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1. Company Snapshot

1.a. 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.

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1.b. Last Insights on ALTA

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1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Altarea (ENXTPA:ALTA) Valuation: Is the Market Overlooking Hidden Value?

Sep -24

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Société Foncière Lyonnaise (ENXTPA:FLY): Assessing Valuation After a Year of Solid Share Price Gains

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.17%)

6. Segments

Housing

Expected Growth: 4.83%

Altarea SCA's 4.83% growth in Housing segment is driven by increasing demand for affordable housing, urbanization, and government incentives for first-time homebuyers. Additionally, the company's strategic expansion into new regions and diversification of its product offerings have contributed to its growth.

Trade

Expected Growth: 8.37%

Altarea SCA's 8.37% growth is driven by strong demand for commercial and residential properties, strategic acquisitions, and effective cost management. The company's diversified portfolio, including offices, shopping centers, and housing, provides a stable source of income. Additionally, Altarea's focus on urban regeneration projects and sustainable development contributes to its growth momentum.

Corporate Real Estate

Expected Growth: 4.83%

Altarea SCA's Corporate Real Estate segment growth of 4.83% is driven by increasing demand for office spaces in prime locations, strategic acquisitions, and a strong pipeline of development projects. Additionally, the company's focus on sustainable and innovative properties, as well as its ability to attract and retain high-quality tenants, contribute to its growth momentum.

New Activities

Expected Growth: 8.37%

Altarea SCA's 8.37% growth driven by strategic expansion into new markets, successful integration of recent acquisitions, and strong demand for its diversified real estate offerings, including residential, commercial, and office spaces. Additionally, the company's focus on sustainable development and innovative projects has attracted environmentally conscious investors, contributing to its growth momentum.

Other (Corporate)

Expected Growth: 4.63%

Altarea SCA's Other (Corporate) segment growth of 4.63% is driven by strategic diversification, cost optimization, and effective capital allocation. The company's focus on mixed-use developments, urban regeneration projects, and expansion into new markets also contribute to its growth. Additionally, Altarea's strong brand reputation, efficient operations, and solid financial position support its ability to capitalize on emerging opportunities.

7. Detailed Products

Office Real Estate

Altarea SCA develops and manages office buildings, providing high-quality workspaces for businesses and entrepreneurs.

Retail Real Estate

Altarea SCA creates and manages shopping centers, retail parks, and high-street stores, offering a range of retail spaces for various brands and retailers.

Residential Real Estate

Altarea SCA develops and manages residential properties, including apartments, houses, and senior living facilities, catering to diverse housing needs.

Tourism and Leisure

Altarea SCA invests in and operates hotels, resorts, and leisure facilities, providing unique experiences for tourists and travelers.

Healthcare Real Estate

Altarea SCA develops and manages healthcare facilities, including hospitals, clinics, and medical offices, supporting the healthcare industry.

8. Altarea SCA's Porter Forces

Forces Ranking

Threat Of Substitutes

Altarea SCA operates in a sector where substitutes are available, but they are not very attractive to customers. This is because the company's products and services are highly specialized and tailored to specific customer needs.

Bargaining Power Of Customers

Altarea SCA's customers have limited bargaining power due to the company's strong brand reputation and the lack of alternative suppliers.

Bargaining Power Of Suppliers

Altarea SCA's suppliers have some bargaining power due to the company's dependence on a few key suppliers. However, the company's strong relationships with suppliers mitigate this risk.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the sector, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The real estate sector is highly competitive, with many established players competing for market share. Altarea SCA must differentiate itself through its products and services to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 61.28%
Debt Cost 3.95%
Equity Weight 38.72%
Equity Cost 9.54%
WACC 6.11%
Leverage 158.29%

11. Quality Control: Altarea SCA passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Growth: 9.7

Quality: 6.4

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Momentum: 6.0

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A-Score: 4.8/10

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Altarea

A-Score: 4.8/10

Value: 6.8

Growth: 3.8

Quality: 2.3

Yield: 5.0

Momentum: 5.0

Volatility: 6.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

102.8$

Current Price

102.8$

Potential

-0.00%

Expected Cash-Flows