ENXTPA:ALTA

Stock Analysis Report

Executive Summary

Altarea Cogedim is the leading property developer in France.

Snowflake

Fundamentals

Established dividend payer with proven track record.


Similar Companies

Share Price & News

How has Altarea's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: ALTA has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-1.0%

ALTA

-0.8%

FR REITs

1.0%

FR Market


1 Year Return

-1.3%

ALTA

11.3%

FR REITs

14.1%

FR Market

Return vs Industry: ALTA underperformed the French REITs industry which returned 11.3% over the past year.

Return vs Market: ALTA underperformed the French Market which returned 14.1% over the past year.


Shareholder returns

ALTAIndustryMarket
7 Day-1.0%-0.8%1.0%
30 Day4.2%2.2%4.2%
90 Day6.2%10.8%11.0%
1 Year5.9%-1.3%18.6%11.3%17.9%14.1%
3 Year31.8%9.2%39.3%16.9%50.3%35.9%
5 Year99.7%44.0%72.3%29.8%71.7%46.8%

Price Volatility Vs. Market

How volatile is Altarea's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Altarea undervalued compared to its fair value and its price relative to the market?

45.3%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: ALTA (€192.2) is trading below our estimate of fair value (€351.65)

Significantly Below Fair Value: ALTA is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: ALTA is poor value based on its PE Ratio (11.4x) compared to the REITs industry average (10.6x).

PE vs Market: ALTA is good value based on its PE Ratio (11.4x) compared to the French market (18x).


Price to Earnings Growth Ratio

PEG Ratio: ALTA is poor value based on its PEG Ratio (1.5x)


Price to Book Ratio

PB vs Industry: ALTA is overvalued based on its PB Ratio (1.6x) compared to the FR REITs industry average (1.1x).


Next Steps

Future Growth

How is Altarea forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

7.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ALTA's forecast earnings growth (7.7% per year) is above the savings rate (0.7%).

Earnings vs Market: ALTA's earnings (7.7% per year) are forecast to grow slower than the French market (11.5% per year).

High Growth Earnings: ALTA's earnings are forecast to grow, but not significantly.

Revenue vs Market: ALTA's revenue (7% per year) is forecast to grow faster than the French market (4.7% per year).

High Growth Revenue: ALTA's revenue (7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ALTA's Return on Equity is forecast to be low in 3 years time (15.1%).


Next Steps

Past Performance

How has Altarea performed over the past 5 years?

19.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ALTA has large one-off items impacting its financial results.

Growing Profit Margin: ALTA's current net profit margins (10.5%) are higher than last year (10.4%).


Past Earnings Growth Analysis

Earnings Trend: ALTA's earnings have grown by 19.1% per year over the past 5 years.

Accelerating Growth: ALTA's earnings growth over the past year (24.5%) exceeds its 5-year average (19.1% per year).

Earnings vs Industry: ALTA earnings growth over the past year (24.5%) exceeded the REITs industry 14.6%.


Return on Equity

High ROE: ALTA's Return on Equity (8.7%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Altarea's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: ALTA has a low level of unsold assets or inventory.

Debt Coverage by Assets: ALTA's debt is not covered by short term assets (assets are 0.8x debt).


Financial Institutions Analysis

Asset Level: ALTA's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if ALTA has a sufficient allowance for bad loans.

Low Risk Liabilities: ALTA reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if ALTA has an acceptable proportion of non-loan assets held.

Low Risk Deposits: ALTA has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if ALTA has an appropriate level of bad loans.


Next Steps

Dividend

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

6.63%

Current Dividend Yield


Dividend Yield vs Market

company6.6%marketbottom25%1.5%markettop25%4.5%industryaverage5.0%forecastin3Years6.9%

Current dividend yield vs market & industry

Notable Dividend: ALTA's dividend (6.63%) is higher than the bottom 25% of dividend payers in the French market (1.49%).

High Dividend: ALTA's dividend (6.63%) is in the top 25% of dividend payers in the French market (4.52%)


Stability and Growth of Payments

Stable Dividend: ALTA's dividends per share have been stable in the past 10 years.

Growing Dividend: ALTA's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: Unable to calculate sustainability of dividends as ALTA has not reported any payouts.


Future Payout to Shareholders

Future Dividend Coverage: ALTA's dividends in 3 years are forecast to be thoroughly covered by earnings (4.3% payout ratio).


Next Steps

Management

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

3.0yrs

Average management tenure


CEO

Alain Taravella (71yo)

25.8yrs

Tenure

0

Mr. Alain Taravella founded Altarea SCA in 1994 and serves as its Co-Manager. He was a Director of Boursorama SA since May 2, 2012 until October 28, 2015. He is a graduate of HEC. From 1975 to 1994, Mr. Ta ...


CEO Compensation Analysis

Compensation vs Market: Alain's total compensation ($USD0.00) is below average for companies of similar size in the French market ($USD1.34M).

Compensation vs Earnings: Alain's compensation has increased by more than 20% in the past year.


Management Age and Tenure

3.0yrs

Average Tenure

Experienced Management: ALTA's management team is considered experienced (3 years average tenure).


Board Age and Tenure

4.5yrs

Average Tenure

60.5yo

Average Age

Experienced Board: ALTA's board of directors are considered experienced (4.5 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Éric Dumas (48yo)

    Chief Financial Officer

    • Tenure: 0yrs
  • Alain Taravella (71yo)

    Founder

    • Tenure: 25.8yrs
  • Ludovic Castillo

    Chairman of the Management Board of Altarea Commerce

    • Tenure: 2.4yrs
  • Alain Jodar

    Chief Executive Officer of Operation & Risk Management

    • Tenure: 3yrs
  • Frédéric Laloum

    Chief Executive Officer of Retail & Leasing

    • Tenure: 0yrs
  • Nathalie Bardin

    Head of Institutional Relations

    • Tenure: 0yrs
  • Nabil Akl

    Group Technical Director

    • Tenure: 2.7yrs
  • Anne Ghisalberti

    Finance & Accounting Director

    • Tenure: 3yrs
  • Karine Marchand

    Human Resources Director

    • Tenure: 0yrs
  • Catherine Leroy

    Analyst & Investor Relations

    • Tenure: 0yrs

Board Members

  • Christian de Gournay (67yo)

    Chairman of the Supervisory Board

    • Tenure: 5.4yrs
    • Compensation: €300.00k
  • Marie-Anne Barbat-Layani (52yo)

    Supervisory Board Member

    • Tenure: 3.6yrs
    • Compensation: €7.50k
  • Jacques Nicolet (63yo)

    Supervisory Board Member

    • Tenure: 12.4yrs
    • Compensation: €6.50k
  • Françoise Jacqueline Debrus (59yo)

    Supervisory Board Member

    • Tenure: 10.5yrs
    • Compensation: €12.50k
  • Dominique Rongier (74yo)

    Supervisory Board Member

    • Tenure: 10.5yrs
    • Compensation: €15.50k
  • Léonore Reviron (34yo)

    Supervisory Board Member

    • Tenure: 0.8yrs
    • Compensation: €15.50k
  • Michaela Robert (50yo)

    Supervisory Board Member

    • Tenure: 3.6yrs
    • Compensation: €12.50k
  • Éliane Frémeaux (78yo)

    Supervisory Board Member

    • Tenure: 6.4yrs
    • Compensation: €12.50k
  • Marie-Catherine Chazeaux (50yo)

    Supervisory Board Member

    • Tenure: 1.2yrs
  • Bertrand Landas (62yo)

    Supervisory Board Member

    • Tenure: 1.1yrs

Company Information

Altarea SCA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Altarea SCA
  • Ticker: ALTA
  • Exchange: ENXTPA
  • Founded: 1994
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: €3.178b
  • Shares outstanding: 16.53m
  • Website: https://www.altareacogedim.com

Number of Employees


Location

  • Altarea SCA
  • 8 avenue Delcassé
  • Paris
  • Languedoc-Roussillon
  • 75008
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ALTAENXTPA (Euronext Paris)YesCommon SharesFREURDec 2004
0IRKLSE (London Stock Exchange)YesCommon SharesGBEURDec 2004
ALTAPBATS-CHIXE (BATS 'Chi-X Europe')YesCommon SharesGBEURDec 2004
ATRR.FOTCPK (Pink Sheets LLC)YesCommon SharesUSUSDDec 2004

Biography

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 ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/12 20:44
End of Day Share Price2019/11/12 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.