olivLaw · European equity research
TOUAX SCA ALTOU.PA
France · Euronext Paris · ISIN FR0000033003 · Vertical: Listed companies from France
TOUAX SCA leases, manages and sells standardised mobile equipment for freight transport, through three divisions: freight wagons, river barges and containers. The company builds its model on young fleets and syndications to third-party investors, which could reduce its funding exposure in a high-interest-rate environment.
At the close of 30 Oct 2026, TOUAX SCA (ALTOU.PA) stock was 3.00 EUR (+0.00% on the day), with market capitalisation 20.8 m EUR, P/E 5.4 on diluted EPS of 0.56 EUR over the last 12 months, beta 0.39, 52-week range 2.98–4.80 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 31.8
- weak (30–45)
- Bollinger (20, 2)
- 2.93 – 3.25
- in the lower half of the band · %B 0.23 · band width 10.5%
- SMA 50 / 200
- 3.46 / 3.97
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.13 / -0.14
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −11.5% | −2.2% | −9.3 pp | — |
| 3 months | −26.1% | −3.6% | −22.5 pp | — |
| 6 months | −21.1% | +4.2% | −25.3 pp | — |
| Year to date | −26.8% | +5.8% | −32.6 pp | — |
| 1 year | −33.2% | +7.6% | −40.8 pp | −11.0% |
| 3 years | −25.0% | +51.0% | −76.0 pp | −2.1% |
| 5 years | −62.4% | +44.2% | −106.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 6.6, median 7.5, max 10.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 7.5 m | 3.6 m | 3.9 m |
| Net income YoY | unavailable | −51.7% | +7.5% |
| Diluted EPS | 1.07 | 0.52 | 0.56 |
| Diluted EPS YoY | unavailable | −51.4% | +7.7% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 48.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 153.3 m EUR
- Total assets
- 611.4 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.71x
- ROE
- 2.6%
- ROA
- 0.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 31.1 m | 28.3 m | 26.6 m | esef· 15 Apr 2025verified |
| Pre-tax income | 15.7 m | 7.3 m | 4.7 m | esef· 15 Apr 2025verified |
| Income tax | 6.3 m | 1.5 m | 1.6 m | esef· 15 Apr 2025verified |
| Net income | 7.5 m | 3.6 m | 3.9 m | esef· 15 Apr 2025verified |
| Diluted EPS | 1.07 | 0.52 | 0.56 | esef· 15 Apr 2025verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 56.0 m | 39.0 m | 48.9 m | esef· 15 Apr 2025verified |
| Receivables | 28.7 m | 24.6 m | 25.4 m | esef· 15 Apr 2025verified |
| Inventories | 86.3 m | 85.0 m | 104.8 m | esef· 15 Apr 2025verified |
| Current assets | 177.1 m | 157.2 m | 186.7 m | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 363.4 m | 374.7 m | 394.3 m | esef· 15 Apr 2025verified |
| Goodwill | 5.1 m | 5.1 m | 5.1 m | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 582.0 k | 1.3 m | 3.5 m | esef· 15 Apr 2025verified |
| Total assets | 571.7 m | 563.4 m | 611.4 m | esef· 15 Apr 2025verified |
| Current liabilities | 102.1 m | 99.0 m | 262.5 m | esef· 15 Apr 2025verified |
| Equity | 153.7 m | 147.6 m | 153.3 m | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 7.0 m | 6.9 m | 6.9 m | esef· 15 Apr 2025derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 14.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
30 Oct 2026Source: olivLaw, closing series
Market cap: 20.8 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
15% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.25 – 16.11 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E6.25 – 16.11 (Mid 9.78)21 companies used · median multiple 17.5x · quartiles 11.2x – 28.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA, BN.PA
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 14.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 29% |
| P/E (TTM) · Valuation | 5.4x | 92 (vs peers) | 71% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial92/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TOUAX SCA - SGTR - CITE - SGT - CMTE - TAF - SLM TOUAGE INVESTISSEMENTS REUNIES (ALTOU.PA). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: ROE 4.9%.
The estimated value range is 6.25–16.11 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 9.78 EUR, the price of 3.00 EUR leaves a potential of 225.9% (value / price − 1) and a margin of safety of 69.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 14.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 5.4x
- The price is below the estimated value range
What contradicts it
- Current ratio: 0.7x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 104.2 bn | 31.6 | 12.9% | 12.2% | −2.0% | +19% / +35% |
| BN.PADanone | 42.2 bn | 20.9 | 11.9% | 7.4% | −0.9% | −15% / +17% |
| AC.PAAccor | 12.9 bn | 28.8 | 9.6% | 8.0% | +0.6% | +5% / +54% |
| ADP.PAAeroports De Paris | 11.2 bn | 32.7 | 7.8% | 5.6% | +12.1% | −5% / +7% |
| ALO.PAAlstom | 8.4 bn | 26.4 | 3.1% | 1.7% | +3.7% | −27% / +24% |
| AKE.PAArkema | 6.8 bn | 109.9 | 0.9% | 0.7% | −5.0% | +9% / −37% |
| AF.PAAir France - Klm | 3.5 bn | 11.2 | — | 1.0% | +4.8% | −10% / −3% |
| ATE.PAAlten | 3.0 bn | 28.6 | 4.8% | 2.6% | −1.1% | +22% / −22% |
| BB.PASociete Bic | 2.6 bn | 30.9 | 5.0% | 4.1% | −4.8% | +33% / +8% |
| ANTIN.PAAntin Infrastructure Partners | 1.3 bn | 12.5 | 21.9% | 36.6% | −8.1% | −31% / −33% |
| 74SW.PA74software | 846.7 m | 22.3 | 8.9% | 8.5% | +44.8% | +1% / +58% |
| AUB.PAAubay | 654.7 m | 17.5 | 13.6% | 6.3% | +11.3% | +3% / +63% |
| ATO.PAAtos Se | 522.2 m | — | -23,400.0% | -17.5% | −16.5% | −46% / −94% |
| ASY.PAAssystem | 492.6 m | 67.9 | 2.5% | 1.1% | +7.4% | −22% / −10% |
| ARAMI.PAAramis Group | 315.4 m | 15.9 | 10.0% | 0.8% | +6.3% | −39% / +18% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −33% |
| BGO.PACompagnie Chargeurs Invest | 178.8 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 155.5 m | 30.5 | 9.3% | 1.9% | +5.8% | +41% / +111% |
| ALHEX.PAHexaom | 148.8 m | 6.9 | 9.9% | 2.2% | +13.1% | −24% / +49% |
| ALCGM.PACegedim | 143.7 m | — | -2.6% | -1.2% | +10.9% | −15% / −44% |
| ATEME.PAAteme | 136.9 m | 143.8 | 2.8% | 1.0% | +2.2% | +107% / +73% |
| ALBON.PACompagnie Lebon | 109.9 m | 16.2 | 4.2% | 8.8% | −17.9% | +2% / +12% |
| ALHYF.PALhyfe | 71.5 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ABEO.PAAbeo | 66.3 m | 7.9 | 6.9% | 3.0% | +12.6% | −7% / −53% |
| ALFER.PASergeferrari Group | 60.4 m | 11.3 | 5.1% | 1.5% | +7.4% | −30% / −17% |
1- and 3-year price returns: for ALTOU.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
TOUAX SCA leases, manages and sells standardised mobile equipment for freight transport, through three divisions: freight wagons, river barges and containers. The company builds its model on young fleets and syndications to third-party investors, which could reduce its funding exposure in a high-interest-rate environment.1
SWOT
Strengths
- A young, standardised and liquid fleet with a long useful life and high residual value.
- A three-source revenue model, including syndication and management fees, which reduces reliance on equity capital.
- A stable shareholder base, with the founding family as main shareholder and long management experience.
Weaknesses
- Most debt is at variable rates, which exposes the company to rising interest costs.
- Significant currency exposure to the US dollar, affecting consolidated results in euros.
- Relative concentration of customers and revenue in a few large clients, affecting revenue stability.
Opportunities
- Renewal of European wagon fleets could increase demand if interest rates fall.
- Expanding syndications and management programmes to third-party investors could fund growth without extra debt.
- The partnership in India with a major wagon manufacturer could open emerging markets.
Threats
- Oversupply of new wagons and weaker intermodal demand could pressure leasing rates.
- Prolonged droughts and climate change could reduce operators' interest in inland waterway transport.
- A decline in global container production after 2024 could reduce container demand.
Risks
- Variable-rate debthigh
The large share of variable-rate debt could raise financing costs if interest rates stay high.
- Currency riskmedium
Revenues and assets in US dollars, sterling or other currencies can cause swings in results reported in euros.
- Climate riskmedium
Floods, droughts and extreme temperatures can disrupt inland waterway and rail transport and affect assets.
- Customer concentrationmedium
A small number of customers generate a significant share of revenue, and losing one could affect results.
- Asset impairment risklow
The carrying value of long-term assets can differ from market value, and corrections could affect the balance sheet.
Investment thesis
What would need to be true (bull case)
- If interest rates fall, the renewal of European wagon fleets could support leasing revenue growth.
- The syndication and management model could allow fleet growth without a proportional rise in debt.
- A young, liquid fleet could preserve residual value and generate opportunistic sales revenue.
What would break the thesis
- Variable-rate debt could make profitability sensitive to interest rates staying high.
- Oversupply in the wagon segment could limit leasing rate increases.
- A decline in container production could reduce demand and pressure leasing prices.
What to watch
- Trend in operating EBITDA and net debt against the 2024 level2025
- Volume of syndications completed with third-party investors2025
- Demand and leasing rate trends for wagons in Europe2025
- Impact of interest rates on the cost of variable-rate debtnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
TOUAX SCA specialises in leasing, managing and selling standard and flexible mobile equipment used in freight transport. The company sells new or second-hand assets, leases them under operating or finance leases, manages them for third-party investors who own them, and provides related services.1 The activity is organised in three divisions, each centred on one asset type: Freight Wagons, River Barges and Containers, plus a residual modular construction sales activity.1
The fleet owned or managed was worth about 1.3 billion euros in gross historical value at 31 December 2024, of which 54% is owned by the company.1 The fleet is relatively young and has a long useful life, which supports residual value and flexible opportunistic sales.1 The shareholder base is concentrated, with the WALEWSKI family jointly holding 32.41% of shares at 31 December 2024.1
The revenue model has three sources: leasing, the main flow, equipment sales, and management and syndication fees from third-party investors. This allows fleet growth with less equity capital and less long-term debt.1
Segments
Containers
The Containers division leases and sells fleets of standard containers used in maritime and land transport and has an international character. In 2024 it represented 43% of total revenue, making it the largest segment.1 The market has been marked by normalisation after the pandemic, and global new container production was very high in 2024, with more than 8 million TEU, while a decline is expected in 2025.1
Freight Wagons
The Freight Wagons division leases, sells and maintains freight wagons, owned or managed for third parties. The European leasing market is estimated at about 550,000 wagons, with an average age of around 32 years.1 The company estimates an annual replacement need of 14,000 wagons in Europe, and its own fleet has an average age of 12 years.1
River Barges
The River Barges division leases and sells barges to inland waterway operators, assets owned or managed for third parties. Demand depends on trade flows and climate conditions, and droughts can temporarily raise barge demand, although prolonged droughts may discourage inland transport.1 The average age of the barge fleet was 16.5 years at the end of 2024.1
Market context
In Europe, wagon demand fell after the economic slowdown and rising interest rates, creating overcapacity in leasing fleets. However, limited supply from manufacturers could support growth if rates decline, particularly for lessors with young fleets.1
Trends
- High interest ratesheadwind
Rising rates increase interest costs on variable-rate debt, which makes up 75% of total debt, and could make refinancing harder. The company can revise rental rates when contracts are renegotiated, which partly offsets the effect.1
- Fleet renewal in Europetailwind
Ageing wagons and limited manufacturing capacity could create renewal demand that might favour lessors with young fleets if the market recovers.1
- Climate changemixed
Droughts and floods can disrupt inland waterway and rail transport and affect infrastructure. On the other hand, droughts can temporarily create extra barge demand, and extreme events can generate demand for emergency modular buildings.1
- US dollar exchange rateheadwind
Currency exposure, especially to the US dollar, can affect consolidated results in euros. The company estimates that a 10% drop in the dollar would reduce operating results by 2.8%, though these estimates are uncertain.1
Competitive position
The company competes in competitive markets where differentiation rests on understanding customer needs, equipment availability, maintenance services and fleet quality.1 Competitors are described in the source only in general terms, without named companies.1
In the wagon division, some competitors placed large speculative orders for new wagons, which created oversupply in 2024; TOUAX's advantage could lie in its young fleet and efficient maintenance.1
- European wagon manufacturers
Competition in wagon sales and leasing, where speculative orders created oversupply in 2024.
- Container leasing operators
Competition in the global container market, where price normalisation after the pandemic has shifted rivalry.
- Barge leasing operators
Rivals in European and South American river markets, where differentiation through maintenance matters.
- Third-party investors in asset management programmes
Partners and at the same time an alternative route by which assets can be held off the company's balance sheet.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202326 Mar 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / TOUAX SCA · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.