Altareit SCA (AREIT.PA) Bundle
Facing a sharp top-line wobble-first-half 2025 revenue slid to €859.80 million, down 27.94% year-over-year and with TTM revenue at €2.34 billion-Altareit SCA's financial snapshot mixes operating scale and stress: the group posts a TTM net loss of €58.60 million with a negative EPS of €33.52, a market capitalization of €945.14 million (P/S 0.40) and a stock price steady at €530.00 (up 9.57% over 52 weeks but down 2.83% as of December 12, 2025); balance-sheet metrics show total assets of €3.18 billion, total debt of €695.70 million (debt/equity 1.11, net debt/equity 67.5%), modest liquidity (current ratio 1.22, quick ratio 0.63, cash €188.30 million), strained interest coverage at 0.56 and operating cash flow covering debt at 34.4%, while valuation reads EV €1.61 billion with EV/EBITDA 41.07 and EV/FCF 8.78 and a fair-value band of €599.02-€1,573.18-data that raise clear questions about profitability (ROE -6.25%, ROA 0.43%, ROIC 0.83%) even as revenue per employee (~€1.58 million), a diversified real-estate portfolio and major mixed-use projects signal potential growth levers for investors to probe further.
Altareit SCA (AREIT.PA) - Revenue Analysis
Altareit SCA reported a challenging top-line performance in recent periods, with marked declines in interim and trailing results despite a roughly flat full-year 2024 outcome. Key headline figures and context follow.- H1 2025 revenue: €859.80 million (down 27.94% vs H1 2024).
- TTM revenue: €2.34 billion (down 7.62% year-over-year).
- FY 2024 revenue: €2.61 billion (up 0.15% vs FY 2023).
- Revenue per employee: ≈ €1.58 million (total employees: 1,510).
- Market capitalization: €945.14 million; P/S ratio: 0.40.
- Share price: €530.00 (as of December 19, 2025).
| Metric | Value | Change / Notes |
|---|---|---|
| H1 2025 Revenue | €859.80M | -27.94% vs H1 2024 |
| Trailing 12 Months Revenue | €2.34B | -7.62% YoY |
| FY 2024 Revenue | €2.61B | +0.15% vs FY 2023 |
| Revenue per Employee | €1.58M | Based on 1,510 employees |
| Market Capitalization | €945.14M | Implied valuation vs sales (P/S 0.40) |
| Share Price | €530.00 | Price as of 19 Dec 2025 |
- The steep H1 2025 decline suggests near-term operational headwinds or portfolio-level disposals impacting recognized revenue.
- A TTM decline smaller than the H1 drop indicates stronger earlier-period revenue (e.g., 2024 and H2 2024) partially offsetting recent weakness.
- Low P/S (0.40) and market cap below annual revenue point to a subdued market valuation relative to sales; investors should assess asset mix, recurring vs. one-off revenue, and cash flow conversion.
Altareit SCA (AREIT.PA) - Profitability Metrics
Altareit SCA reported a trailing twelve months net loss of €58.60 million, producing a negative earnings per share (EPS) of €33.52. Profitability ratios indicate material weakness in generating returns for shareholders and in covering financing costs.- Net loss (TTM): €58.60 million
- EPS (TTM): -€33.52
- Return on Equity (ROE): -6.25%
- Return on Assets (ROA): 0.43%
- Return on Invested Capital (ROIC): 0.83%
- Interest Coverage Ratio: 0.56
- Net Profit Margin: Negative (loss-making)
- Effective Tax Rate: N/A (net loss)
| Metric | Value | Interpretation |
|---|---|---|
| Net Income (TTM) | -€58.60M | Company is loss-making over the last 12 months |
| EPS (TTM) | -€33.52 | Negative earnings per share |
| ROE | -6.25% | Loss relative to shareholders' equity |
| ROA | 0.43% | Low asset-level profitability |
| ROIC | 0.83% | Low return on invested capital |
| Interest Coverage | 0.56 | Earnings insufficient to cover interest expense |
| Net Profit Margin | Negative | Revenues do not translate to positive net profits |
| Effective Tax Rate | N/A | Not applicable due to net loss |
- Low ROA and ROIC (0.43% and 0.83%) imply limited operating efficiency and capital allocation effectiveness despite the asset base.
- ROE at -6.25% signals erosion of shareholder value in the period measured.
- Interest coverage of 0.56 highlights potential liquidity/servicing stress-operating income covers only about half of interest obligations.
Altareit SCA (AREIT.PA) - Debt vs. Equity Structure
Altareit SCA's capital structure shows a heavier reliance on debt than equity, with total assets of €3.18 billion financed by total liabilities of €2.43 billion and equity of €751.40 million. The headline debt-to-equity ratio of 1.11 indicates debt slightly exceeds equity, while net debt-to-equity at 67.5% (considered high) highlights meaningful leverage after accounting for cash and equivalents.- Total debt: €695.70 million
- Total equity: €751.40 million
- Total assets: €3.18 billion
- Total liabilities: €2.43 billion
- Debt-to-equity ratio: 1.11
- Net debt-to-equity ratio: 67.5%
- Interest coverage ratio: 0.56
- Operating cash flow coverage of debt: 34.4%
| Metric | Value | Interpretation |
|---|---|---|
| Total Debt | €695.70m | Absolute borrowings on the balance sheet |
| Total Equity | €751.40m | Shareholders' capital cushion |
| Total Assets | €3.18bn | Scale of the balance sheet |
| Total Liabilities | €2.43bn | All on- and off-balance obligations |
| Debt-to-Equity | 1.11 | Debt higher than equity |
| Net Debt-to-Equity | 67.5% | High leverage after cash adjustments |
| Interest Coverage | 0.56 | Earnings insufficient to cover interest |
| Operating Cash Flow Coverage of Debt | 34.4% | Operating cash covers ~one-third of debt annually |
- Liquidity pressure: interest coverage of 0.56 implies current EBIT is not enough to meet interest-raising refinancing or profitability risk.
- Leverage sensitivity: a net debt-to-equity of 67.5% means adverse property valuations or rising rates could materially affect solvency metrics.
- Cash-flow buffer: operating cash flow covers 34.4% of debt, indicating operating cash generation helps service debt but may be inadequate for large maturities or shocks.
- Balance between growth and risk: debt-to-equity of 1.11 supports asset growth but raises return volatility for equity holders.
Altareit SCA (AREIT.PA) - Liquidity and Solvency
Altareit SCA presents a mixed liquidity profile: a current ratio of 1.22 shows current assets exceed current liabilities, while a quick ratio of 0.63 points to limited immediately available liquid resources. Cash and short-term investments stand at €188.30 million. Short-term assets exceed short-term liabilities, and long-term assets exceed long-term liabilities, but net debt to equity of 67.5% is elevated and warrants attention.- Current ratio: 1.22 - short-term solvency maintained.
- Quick ratio: 0.63 - potential difficulty meeting immediate obligations without selling inventory or non-liquid assets.
- Cash & short-term investments: €188.30 million - key liquidity buffer.
- Net debt to equity: 67.5% - relatively high leverage, increases financial risk.
- Short- and long-term asset coverage: assets exceed respective liabilities, supporting solvency.
| Metric | Value | Implication |
|---|---|---|
| Current Ratio | 1.22 | Current assets > current liabilities; adequate short-term coverage |
| Quick Ratio | 0.63 | Low immediate liquidity; reliance on less liquid assets |
| Cash & Short-term Investments | €188.30 million | Provides buffer for near-term obligations |
| Short-term Asset Coverage | Assets > Liabilities | Short-term solvency supported |
| Long-term Asset Coverage | Assets > Liabilities | Long-term solvency supported |
| Net Debt to Equity | 67.5% | High leverage; increases sensitivity to interest rate and cash-flow stress |
- Investors should weigh the strong asset coverage and cash buffer against the elevated leverage and low quick ratio when assessing risk.
- Monitoring near-term cash generation and refinancing risk is advisable given the 67.5% net debt/equity.
Altareit SCA (AREIT.PA) - Valuation Analysis
- Enterprise Value (EV): €1.61 billion
- EV/EBITDA: 41.07
- EV/FCF: 8.78
- P/E: Not applicable (negative EPS)
- Market Capitalization: €945.14 million
- Current Stock Price: €530.00
- 52-week Price Change: +9.57%
| Metric | Value |
|---|---|
| Enterprise Value (EV) | €1,610,000,000 |
| EV/EBITDA | 41.07 |
| EV/FCF | 8.78 |
| P/E Ratio | Not applicable (negative EPS) |
| Market Capitalization | €945,140,000 |
| Share Price | €530.00 |
| 52-week Price Change | +9.57% |
| Estimated Fair Value Range (per share) | €599.02 - €1,573.18 |
- Implied upside/downside from current price (€530.00):
- To lower fair-value estimate (€599.02): +13.05%
- To upper fair-value estimate (€1,573.18): +197.75%
- Interpretation cues:
- High EV/EBITDA (41.07) signals a stretched operating valuation relative to EBITDA.
- EV/FCF of 8.78 indicates a more moderate valuation when measured against free cash flow generation.
- Negative EPS removes P/E comparability; focus shifts to cash-flow and asset-backed metrics.
Altareit SCA (AREIT.PA) Risk Factors
Key financial indicators for Altareit SCA (AREIT.PA) highlight material risks for investors, showing operating strain, leverage exposure, and market sensitivity.
- Net loss (TTM): €58.60 million - sustained negative profitability undermining retained earnings and equity base.
- Return on Equity (ROE): -6.25% - indicates the company is generating a loss relative to shareholder equity.
- Debt-to-Equity Ratio: 1.11 - more debt than equity, signaling elevated leverage.
- Interest Coverage Ratio: 0.56 - operating earnings are insufficient to cover interest expense (below 1.0 raises default risk).
- Net Debt to Equity: 67.5% - high net leverage after cash and equivalents are considered.
- Share price movement: down 2.83% as of 12 Dec 2025 - reflects recent market pressure or sentiment deterioration.
| Metric | Value | Interpretation / Risk Implication |
|---|---|---|
| Net Loss (TTM) | €58.60 million | Persistent losses reduce equity cushion and limit reinvestment capacity. |
| ROE | -6.25% | Negative return on shareholders' capital; signals erosion of investor value. |
| Debt-to-Equity | 1.11 | Higher reliance on debt financing increases refinancing and solvency risk. |
| Interest Coverage Ratio | 0.56 | Earnings cover only ~56% of interest expense; elevated risk of covenant breaches and restructurings. |
| Net Debt / Equity | 67.5% | Significant net leverage after cash; limits flexibility in downturns. |
| Share Price Change (as of 12‑Dec‑2025) | -2.83% | Recent negative price movement may reflect earnings trends or market re-rating. |
For investor context on ownership and demand dynamics that may interact with these risk factors, see Exploring Altareit SCA Investor Profile: Who's Buying and Why?
Altareit SCA (AREIT.PA) - Growth Opportunities
Altareit SCA (AREIT.PA) presents multiple growth levers tied to portfolio diversification, urban redevelopment projects and a solid market position. The company operates across residential, business property and diversification segments, and actively participates in large mixed-use urban projects in several French metropolitan areas, positioning it to capture urbanization and logistics demand.- Diversified portfolio: residential, commercial and diversified assets spanning major French metros.
- Active pipeline: major mixed-use urban projects that integrate housing, offices and retail to enhance rental mix and value creation.
- Workforce scale: 1,510 employees supporting development, asset management and operations.
| Metric | Value |
|---|---|
| Market Capitalization | €945.14 million |
| 52-Week Stock Price Change | +9.57% |
| Spot Stock Price (19 Dec 2025) | €530.00 |
| Employees | 1,510 |
| Core Segments | Residential, Business Property, Diversification |
| Geographic Focus | French metropolitan areas (major mixed-use urban projects) |
- Value creation drivers: urban redevelopment, densification, and converting underused assets into mixed-use schemes.
- Balance-sheet implications: projects require capital deployment but can increase rental income and asset revaluation over medium term.
- Liquidity/market visibility: market cap €945.14M supports access to capital markets for growth funding.
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