectations. … View our latest analysis for Altarea Cogedim? … According to the analysts covering the company, the following few years should bring about good growth prospects for Altarea Cogedim

Simply Wall St -

How Did Altarea Cogedim's (EPA:ALTA) 9.8% ROE Fare Against The Industry?

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … One way to conceptualize this, is that for each €1 of shareholders' equity it has, the company made €0.098 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Is Altarea Cogedim's (EPA:ALTA) CEO Paid Enough Relative To Peers?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … According to our data, Altarea Cogedim has a market capitalization of €3.0b, and pays its CEO total annual compensation worth €5m. … Thus we can conclude that Alain Taravella receives more in total compensation than the median of a group of companies in the same market, and of similar size to Altarea Cogedim

Simply Wall St -

Altarea Cogedim (EPA:ALTA) Delivered A Better ROE Than The Industry, Here’s Why

and want to begin learning the link between company’s fundamentals and stock market performance. … Sustainability can be gauged by a company’s financial leverage – the more debt it has, the higher ROE is pumped up in the short term, at the expense of long term interest payment burden. … Check out our latest analysis for Altarea Cogedim

Simply Wall St -

Altarea Cogedim (EPA:ALTA): What Does The Future Look Like?

The latest earnings announcement Altarea Cogedim (EPA:ALTA) released in December 2017a … indicated

Simply Wall St -

Why Income Investors Should Have Altarea Cogedim (ENXTPA:ALTA) In Their Portfolio

Altarea Cogedim (ENXTPA:ALTA) is a true Dividend Rock Star. … In the past ten years, Altarea Cogedim has also grown its dividend from 6 to 12.5. … Below, I have outlined more attractive dividend aspects for Altarea Cogedim for income investors who may be interested in new dividend stocks for their portfolio.

Simply Wall St -

Company Info

Description

Altarea Cogedim is the leading property developer in France. As both a developer and an investor, the Group operates in the three main property markets (Retail, Residential and Offices) leading major mixed-use urban renewal projects in France. The Group has the required expertise in each sector to design, develop, market and manage made-to-measure property products. In Retail, Altarea Cogedim manages a portfolio worth €4.6 billion. Listed on compartment A of Euronext Paris, Altarea had a market capitalisation of €2.7 billion at 31 December 2018.

Details
Name: Altarea SCA
ALTA
Exchange: ENXTPA
Founded: 1994
€2,907,178,313
15,782,727
Website: http://www.altareacogedim.com
Address: Altarea SCA
8 avenue Delcassé,
Paris,
Languedoc-Roussillon, 75008,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTPA ALTA Common Shares Euronext Paris FR EUR 10. Dec 2004
OTCPK ATRR.F Common Shares Pink Sheets LLC US USD 10. Dec 2004
LSE 0IRK Common Shares London Stock Exchange GB EUR 10. Dec 2004
BATS-CHIXE ALTAP Common Shares BATS 'Chi-X Europe' GB EUR 10. Dec 2004
Number of employees
Current staff
Staff numbers
1,548
Altarea employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/23 20:44
End of day share price update: 2019/03/22 00:00
Last estimates confirmation: 2019/03/11
Last earnings filing: 2019/02/26
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.