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Altarea

CR 		Bloomberg   ALTA FP
Retail - Property  /  France  Web Site   |   Investors Relation
Gradual recovery starting in 2025?
Pros
  • Altarea has swiftly adapted to the French residential development crisis since 2022, maintaining resilience in a now stabilising environment.
  • The company's largely hedged debt offers time and flexibility to manage the balance sheet and FFO effectively, allowing Altarea to support a potentially gradual recovery in the residential market.
  • Altarea, with its entrepreneurial management since inception, can capitalise on opportunities across the real estate market, both within and beyond its traditional operations.
Cons
  • The outlook for Residential Development in 2025 largely depends on long-term interest rate trends. Since 2023, the dividend has surpassed the annual distribution capacity.
  • Management anticipates FFO to triple from 2023 to 2028. However, due to the continued low activity in Tertiary Development, we believe it is premature to confirm this forecast.
  • Limited public information hinders forming a precise opinion on the group's share of debt. Altarea operates as a partnership ("commandite") with a free float of just 20%.
Updates
05/05/25 Initiation cov.Gradual recovery starting in 2025?
Key Data
Target
Upside -1.69%
Price (€) 97.75
Target Price (€) 96.1
Market Cap (€M) 2,232
Perf. 1W: -3.98%
Perf. 1M: 8.30%
Perf. 3M: -7.08%
Perf Ytd: 1.40%
10 day relative perf. to stoxx600: -7.56%
20 day relative perf. to stoxx600: -7.34%
Key Indicators