ALTAREA (ALTA) AI Stock Analysis

• Market Cap: €2.70B
• Dividend Yield: 7.34%
• Average Volume (3M): 13.46K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.70
• Revenue Growth: -4.87%
• EPS Growth: 97.55%
• Country: FR
• Employees: 2,129
• Sector: General
• Sector Strength: N/A
• Industry: REIT - Residential
• EPS (TTM): 0.43
• Shares Outstanding: 23,303,104
• 10 Day Avg. Volume: 7,912
• 30 Day Avg. Volume: 13,455
• PEG Ratio: -3.31
• Price to Book (P/B): 1.21
• Price to Sales (P/S): 0.76
• P/FCF Ratio: 5.13
• 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: €107.00
• Price Target Upside: -1.83% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 58 Neutral
• Price Target: €121.00 ▲(11.01% Upside)

ALTAREA's overall score is driven by a positive financial performance with improved profitability and cash flow. However, technical indicators suggest bearish momentum, and the negative P/E ratio raises valuation concerns. The high dividend yield is a positive aspect for income investors.

Positive Factors

Diversified development and asset management

ALTAREA's mix of property development, leasing and asset management across retail, office and residential creates multiple, complementary revenue streams. This diversification cushions cyclical real estate swings and supports recurring cash flow from leases and management fees over time.

Strong free cash flow recovery

A large rise in free cash flow materially improves funding flexibility for developments, debt service and shareholder distributions. Sustained FCF at this scale enables reinvestment in projects, potential deleveraging and steadier capital allocation even through real estate cycles.

Improving margins and profitability

Margin recovery to positive EBIT and higher gross margin indicates better project execution and cost control. Durable margin improvement supports sustainable net income generation, enhances return on equity and provides buffer against cyclical revenue dips in property development.

Negative Factors

Moderate leverage on balance sheet

A debt-to-equity ratio near 1.6 signals meaningful leverage for a development-heavy REIT. In downturns higher leverage raises refinancing and interest risk, restricting investment flexibility and increasing sensitivity to interest rates and cash flow variability over the medium term.

Slow and uneven revenue trends

Weak or inconsistent top-line growth constrains earnings leverage from margin gains and limits cash generation upside. For a developer/REIT, slower revenue growth signals project timing variability and potential demand softness, making long-term EPS and dividend expansion harder to sustain.

Exposure to investing/financing cash flow volatility

Reliance on development cycles and external financing creates cash flow volatility from investing and capital markets activity. Such fluctuations can disrupt project funding, dividend policy and debt management, posing persistent operational and liquidity risks over multiple quarters.

ALTAREA Business Overview & Revenue Model

Company Description

Altarea is the leading real estate developer from France. Both a developer and an investor, the Group is present in the three main real estate markets (Retail, Housing and Business real estate), enabling it to be the leader in major mixed urban renewal projects in France. For each of its activities, the Group has all the know-how to design, develop, market and manage tailor-made real estate products. Altarea is listed on compartment A of Euronext Paris and is part of the SBF 120 index.

How the Company Makes Money

ALTAREA generates revenue primarily through the development and sale of residential and commercial properties. The company engages in property development projects, which include acquiring land, obtaining necessary permits, and constructing buildings for sale or lease. A significant revenue stream comes from the leasing of retail and office spaces in their developed properties, providing a consistent income source. Additionally, ALTAREA benefits from asset management fees for managing real estate investments on behalf of third parties. Strategic partnerships with local governments and other stakeholders in urban development projects also play a crucial role in their earnings, as these collaborations often lead to favorable project opportunities and financial incentives.

ALTAREA Financial Statement Overview

Summary

ALTAREA shows a positive turnaround in 2024 with improved profitability and strong cash flow generation. The balance sheet is stable, though moderately leveraged. Continued focus on revenue growth and profitability is crucial.

Income Statement

ALTAREA's income statement shows a recovery in 2024 with a positive net income, reversing the loss from 2023. The gross profit margin improved to 21.8% from 20.2% in 2023, and the EBIT margin turned positive at 7.3%. However, the revenue growth rate was modest at 2.2%, suggesting slow growth. Despite positive trends, the company faces challenges with maintaining consistent profitability.

Balance Sheet

ALTAREA's balance sheet indicates stability with a debt-to-equity ratio of 1.62, reflecting manageable leverage. The return on equity (ROE) improved significantly to 0.36% in 2024 from negative in 2023, showing better utilization of shareholder funds. The equity ratio increased to 20.2%, indicating a stable capital structure, although reliance on debt remains notable.

Cash Flow

Cash flow analysis reveals strong free cash flow growth in 2024, with free cash flow surging to €400.4 million from €112.6 million in 2023. The operating cash flow to net income ratio is robust at 70.8, signaling efficient cash generation from operations. However, potential risks include fluctuating investing and financing cash flows.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.49B	2.71B	2.71B	3.03B	2.81B	3.07B
Gross Profit	585.60M	590.40M	465.90M	352.00M	351.80M	337.80M
EBITDA	252.90M	218.50M	-98.70M	397.70M	337.20M	356.60M
Net Income	-11.20M	6.10M	-472.90M	74.40M	72.20M	69.40M
Balance Sheet
Total Assets	7.84B	8.40B	8.34B	4.28B	4.48B	4.20B
Cash, Cash Equivalents and Short-Term Investments	357.70M	804.10M	713.10M	952.30M	1.63B	1.28B
Total Debt	2.51B	2.74B	2.68B	1.31B	1.69B	4.07B
Total Liabilities	4.88B	5.24B	5.12B	3.13B	3.40B	3.20B
Stockholders Equity	1.53B	1.69B	1.75B	1.10B	2.24B	949.80M
Cash Flow
Free Cash Flow	406.60M	400.40M	320.20M	-22.40M	33.70M	294.90M
Operating Cash Flow	432.70M	432.30M	330.50M	-20.60M	43.60M	312.90M
Investing Cash Flow	-59.30M	-20.70M	63.60M	-43.10M	-19.50M	12.70M
Financing Cash Flow	-474.90M	-301.50M	-438.80M	-504.60M	137.80M	172.80M

ALTAREA Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 109.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ALTA, the sentiment is Positive. The current price of 109 is below the 20-day moving average (MA) of 112.36, above the 50-day MA of 108.28, and above the 200-day MA of 102.75, indicating a bullish trend. The MACD of 1.78 indicates Negative momentum. The RSI at 64.78 is Neutral, neither overbought nor oversold. The STOCH value of 96.83 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:ALTA.

ALTAREA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CARM	80 Outperform	€2.29B	6.56	―	7.42%	16.69%	574.43%
GFC	69 Neutral	€5.73B	11.25	4.93%	6.39%	3.84%	―
COV	61 Neutral	€5.99B	14.25	5.11%	6.37%	8.36%	―
ALTA	58 Neutral	€2.70B	-225.63	-0.71%	7.34%	-4.87%	97.55%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
ICAD	52 Neutral	€1.57B	-8.40	-4.49%	20.25%	-6.91%	80.39%

ALTAREA Corporate Events

Altarea Details Activity and Resources of Its Share Liquidity Contract

Altarea reported the mid-year review of its share liquidity contract with Rothschild Martin Maurel, disclosing that the dedicated account held €1.99 million in cash as of 31 December 2025 and detailing substantial volumes of share buy and sell transactions executed in the second half of 2025. The figures, which also reference the initial resources allocated when the contract was launched in December 2024 and the evolution of the account over 2025, underscore the group’s ongoing use of an AMF-recognised market practice to support the liquidity and orderly trading of its stock, a key consideration for investors in a volatile equity environment.

The most recent analyst rating on (FR:ALTA) stock is a Hold with a EUR107.00 price target. To see the full list of analyst forecasts on ALTAREA stock, see the FR:ALTA Stock Forecast page.