olivLaw · European equity research
Altareit AREIT.PA
France · Euronext Paris · ISIN FR0000039216 · Vertical: Listed companies from France
Altareit is a French real estate group active in residential development, offices, logistics and new activities such as solar infrastructure and data centers. In 2024 revenue reached 2442.3 million EUR, while the net result attributable to shareholders was negative, so the French residential downturn is central to assessing the group.
At the close of 04 Nov 2026, Altareit (AREIT.PA) stock was 540.00 EUR (+0.00% on the day), with market capitalisation 944.9 m EUR, beta 0.08, 52-week range 510.00–595.00 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)
- 38.0
- weak (30–45)
- Bollinger (20, 2)
- 516.95 – 597.05
- in the lower half of the band · %B 0.29 · band width 14.4%
- SMA 50 / 200
- 549.00 / 497.89
- mixed trend
- MACD (12, 26, 9)
- -4.72 / -1.86
- MACD below 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 | −3.6% | −0.6% | −2.9 pp | — |
| 3 months | unavailable | −4.2% | unavailable | — |
| 6 months | −9.2% | +4.3% | −13.6 pp | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | unavailable | +9.9% | unavailable | −8.8% |
| 3 years | +22.7% | +49.8% | −27.1 pp | −10.0% |
| 5 years | −20.0% | +42.8% | −62.8 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.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 74.4 m | -325.6 m | -61.0 m |
| Net income YoY | unavailable | −537.6% | unavailable |
| Diluted EPS | 42.57 | -186.21 | -34.86 |
| Diluted EPS YoY | unavailable | −537.4% | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 653.4 m EUR
- Financial debt
- 413.5 m EUR
- Net debt
- -239.9 m EUR
- Equity
- 751.0 m EUR
- Total assets
- 3.8 bn EUR
- Debt / equity
- 0.55x
- Current ratio
- 1.17x
- ROE
- -7.8%
- ROA
- -1.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cost of revenue | 2.4 bn | 2.2 bn | 2.2 bn | esef· 24 Sept 2025verified |
| Pre-tax income | 121.8 m | -434.9 m | -68.6 m | esef· 24 Sept 2025verified |
| Income tax | 32.5 m | -108.9 m | -19.2 m | esef· 24 Sept 2025verified |
| Net income | 74.4 m | -325.6 m | -61.0 m | esef· 24 Sept 2025verified |
| Diluted EPS | 42.57 | -186.21 | -34.86 | esef· 24 Sept 2025verified |
| Weighted average diluted shares | 1.7 m | 1.7 m | 1.7 m | esef· 24 Sept 2025verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 798.6 m | 559.2 m | 653.4 m | esef· 24 Sept 2025verified |
| Receivables | 740.2 m | 785.3 m | 806.9 m | esef· 24 Sept 2025verified |
| Current assets | 3.5 bn | 3.0 bn | 2.9 bn | esef· 24 Sept 2025verified |
| Property, plant & equipment, net | 22.4 m | 24.0 m | 163.4 m | esef· 24 Sept 2025verified |
| Goodwill | 197.4 m | 218.5 m | 228.9 m | esef· 24 Sept 2025verified |
| Total assets | 4.3 bn | 3.8 bn | 3.8 bn | esef· 24 Sept 2025verified |
| Short-term debt | 88.7 m | 60.2 m | 59.1 m | esef· 24 Sept 2025verified |
| Long-term debt | 267.5 m | 259.8 m | 354.4 m | esef· 24 Sept 2025verified |
| Current liabilities | 2.3 bn | 2.2 bn | 2.5 bn | esef· 24 Sept 2025verified |
| Equity | 1.1 bn | 807.1 m | 751.0 m | esef· 24 Sept 2025verified |
| Shares outstanding at year end | 1.7 m | 1.7 m | 1.7 m | esef· 24 Sept 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: 1 of at least 6
- score weight coverage: 4.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 944.9 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
4% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1
| 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 | 1.2x | 31 (on a fixed band) | 100% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| 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· partial31/100 · 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· partialunavailable · 0/3 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
ALTAREIT (AREIT.PA). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: ROE -8.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
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.
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, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), 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 | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| BN.PADanone | 44.1 bn | 21.9 | 11.9% | 7.4% | −0.9% | −11% / +16% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for AREIT.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
Altareit is a French real estate group active in residential development, offices, logistics and new activities such as solar infrastructure and data centers. In 2024 revenue reached 2442.3 million EUR, while the net result attributable to shareholders was negative, so the French residential downturn is central to assessing the group.
SWOT
Strengths
Weaknesses
- The net result attributable to shareholders was negative in 2024, and the residential segment had a negative operating result 1.
- Reservations declined and the supply for sale was insufficient through 2024 1.
- The new activities are at an early stage, and their contribution to results remains limited 1.
Opportunities
Risks
- Residential downturnhigh
If the residential market stays in crisis, reservation volumes could continue to decline 1.
- Primonial disputehigh
The February 2025 ruling can be appealed, and an unfavourable outcome could affect the group's results 1.
- Land supplymedium
The resumption of land acquisitions is recent, and delays could limit supply in the following years 1.
- Customer concentrationmedium
One residential client represented over 10% of revenue, creating dependence on certain contracts 1.
- Construction costslow
Environmental and technical regulations could raise costs and delay deliveries 1.
Investment thesis
What would need to be true (bull case)
- If interest rates fall and residential demand recovers, reservations could return to a higher level.
- The resumption of land acquisitions and the Access offer could support volume growth in the coming years 1.
- The new activities, notably solar power, could become a source of recurring revenue.
What would break the thesis
What to watch
- Evolution of reservations and available supply in residential development2025
- Outcome of the Primonial dispute and any appeal2025
- Volume of land acquisitions following the resumption in the last quarter of 20242025
- Progress of new activities: solar power, data centers and asset managementnext 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
Altareit (formerly Altarea) is a French real estate group with activities in residential development, office real estate, logistics and diversification. According to the 2024 annual report 1, consolidated revenue was 2442.3 million EUR, of which the Logement segment accounted for 1997.1 million EUR and Immobilier d’entreprise for 476.9 million EUR 1. The group presents itself as the second residential developer in France, through the Cogedim, Woodeum and Histoire&Patrimoine brands 1.
Residential development was affected by a market crisis that began in 2022, after a cycle of low interest rates 1. In 2024 the group finished selling its previous-cycle inventory and launched its new offer, more affordable, decarbonised and profitable, including the Access range 1. Reservations fell compared with 2023, mainly because the available supply stayed low 1.
The group expanded into solar infrastructure, mid-size proximity data centers and property asset management, through the management company Altarea Investment Managers, approved by the AMF in 2023 1. A dispute over the failed acquisition of Primonial remains open, and in February 2025 the court rejected the sellers' damage claims, a ruling that can be appealed 1.
Segments
Market context
The French residential market entered a crisis after 2022, as interest rates rose, and in 2024 supply of homes for sale stayed low while demand for affordable products remained strong 1. The group considers the supply shortfall the main issue for the sector in this period 1.
The Grand Paris office market and logistics had a slower pace in 2024, but with pre-letting contracts and significant disposals, such as the sale of the Bollène park to WDP 1. Developments in these markets depend on financing conditions and on the resumption of land acquisitions 1.
Trends
- Interest rates and buyer financingmixed
The level of interest rates reduced demand and reservation volumes in the recent cycle 1. If rates fall, easier access to credit for buyers could support residential sales.
- Shortage of land and programmestailwind
The group cut land acquisitions in 2023 and resumed them towards the end of 2024, with a ramp-up expected through 2025 1. If the resumption consolidates, the supply of new projects could support future revenue.
- Decarbonisation and solar powertailwind
Demand for photovoltaic electricity in France could rise considerably in the coming decades, and the group integrates solar plants into its real estate projects 1. This could open new revenue, but these investments are still small in scale.
- Construction costs and regulationheadwind
Technical, environmental and regulatory requirements for new projects are becoming more demanding, raising costs and lengthening schedules 1. This can reduce margins unless offset by selling prices.
Competitive position
Competition in French residential development is intense, and the group presents itself as the second developer in the country 1. In offices and logistics it competes with developers and institutional investors holding similar assets, although the sources do not detail each competitor's position.
The group's differentiation rests on regional and national brands, the Access offer for buyers with limited budgets and integrated urban development services, according to the report 1. The sources provide no quantitative comparison with competitors.
- Leading French residential developers
The report identifies only the group's position as second residential developer, without naming direct rivals 1.
- Institutional investors and fund managers
The group works with funds that are also potential competitors in the market for office assets, per the source 1.
- Logistics operators and park developers
In logistics the group sells parks to specialised investors, indicating competition among developers 1.
- Data center and solar power operators
The group's new activities enter a market with specialised participants that the source does not identify 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202424 Sept 2025
- Annual report 202302 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Altareit · 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.