ALTAREA (ALTA) AI Stock Analysis

• Market Cap: €2.57B
• Dividend Yield: 7.34%
• Average Volume (3M): 13.46K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.84
• Revenue Growth: -4.87%
• EPS Growth: 97.55%
• Country: FR
• Employees: 2,129
• Sector: General
• Sector Strength: N/A
• Industry: REIT - Residential
• EPS (TTM): -0.05
• Shares Outstanding: 23,303,104
• 10 Day Avg. Volume: 7,912
• 30 Day Avg. Volume: 13,455
• PEG Ratio: 10.73
• Price to Book (P/B): 1.52
• Price to Sales (P/S): 1.19
• P/FCF Ratio: -65.26
• 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: -9.48% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): 7.38
• Revenue Forecast (FY): €2.68B

• Rating: 58 Neutral
• Price Target: €123.00 ▲(4.06% Upside)
• Action: Reiterated Date: 10/28/25
• Date: Action: Reiterated 10/28/25

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

Recurring leasing & asset management revenue

ALTAREA's mix of leasing income and asset-management fees provides recurring cash flows that are less cyclical than development sales. Over 2–6 months this steadier revenue base supports liquidity, funds ongoing operations and reduces reliance on one-off property disposals to cover commitments.

Urban development / public partnerships

The company's emphasis on mixed‑use, sustainable urban regeneration and formal ties with local governments improves project access and permitting. These structural relationships lower execution risk, enhance pipeline visibility and favor long-term project wins versus developers without such local anchoring.

Decent historical operating margins

EBITDA margins in the mid‑single digits historically provide an operational buffer to cover fixed costs and interest, supporting cash generation from core assets. Sustained operating profitability underpins the ability to fund development working capital and some capital expenditure despite volatile net income.

Negative Factors

Declining revenue trend

A falling top line and a sharp 2025 drop reduce internal funding for new projects and increase reliance on asset sales or external financing. Over months this compresses operational flexibility, weakens bargaining power with partners and can force project delays or margin concessions on future contracts.

Elevated and rising leverage

Significantly higher leverage increases refinancing and interest rate risk, constraining capacity to pursue development opportunities. With leverage up materially since 2021, the company is more exposed to cycle downturns and has less flexibility to absorb cash-flow shocks or fund growth from internally generated capital.

Thin, volatile net profitability

Very low and inconsistent net profits mean little cushion to absorb operational or market setbacks and raise questions about dividend and reinvestment sustainability. Persistent volatility undermines confidence in earnings quality and makes long‑term planning and deleveraging more difficult.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.08B	2.71B	2.71B	3.03B	2.81B
Gross Profit	497.00M	590.40M	465.90M	352.00M	351.80M
EBITDA	177.30M	218.50M	-98.70M	397.70M	337.20M
Net Income	8.40M	6.10M	-472.90M	74.40M	72.20M
Balance Sheet
Total Assets	7.96B	8.40B	8.34B	4.28B	4.48B
Cash, Cash Equivalents and Short-Term Investments	383.50M	804.10M	713.10M	952.30M	1.63B
Total Debt	2.58B	2.74B	2.68B	1.31B	1.69B
Total Liabilities	4.88B	5.24B	5.12B	3.13B	3.40B
Stockholders Equity	1.64B	1.69B	1.75B	1.10B	2.24B
Cash Flow
Free Cash Flow	-38.10M	400.40M	320.20M	-22.40M	33.70M
Operating Cash Flow	66.40M	432.30M	330.50M	-20.60M	43.60M
Investing Cash Flow	-186.30M	-20.70M	63.60M	-43.10M	-19.50M
Financing Cash Flow	-277.80M	-301.50M	-438.80M	-504.60M	137.80M

ALTAREA Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 118.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ALTA, the sentiment is Negative. The current price of 118.2 is below the 20-day moving average (MA) of 118.62, above the 50-day MA of 117.59, and above the 200-day MA of 107.00, indicating a neutral trend. The MACD of -1.08 indicates Positive momentum. The RSI at 37.74 is Neutral, neither overbought nor oversold. The STOCH value of 36.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:ALTA.

ALTAREA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CARM	71 Outperform	€2.38B	12.87	―	7.42%	16.69%	574.43%
COV	61 Neutral	€5.98B	8.50	5.11%	6.37%	8.36%	―
GFC	59 Neutral	€4.97B	13.36	4.93%	6.39%	3.84%	―
ALTA	58 Neutral	€2.57B	-453.64	-0.71%	7.34%	-4.87%	97.55%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
ICAD	51 Neutral	€1.47B	-13.56	-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.