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ARGAN SA
(ARG)
Select Model
Select Model
Rating:74Outperform
Price Target:
€84.00
▲(11.70% Upside)
Action:Upgraded
Date:07/25/26
The score is driven primarily by attractive valuation (low P/E and strong dividend yield) and solid recent financial performance with improving leverage. These positives are tempered by high historical earnings volatility and weaker cash-flow cushion in 2025, while technicals show strong momentum but an overbought setup that increases near-term risk.
Positive Factors
Recurring rental business model
ARGAN's core model mixes development margins with recurring rental income backed by long-term commercial leases. This provides durable cash-flow visibility when occupancy is high, supports predictable asset-backed earnings, and aligns incentives for steady portfolio growth over multi-year horizons.
Negative Factors
Earnings volatility
Historic swings, including a large 2023 loss, show development and revaluation cycles materially affect reported earnings. This lumpy profit pattern complicates forecasting, makes cash-flow reliability less certain, and raises earnings sensitivity to project timing and market valuation shifts.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring rental business model
ARGAN's core model mixes development margins with recurring rental income backed by long-term commercial leases. This provides durable cash-flow visibility when occupancy is high, supports predictable asset-backed earnings, and aligns incentives for steady portfolio growth over multi-year horizons.
Read all positive factors
ARGAN SA (ARG) vs. iShares MSCI France ETF (EWQ)
Market Cap
€1.95B
Dividend Yield4.55%
Average Volume (3M)29.21K
Price to Earnings (P/E)7.3
Beta (1Y)0.72
Revenue Growth4.56%
EPS Growth-9.69%
CountryFR
Employees28
SectorGeneral
Sector StrengthN/A
IndustryREIT - Industrial
Share Statistics
EPS (TTM)10.32
Shares Outstanding25,766,940
10 Day Avg. Volume20,872
30 Day Avg. Volume29,211
Financial Highlights & Ratios
PEG Ratio-1.76
Price to Book (P/B)0.70
Price to Sales (P/S)6.72
P/FCF Ratio9.02
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€77.50Price Target Upside3.06% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)5.72
Revenue Forecast (FY)€221.88M
ARGAN SA Business Overview & Revenue Model
Company Description
Argan SA is a French company dedicated to the comprehensive development and operation of logistics infrastructure, encompassing everything from design and construction to ownership, leasing, and management. Additionally, the company is involved in...
How the Company Makes Money
ARGAN SA primarily makes money from (1) developing logistics real estate projects and monetizing them through rental income when assets are retained in its property portfolio and leased to tenants under commercial leases, and (2) development-relat...
ARGAN SA Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
64
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 258.23M | 251.60M | 238.97M | 220.78M | 197.92M | 185.67M |
| Gross Profit | 221.29M | 214.80M | 200.89M | 180.63M | 161.10M | 153.63M |
| EBITDA | 375.83M | 292.44M | 295.55M | -222.97M | 150.25M | 147.41M |
| Net Income | 268.21M | 245.19M | 245.70M | -263.45M | 95.09M | 668.11M |
Balance Sheet | ||||||
| Total Assets | 4.89B | 4.36B | 4.26B | 4.07B | 4.44B | 4.50B |
| Cash, Cash Equivalents and Short-Term Investments | 320.47M | 27.58M | 85.69M | 51.96M | 169.25M | 523.16M |
| Total Debt | 2.21B | 1.79B | 1.87B | 2.01B | 2.04B | 2.21B |
| Total Liabilities | 2.37B | 1.91B | 2.00B | 2.15B | 2.18B | 2.34B |
| Stockholders Equity | 2.48B | 2.41B | 2.23B | 1.89B | 2.22B | 2.13B |
Cash Flow | ||||||
| Free Cash Flow | 183.57M | 187.51M | 173.52M | 186.15M | 135.76M | 48.20M |
| Operating Cash Flow | 186.33M | 198.97M | 173.68M | 186.29M | 135.92M | 172.19M |
| Investing Cash Flow | -157.50M | -74.94M | -34.77M | -161.19M | -246.29M | -68.95M |
| Financing Cash Flow | 259.33M | -182.60M | -105.16M | -142.45M | -243.58M | 382.49M |
ARGAN SA Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | €1.95B | 7.34 | 11.40% | 4.59% | 4.56% | -9.69% | |
70 Outperform | €135.91M | 7.98 | 6.91% | 6.14% | -18.85% | 19.87% | |
66 Neutral | €4.27B | 30.37 | 6.65% | 1.67% | 12.18% | 2.47% | |
59 Neutral | €1.03B | 8.77 | 10.30% | 5.16% | 7.76% | 18.31% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | €2.49B | -27.29 | -9.17% | 8.15% | -20.40% | ― |
* General Sector Average
FR:ARG
ARGAN SA
74.90
12.26
19.56%
FR:ALTA
ALTAREA
101.00
-0.33
-0.32%
FR:BAIN
Monte-Carlo Societe des Bains de Mer
139.00
36.67
35.84%
FR:CBOT
CBO TERRITORIA
3.90
0.46
13.41%
FR:CFI
Compagnie Fonciere Internationale
1.25
0.52
71.70%
FR:CDA
Compagnie des Alpes
20.80
-1.31
-5.92%
ARGAN SA Corporate Events
ARGAN Put on Positive CreditWatch by S&P After Planned WDP Merger
Jul 27, 2026
Standard Poor’s has placed ARGAN’s BBB- issuer credit rating on Positive CreditWatch following the announced merger with Belgian logistics real estate group WDP. The rating agency signaled a potential upgrade to BBB once the transacti...
ARGAN Suspends Liquidity Contract as It Advances Proposed Merger with WDP
Jul 24, 2026
ARGAN has suspended the execution of its liquidity contract managed by Oddo BHF following the announcement of its proposed merger with logistics real estate peer WDP, in line with regulatory requirements for such agreements. The company also set o...
ARGAN and WDP in €13bn merger to forge European logistics champion
Jul 23, 2026
ARGAN and Belgian logistics landlord WDP have agreed a friendly share‑for‑share merger that will create one of Europe’s largest logistics property platforms, with €13 billion in assets, €700 million in annualised rent...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.