Allreal Holding AG (ALLN) AI Stock Analysis

• Market Cap: CHF3.87B
• Dividend Yield: 3.45%
• Average Volume (3M): 18.82K
• Price to Earnings (P/E): 17.8
• Beta (1Y): 0.13
• Revenue Growth: 6.79%
• EPS Growth: 196.21%
• Country: CH
• Employees: 216
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Services
• EPS (TTM): 6.21
• Shares Outstanding: 16,592,821
• 10 Day Avg. Volume: 17,422
• 30 Day Avg. Volume: 18,816
• PEG Ratio: 4.10
• Price to Book (P/B): 1.23
• Price to Sales (P/S): 7.72
• P/FCF Ratio: 21.56
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: CHF207.80
• Price Target Upside: -11.76% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): 7.88
• Revenue Forecast (FY): CHF273.68M

• Rating: 71 Outperform
• Price Target: CHF260.00 ▲(10.40% Upside)
• Action: Reiterated Date: 03/03/26
• Date: Action: Reiterated 03/03/26

The score is driven primarily by solid financial performance—especially the strong earnings rebound and high recent profitability—tempered by leverage and historically inconsistent cash conversion. Technicals add support due to a clear uptrend and positive momentum signals, while valuation is neutral-to-slightly supportive given a mid-range P/E and a moderate dividend yield.

Positive Factors

High profitability rebound

A sustained earnings rebound and roughly 50% net margin materially strengthen Allreal's ability to fund development and maintenance internally. Durable high margins provide cushion against cyclical rent or sales dips and support reinvestment, dividends, and balance-sheet repair over the medium term.

Improving free cash flow

Free cash flow converging with reported earnings in 2025 indicates improving cash quality and reduced reliance on external financing for projects. Strong FCF supports capital expenditures, lowers refinancing needs, and enhances resilience to interest-rate cycles across a 2–6 month horizon and beyond.

Diversified revenue model

Multiple income streams—development profits, recurring rental management income and construction contracts—smooth revenue volatility and create cross-selling scale. This balanced model reduces dependence on one cycle (sales vs rents) and supports long-term value creation and project pipeline visibility.

Negative Factors

Meaningful leverage

Debt roughly equal to equity leaves the firm sensitive to refinancing risk and interest-rate moves. For a developer/operator, leverage amplifies returns but increases downside in valuation-sensitive markets and can constrain strategic flexibility if rates rise or refinancing windows tighten.

Volatile cash conversion

Inconsistent conversion of earnings to cash—driven by working-capital swings or timing—reduces predictability for dividends and reinvestment. Structural variability in cash flow complicates long-term planning for development projects and increases reliance on short-term liquidity buffers.

Uneven revenue and modest ROE

An uneven top-line trajectory coupled with mid-single-digit ROE limits the firm's ability to sustainably compound shareholder returns. Modest returns relative to sector risk suggest constrained profitability power once leverage and market cycles are considered, tempering long-term upside.

Allreal Holding AG Business Overview & Revenue Model

Company Description

Allreal Holding AG, through its subsidiaries, operates as a real estate company in Switzerland. It operates through two divisions, Real Estate and Projects & Development. The Real Estate division invests in residential and commercial properties. This division also provides various real estate services, such as portfolio management, and real estate and building management. The Projects & Development division provides project development, real estate consultancy, and contract administration services. This division engages in the development, realization, purchase, and sale of real estate. Allreal Holding AG was founded in 1999 and is based in Baar, Switzerland.

How the Company Makes Money

Allreal generates revenue through several key streams. Primarily, the company earns money from the development and sale of residential and commercial properties, where it capitalizes on its expertise in real estate development. Additionally, Allreal derives significant income from its property management services, managing a diverse portfolio of properties that provide stable rental income. The company also engages in construction services, which contribute to its revenue through contracts for building projects. Strategic partnerships with municipal and private entities enhance its market reach and project opportunities, further solidifying its financial performance. Overall, Allreal's diversified revenue model allows for a balanced approach to income generation, combining development profits with ongoing rental and management revenues.

Allreal Holding AG Financial Statement Overview

Summary

Strong recent profitability with a sharp earnings rebound in 2024–2025 and very high latest net margin (~50%). Offsetting this, revenue has been uneven over 2022–2025 and cash flow conversion has been volatile historically, while leverage remains meaningful (debt-to-equity ~1.0), increasing sensitivity to financing conditions.

Income Statement

Profitability is a clear strength: the latest annual period shows very high profit conversion (net margin ~50%) with strong operating profitability. After a weaker 2023 (notably lower net margin), earnings rebounded sharply in 2024–2025, while revenue has been relatively stable with modest growth in 2025 following declines in 2022–2024. Key watchout is the uneven top-line trajectory and year-to-year volatility in profitability.

Balance Sheet

Leverage is meaningful but appears manageable for the sector: debt is roughly in line with equity (debt-to-equity ~1.0 across most years) and equity has trended modestly higher. Returns on equity are steady around ~7–8% in the last two years after a weak 2023, suggesting improved earnings quality, but the balance sheet remains debt-heavy, leaving sensitivity to property valuations, refinancing conditions, and interest rates.

Cash Flow

Free cash flow is a positive, with 2025 free cash flow roughly matching net income and showing a strong jump versus 2024. However, cash generation versus accounting earnings has been inconsistent across the period (particularly weak in 2023–2024), indicating potential working-capital swings or timing effects. Overall cash flow quality is improving, but the multi-year volatility keeps the score moderate.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	436.70M	420.00M	428.30M	502.00M	552.90M
Gross Profit	229.70M	236.90M	228.50M	239.60M	228.50M
EBITDA	312.10M	314.80M	119.20M	185.70M	183.80M
Net Income	219.30M	211.40M	65.20M	154.70M	182.60M
Balance Sheet
Total Assets	6.00B	5.88B	5.72B	5.69B	5.80B
Cash, Cash Equivalents and Short-Term Investments	5.40M	4.10M	12.60M	14.10M	73.40M
Total Debt	2.67B	2.70B	2.69B	2.61B	2.73B
Total Liabilities	3.25B	3.24B	3.18B	3.09B	3.25B
Stockholders Equity	2.75B	2.64B	2.55B	2.60B	2.56B
Cash Flow
Free Cash Flow	156.30M	81.50M	18.40M	154.90M	164.20M
Operating Cash Flow	156.50M	85.10M	25.00M	159.60M	164.40M
Investing Cash Flow	-14.50M	14.40M	6.30M	12.60M	-181.70M
Financing Cash Flow	-141.00M	-107.80M	-32.80M	-231.50M	50.20M

Allreal Holding AG Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 235.50
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:ALLN, the sentiment is Positive. The current price of 235.5 is above the 20-day moving average (MA) of 230.62, above the 50-day MA of 218.29, and above the 200-day MA of 195.29, indicating a bullish trend. The MACD of 4.52 indicates Positive momentum. The RSI at 66.25 is Neutral, neither overbought nor oversold. The STOCH value of 76.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:ALLN.

Allreal Holding AG Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
WARN	72 Outperform	CHF640.41M	18.46	6.89%	3.61%	3.38%	111.64%
ALLN	71 Outperform	CHF3.87B	17.77	9.87%	3.45%	6.79%	196.21%
PLAN	70 Outperform	CHF902.52M	16.33	7.56%	2.16%	27.85%	89.97%
SPSN	68 Neutral	CHF11.61B	30.60	5.24%	2.83%	-6.88%	90.76%
NREN	68 Neutral	CHF442.43M	14.39	―	3.52%	45.30%	823.48%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
PSPN	63 Neutral	CHF7.62B	18.61	―	2.74%	-1.14%	46.84%