Altarea SCA

BATS-CHIXE:ALTAP Stock Report

Market Cap: €2.2b

Altarea Valuation

Is ALTAP undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of ALTAP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ALTAP (€103.8) is trading above our estimate of fair value (€53.16)

Significantly Below Fair Value: ALTAP is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ALTAP?

Key metric: As ALTAP is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for ALTAP. This is calculated by dividing ALTAP's market cap by their current revenue.
What is ALTAP's PS Ratio?
PS Ratio0.9x
Sales€2.53b
Market Cap€2.25b

Price to Sales Ratio vs Peers

How does ALTAP's PS Ratio compare to its peers?

The above table shows the PS ratio for ALTAP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average9.1x
UTG Unite Group
11.9x10.9%UK£4.3b
ESP Empiric Student Property
6.9x8.5%UK£566.3m
HOME Home Reit
11.5xn/aUK£300.8m
SOHO Triple Point Social Housing REIT
5.9x0.7%UK£241.6m
ALTAP Altarea
0.9x2.2%€2.2b

Price-To-Sales vs Peers: ALTAP is good value based on its Price-To-Sales Ratio (0.9x) compared to the peer average (8.7x).

Price to Sales Ratio vs Industry

How does ALTAP's PS Ratio compare vs other companies in the European Residential REITs Industry?

2 CompaniesPrice / SalesEstimated GrowthMarket Cap
Industry Avg.n/a5.9%
ALTAP Altarea
 0.9x2.2%US$2.49b
No. of Companies5PS0612182430+
2 CompaniesEstimated GrowthMarket Cap
Industry Avg.n/a30.0%
ALTAP Altarea
 0.9x86.0%US$2.49b
No more companies

Price-To-Sales vs Industry: ALTAP is good value based on its Price-To-Sales Ratio (0.9x) compared to the European Residential REITs industry average (9x).

Price to Sales Ratio vs Fair Ratio

What is ALTAP's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ALTAP PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.9x
Fair PS Ration/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate ALTAP's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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