Altarea is the leading property developer in France.
6 star dividend payer and undervalued.
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: ATRR.F's share price has been volatile over the past 3 months.
7 Day Return
1 Year Return
Return vs Industry: ATRR.F underperformed the US REITs industry which returned -10.1% over the past year.
Return vs Market: ATRR.F underperformed the US Market which returned 9.9% over the past year.
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
No news available
Is Altarea undervalued compared to its fair value and its price relative to the market?
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: ATRR.F ($114.78) is trading below our estimate of fair value ($182.97)
Significantly Below Fair Value: ATRR.F is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: ATRR.F is good value based on its PE Ratio (9.2x) compared to the REITs industry average (27.4x).
PE vs Market: ATRR.F is good value based on its PE Ratio (9.2x) compared to the US market (15.7x).
Price to Earnings Growth Ratio
PEG Ratio: ATRR.F is poor value based on its PEG Ratio (7.2x)
Price to Book Ratio
PB vs Industry: ATRR.F is good value based on its PB Ratio (1x) compared to the US REITs industry average (1.3x).
How is Altarea forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: ATRR.F's forecast earnings growth (1.3% per year) is below the savings rate (2.2%).
Earnings vs Market: ATRR.F's earnings (1.3% per year) are forecast to grow slower than the US market (22% per year).
High Growth Earnings: ATRR.F's earnings are forecast to grow, but not significantly.
Revenue vs Market: ATRR.F's revenue (8.2% per year) is forecast to grow slower than the US market (8.8% per year).
High Growth Revenue: ATRR.F's revenue (8.2% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: ATRR.F's Return on Equity is forecast to be low in 3 years time (13.6%).
How has Altarea performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: ATRR.F has a large one-off gain of €72.7M impacting its December 31 2019 financial results.
Growing Profit Margin: ATRR.F's current net profit margins (7.6%) are lower than last year (10.7%).
Past Earnings Growth Analysis
Earnings Trend: ATRR.F's earnings have grown by 12.9% per year over the past 5 years.
Accelerating Growth: ATRR.F's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: ATRR.F had negative earnings growth (-7.4%) over the past year, making it difficult to compare to the REITs industry average (5.3%).
Return on Equity
High ROE: ATRR.F's Return on Equity (7.1%) is considered low.
How is Altarea's financial position?
Financial Position Analysis
Short Term Liabilities: ATRR.F's short term assets (€3.6B) exceed its short term liabilities (€2.9B).
Long Term Liabilities: ATRR.F's short term assets (€3.6B) exceed its long term liabilities (€2.8B).
Debt to Equity History and Analysis
Debt Level: ATRR.F's debt to equity ratio (113.9%) is considered high.
Reducing Debt: ATRR.F's debt to equity ratio has increased from 106.4% to 113.9% over the past 5 years.
Debt Coverage: ATRR.F's debt is not well covered by operating cash flow (8.9%).
Interest Coverage: ATRR.F's interest payments on its debt are well covered by EBIT (4x coverage).
What is Altarea's current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: ATRR.F's dividend (9.8%) is higher than the bottom 25% of dividend payers in the US market (1.69%).
High Dividend: ATRR.F's dividend (9.8%) is in the top 25% of dividend payers in the US market (4.54%)
Stability and Growth of Payments
Stable Dividend: ATRR.F's dividends per share have been stable in the past 10 years.
Growing Dividend: ATRR.F's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (33%), ATRR.F's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: ATRR.F's dividends in 3 years are forecast to be thoroughly covered by earnings (4.3% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Jacques Ehrmann (59yo)
Mr. Jacques Dominique Ehrmann serves as General Manager of Altafi 2 at Altareit SCA since July 01 2019. He was Chairman of the Board and Chief Executive Officer of Carmila S.A. from April 17, 2014 to June ...
|Founder||no data||no data||20.99% €511.6m|
|Managing Director||0.92yr||€1.60m||0.15% €3.7m|
|Chief Financial Officer||no data||no data||no data|
|Chief Executive Officer of Operation & Risk Management||3.58yrs||no data||no data|
|Investments Director||no data||no data||no data|
|Finance & Accounting Director||3.58yrs||no data||no data|
|Group Technical Director||3.25yrs||no data||no data|
|Director of Investor Relations - Cogedim||no data||no data||no data|
|Analyst & Investor Relations||no data||no data||no data|
|Head of CSR||no data||no data||no data|
Experienced Management: ATRR.F's management team is considered experienced (3.6 years average tenure).
|Founder||no data||no data||20.99% €511.6m|
|Chairwoman of Cogedim Paris Métropole||no data||no data||no data|
|Chairman & CEO of Pitch Promotion Group||no data||no data||no data|
|Chairman of the Supervisory Board||6yrs||€275.00k||1.34% €32.6m|
|Independent & Representative Member of Supervisory Board||4.58yrs||€15.00k||no data|
|Supervisory Board Member||13yrs||€9.00k||0.055% €1.3m|
|Chairman of Altarea Cogedim Entreprise||2.42yrs||€3.00k||no data|
|Supervisory Board Member||1.33yrs||€106.00k||0.043% €1.0m|
|Supervisory Board Member||11.08yrs||no data||0.000050% €1.2k|
|Independent Supervisory Board Member||11.08yrs||€19.50k||0.000080% €1.9k|
Experienced Board: ATRR.F's board of directors are considered experienced (6 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 4.8%.
Altarea SCA's company bio, employee growth, exchange listings and data sources
- Name: Altarea SCA
- Ticker: ATRR.F
- Exchange: OTCPK
- Founded: 1994
- Industry: Retail REITs
- Sector: Real Estate
- Market Cap: €2.192b
- Listing Market Cap: €2.437b
- Shares outstanding: 16.53m
- Website: https://www.altareacogedim.com
Number of Employees
- Altarea SCA
- 8 avenue Delcassé
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|ALTA||ENXTPA (Euronext Paris)||Yes||Common Shares||FR||EUR||Dec 2004|
|0IRK||LSE (London Stock Exchange)||Yes||Common Shares||GB||EUR||Dec 2004|
|ALTAP||BATS-CHIXE (BATS 'Chi-X Europe')||Yes||Common Shares||GB||EUR||Dec 2004|
|ATRR.F||OTCPK (Pink Sheets LLC)||Yes||Common Shares||US||USD||Dec 2004|
|XAL||BST (Boerse-Stuttgart)||Yes||Common Shares||DE||EUR||Dec 2004|
Altarea 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 Business property), 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 managed assets of €5.2 billion (€2.9 billion in Group share) as of 31 December 2019. Listed in Compartment A of Euronext Paris, Altarea had a market capitalisation of nearly €3.4 billion at 31 December 2019.
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2020/06/01 05:59|
|End of Day Share Price||2020/05/29 00:00|
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.