olivLaw · European equity research
HEXAOM ALHEX.PA
France · Euronext Paris · ISIN FR0004159473 · Vertical: Listed companies from France
HEXAOM is a French builder of individual houses, active mainly through diffuse and grouped construction. Its 2021 annual report shows a year of renewed demand, with house sales in the diffuse segment rising, but higher construction costs and new energy rules pressing margins and prices.
At the close of 03 Nov 2026, HEXAOM (ALHEX.PA) stock was 20.70 EUR (−0.48% on the day), with market capitalisation 141.9 m EUR, P/E 6.6 on diluted EPS of 3.15 EUR over the last 12 months, beta 0.62, 52-week range 20.20–36.40 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)
- 43.2
- weak (30–45)
- Bollinger (20, 2)
- 20.31 – 22.67
- in the lower half of the band · %B 0.16 · band width 11.0%
- SMA 50 / 200
- 22.57 / 29.53
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.39 / -0.44
- 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 | +2.5% | −1.0% | +3.5 pp | — |
| 3 months | −23.0% | −3.9% | −19.2 pp | — |
| 6 months | −37.7% | +7.2% | −44.8 pp | — |
| Year to date | −36.3% | +6.6% | −42.9 pp | — |
| 1 year | −27.6% | +9.1% | −36.7 pp | −6.7% |
| 3 years | +28.6% | +47.9% | −19.4 pp | −16.6% |
| 5 years | −51.5% | +43.3% | −94.8 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 2-quarter history (min 11.7, median 12.7, max 13.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 |
|---|---|---|
| Revenue | 881.8 m | 997.0 m |
| Revenue YoY | unavailable | +13.1% |
| Net income | 19.9 m | 21.6 m |
| Net income YoY | unavailable | +8.3% |
| Diluted EPS | 2.91 | 3.15 |
| Diluted EPS YoY | unavailable | +8.2% |
| net % | 2.3% | 2.2% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2021 · 31 Dec 2021
- Cash
- 167.3 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 229.5 m EUR
- Total assets
- 743.3 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.24x
- ROE
- 9.9%
- ROA
- 3.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Revenue | 881.8 m | 997.0 m | esef· 03 May 2022verified |
| Operating income | 29.1 m | 32.0 m | esef· 03 May 2022verified |
| Depreciation & amortisation | 13.9 m | 14.3 m | esef· 03 May 2022verified |
| EBITDA | 42.9 m ≈ | 46.3 m ≈ | esef· 03 May 2022derived |
| Income tax | 8.9 m | 8.7 m | esef· 03 May 2022verified |
| Net income | 19.9 m | 21.6 m | esef· 03 May 2022verified |
| Diluted EPS | 2.91 | 3.15 | esef· 03 May 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Cash | 171.8 m | 167.3 m | esef· 03 May 2022verified |
| Current assets | 504.6 m | 539.6 m | esef· 03 May 2022verified |
| Property, plant & equipment, net | 38.2 m | 39.0 m | esef· 03 May 2022verified |
| Goodwill | 132.4 m | 122.9 m | esef· 03 May 2022verified |
| Intangibles (excl. goodwill) | 4.7 m | 4.5 m | esef· 03 May 2022verified |
| Total assets | 716.9 m | 743.3 m | esef· 03 May 2022verified |
| Current liabilities | 418.1 m | 435.1 m | esef· 03 May 2022verified |
| Equity | 209.0 m | 229.5 m | esef· 03 May 2022verified |
| Shares outstanding at year end | 6.9 m | 6.9 m | esef· 03 May 2022derived |
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: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 141.9 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
21% · 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: 36.46 – 93.92 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/E36.46 – 93.92 (Mid 57.55)20 companies used · median multiple 18.3x · quartiles 11.6x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.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: 3 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.2% | 64 (vs peers) | 30% |
| 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 | 1.2x | 37 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | 6.6x | 91 (vs peers) | 50% |
| 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· partial37/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial64/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial91/100 · 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
HEXAOM (ALHEX.PA). Latest full fiscal year: 2021; data up to 2021-12-31.
Figures computed from the financial statements: revenue 997.0 m EUR in 2021; YoY growth 13.1%; net margin 2.2%; ROE 9.9%.
The estimated value range is 36.46–93.92 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 57.55 EUR, the price of 20.70 EUR leaves a potential of 178.0% (value / price − 1) and a margin of safety of 64.0% (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: 3 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 6.6x
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, 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 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
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 | 105.2 bn | 31.9 | 12.9% | 12.2% | −2.0% | +22% / +27% |
| BN.PADanone | 42.5 bn | 21.1 | 11.9% | 7.4% | −0.9% | −14% / +12% |
| AC.PAAccor | 13.3 bn | 29.7 | 9.6% | 8.0% | +0.6% | +3% / +50% |
| ADP.PAAeroports De Paris | 11.3 bn | 33.1 | 7.8% | 5.6% | +12.1% | −10% / +1% |
| AKE.PAArkema | 6.8 bn | 110.8 | 0.9% | 0.7% | −5.0% | +8% / −39% |
| ALO.PAAlstom | 5.9 bn | 18.5 | 3.1% | 1.7% | +3.7% | −51% / −2% |
| AF.PAAir France - Klm | 3.7 bn | 11.7 | — | 1.0% | +4.8% | +3% / −7% |
| ATE.PAAlten | 3.0 bn | 28.7 | 4.8% | 2.6% | −1.1% | +30% / −30% |
| BB.PASociete Bic | 2.6 bn | 30.6 | 5.0% | 4.1% | −4.8% | +29% / +3% |
| ANTIN.PAAntin Infrastructure Partners | 1.3 bn | 12.6 | 21.9% | 36.6% | −8.1% | −26% / −37% |
| 74SW.PA74software | 804.4 m | 21.2 | 8.9% | 8.5% | +44.8% | −12% / +43% |
| AUB.PAAubay | 675.0 m | 18.0 | 13.6% | 6.3% | +11.3% | +4% / +46% |
| ATO.PAAtos Se | 491.4 m | — | -23,400.0% | -17.5% | −16.5% | −44% / −94% |
| ASY.PAAssystem | 483.2 m | 66.6 | 2.5% | 1.1% | +7.4% | −23% / −22% |
| ARAMI.PAAramis Group | 296.3 m | 14.9 | 10.0% | 0.8% | +6.3% | −33% / −17% |
| ARVEN.PAArverne Group | 245.3 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 182.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 153.9 m | 30.2 | 9.3% | 1.9% | +5.8% | +48% / +119% |
| ALCGM.PACegedim | 142.7 m | — | -2.6% | -1.2% | +10.9% | −27% / −50% |
| ALHEX.PAHexaom | 141.9 m | 6.6 | 9.9% | 2.2% | +13.1% | −33% / +6% |
| ATEME.PAAteme | 136.9 m | 143.8 | 2.8% | 1.0% | +2.2% | +73% / +69% |
| ALBON.PACompagnie Lebon | 110.8 m | 16.3 | 4.2% | 8.8% | −17.9% | +5% / +8% |
| ALHYF.PALhyfe | 74.9 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ABEO.PAAbeo | 66.2 m | 7.9 | 6.9% | 3.0% | +12.6% | −6% / −50% |
| ALFER.PASergeferrari Group | 60.4 m | 11.3 | 5.1% | 1.5% | +7.4% | −34% / −28% |
1- and 3-year price returns: for ALHEX.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 13.29 Total return -36% · Per year -36% | 23.40 Total return 13% · Per year 13% | 35.13 Total return 70% · Per year 70% |
| 3 years | 15.21 Total return -27% · Per year -10% | 29.92 Total return 45% · Per year 13% | 48.96 Total return 137% · Per year 33% |
| 5 years | 17.41 Total return -16% · Per year -3% | 38.24 Total return 85% · Per year 13% | 68.25 Total return 230% · Per year 27% |
- Exit P/E± 7.48
- Net margin± 5.24
- Annual revenue growth± 3.97
- Annual dilution± 0.44
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
HEXAOM is a French builder of individual houses, active mainly through diffuse and grouped construction. Its 2021 annual report shows a year of renewed demand, with house sales in the diffuse segment rising, but higher construction costs and new energy rules pressing margins and prices.
SWOT
Strengths
- Competitive price positioning against existing homes, according to the document.
- Presence in the diffuse segment, the most dynamic in 2021 on the data cited.
- Benefits from structural demand for houses, given the housing shortage described.
Weaknesses
- Dependence on house sales volume, which fell sharply in earlier years.
- Exposure to rising material and labour costs.
- The grouped segment has shown fragility when public support declined.
Opportunities
- Demand for houses with gardens, reinforced by lifestyle changes after the pandemic.
- Densification of urban and peri-urban areas through renovation or demolition of the old stock.
- Offers adapted to new energy rules, which could be an advantage if well managed.
Threats
- Higher interest rates could reduce buyers' access to credit.
- Changes to support schemes for home ownership, such as the PTZ.
- Pressure on material prices could affect margins and delivery schedules.
Risks
- Construction costshigh
Rising material prices could reduce margins if they cannot be passed on to clients.
- Demand sensitive to interest rateshigh
If financing becomes more expensive, the number of buyers could fall quickly.
- Energy regulationmedium
The new rules could slow contracting and require technical adjustments to projects.
- Public policymedium
Changes to first-time buyer support schemes could affect demand unevenly across regions.
- Market cyclicalitylow
The segment's history shows sharp downturns, which could repeat a crisis-type pattern.
Investment thesis
What would need to be true (bull case)
- If house demand stays high and costs stabilise, diffuse-segment activity could keep growing from recent levels.
- The preference for houses with gardens, described as durable in the document, could support volumes over the medium term.
- If the group passes cost increases on through prices, margins could be protected.
What would break the thesis
- If interest rates rise or support programmes shrink, demand could fall quickly, as happened in earlier years.
- Rising material costs and RE2020 requirements could reduce competitiveness against the existing stock.
- The segment's sensitivity to economic shocks, seen in 2018 and 2020, could recur.
What to watch
- Trend in construction costs and material prices2022
- Impact of RE2020 on contracting volume2022
- Evolution of mortgage rates and support schemes2022
- Trend in diffuse-segment sales against the record 2021 levelnext annual report
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
HEXAOM, also known as Hexaom Immobilier, operates in individual house construction in France. According to its 2021 universal registration document, the group focuses on private clients building a home, as well as grouped village-style projects. The source analysed does not give a full breakdown of the group structure, so this profile relies on the market context described in the document.
The business model depends on house sales volume and on staying competitive against the existing housing stock. The document notes that the average price of a house, excluding land, was around 193 000 euros incl. VAT at end-2021, which makes the product competitive against second-hand homes. Client access to financing, through the PTZ and other schemes, is a factor shaping demand.
In 2021 construction costs rose by 7% under pressure from material prices, while the new RE2020 rules raised the sale price of the first houses by about 8%. These changes can alter the pace of contracting and require adjustments to the offer.
Segments
Maisons individuelles en secteur diffus
The diffuse segment covers houses built for private individuals under a construction contract or through an architect. Sales in this category reached 139 600 units in 2021, up 21.5% on 2020, the best year in ten years according to the French federation cited in the document.
Maisons individuelles en secteur groupé
The grouped segment covers house projects in organised developments. The document notes that this segment suffered sales and reservation declines in 2018, but the source analysed gives no updated 2021 figures for it.
Market context
The French housing market is described in the report as strong in 2021, with a record transaction volume estimated at 1 200 000 sales, compared with 1 067 000 in 2019. In the house segment, 287.9 thousand dwellings were started in 2021, and demand was supported by very low mortgage rates and the post-pandemic wish for homes with a garden. The document warns that material prices and new rules could slow these trends.
Rising construction costs and the move to RE2020 have pushed sale prices higher, and how sensitive demand is to these increases remains an open question, particularly in warm regions where summer discomfort requires extra solutions.
Trends
- Very low mortgage ratestailwind
Mortgage rates stayed at historically low levels, supporting house demand in 2019 and 2021. If rates were to rise, access to financing could become harder for buyers.
- Demand for houses with a gardentailwind
The pandemic led many households to look for a home with outdoor space and room for remote work, shifting interest from flats toward houses in peri-urban and rural areas.
- Rising construction costsheadwind
Prices of timber, joinery and steel increased, and construction costs advanced 7% in 2021. These costs could compress margins or lead buyers to postpone projects.
- RE2020 energy regulationmixed
The new energy regulation applied from January 2022 raised the sale price of the first houses by about 8%, which may change the structure of supply and competition with existing homes.
Competitive position
The document analysed frames competition mainly against the existing housing stock, and new houses are presented as offering competitive value compared with older homes. The source does not name specific competitors, so no other companies can be identified from the document.
Competitive pressure could rise if other builders absorb material costs and RE2020 requirements more effectively, and buyers compare HEXAOM's offer with other new-house projects in the same regions.
- Existing second-hand housing stock
The main point of comparison for the price of new houses in the document analysed.
- Other French individual house builders
Companies in the same segment competing for the same private clients, not named in the source.
- Residential developers of apartment blocks
Competition for clients choosing between a house and a new flat.
- Estate developers of grouped house projects
Competitors in the grouped segment targeting the same demand for houses with gardens.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202103 May 2022
Sources
- [1] Annual report, fiscal year ended 2021-12-31 (ESEF) · SEC / HEXAOM · 31 Dec 2021
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.