Altarea SCA (ATRRF)
NEUTRALFundamental
44
Price
$98.70
Market Cap
$2.44B
Part 1 · What the company is worth
Overview
Altarea is a French real-estate group active in three main lines: building and selling new homes to individual buyers and institutional investors, owning and operating shopping centres that it leases to retailers, and developing offices, logistics warehouses and, more recently, data centres. Founded in 1994 around retail real estate, it has since expanded into large-scale urban redevelopment projects that combine housing, retail and offices on the same site.
How it makes money
The residential business recognizes revenue as new-build homes are sold and constructed, so it swings with buyer demand and interest rates — 2025 revenue there fell sharply as the French housing market stayed weak. The shopping-centre business earns steadier rental income from long leases with retailers. A smaller and newer line develops renewable-energy and data-centre projects, including a partnership on large data centres, which does not yet generate meaningful revenue.
Revenue by segment
Developing and selling new homes to individual buyers and institutional investors across France.
Rental income and service fees from owned and operated shopping centres, including large train-station retail sites.
Combines office and logistics development, early-stage renewable-energy and data-centre projects, and unallocated corporate items — a residual the press release does not split out line by line.
What drives demand
CyclicalResidential development revenue tracks buyer demand and mortgage rates closely: it fell about 17% in 2025 as the French new-build housing market stayed weak. The shopping-centre business is comparatively steadier, since it earns fixed rental income under multi-year leases rather than selling units.
The case for
Buyers argue that Altarea's combination of development expertise and a stable shopping-centre rental base lets it keep investing through housing downturns, and that expansion into data centres and renewable energy opens a new growth avenue beyond traditional real estate cycles.
The case against
Sellers fear that the residential division, still the largest part of revenue, is directly exposed to interest rates and French housing demand that can stay weak for years, and that new ventures in data centres are unproven and not yet contributing meaningful revenue.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
Generated on August 23, 2026 with claude-opus-5 — shared with all users
France's largest integrated residential developer, competing with Altarea's Cogedim for the same land plots, the same new-build homebuyers and the same institutional block sales across French cities.
The second-largest French housing developer, bidding for the same municipal urban-regeneration projects and mixed-use schemes that Altarea targets in the main metropolitan areas.
A French developer with the same mix of apartments and commercial property, selling to the same first-time buyers, investors and corporate tenants in the same regional markets.
The property arm of the Vinci group, competing head-on with Altarea on large French residential, office and managed-residence developments.
A shopping-centre landlord competing with Altarea Commerce for the same retail tenants and the same shopper catchment areas in France.
Balance Sheet & Liquidity
Revenue
$2.20B
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Net Income
$9M
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Free Cash Flow
$182M
Total Equity
$1.60B
Total Liabilities
$2.71B
Current Ratio
1.06
Interest Coverage
-
Debt/EBITDA
13.95
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$108.20
Current Price
$98.70
Margin of Safety
+8.8%
Fair Value Range
$74.41 - $141.98
Estimation Methods
Valuation Metrics
P/E Ratio
262.51
ROE
3.5%
P/B Ratio
1.40
P/FCF
13.38
Gross Margin
24.6%
ROIC
4.5%
Profitability Radar
Value Creation (Economic Moat)
ROIC
4.5%
WACC
5.1%
ROIC − WACC
-0.6 pp
ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.
Fundamental Analysis Criteria
Passed (8)
- P/FCF 13.38
- P/B Ratio 1.40
- Debt/Equity ratio
- Operating Margin 7.3%
- Positive Free Cash Flow
- Current Ratio
- Earnings Quality (OCF/NI) 33.85
- Net Margin Trend 0.4% vs 0.2%
Failed (11)
- Price CAGR -5.16%
- ROIC 4.5%
- Gross Margin 24.6%
- CapEx intensity
- Debt/EBITDA
- Price below Graham Number
- DCF valuation (Fairly valued)
- ROE 0.5%
- Revenue Growth 5Y -7.5%
- Analyst Consensus 9% Buy
- Piotroski F-Score 2/9
Unavailable (8)
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Earnings Surprise (Finnhub)
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
Piotroski F-Score
Serious financial concerns
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Alain Taravella | Founder, Chairman, President, Co-Manager & General Partner | 77 |
| Mr. Edward Rodolphe Paul Arkwright | Group CEO and President of History & Heritage | 51 |
| Mr. Eric Dumas | Chief Financial Officer | 53 |
| Stephane Franck | Director of Operations & Risk Management | - |
| Mr. Philippe Bouvier | Director of Investor Relations - Cogedim | 69 |
| Ms. Séverine Buffard | Marketing Director | - |
| Ms. Karine Marchand | Group Human Resources Director | - |
| Mr. Adrien Blanc | Chairman & President of Altarea Entreprise | 54 |
| Mr. Ludovic Castillo | CEO & Chm. of Mgmt. Board of Altarea Commerce, Chm. of Altarea Data Center and Renewable Energies | - |
| Mr. Frédéric Laloum | Chief Executive Officer of Retail & Leasing | - |
Audit Risk
7
Board Risk
8
Compensation Risk
7
Shareholder Rights Risk
9
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for ATRRF, sourced from Markets Gazette.