olivLaw · European equity research
Altamir LTA.PA
France · Euronext Paris · ISIN FR0000053837 · Vertical: Listed companies from France
Altamir is an investment company holding a portfolio of stakes in unlisted companies, mainly in Europe, managed by its gérant. At 31 December 2021 the portfolio represented 84.6 % of total assets, worth 1 226M EUR, and part of its valuation depends on listed share prices and the multiples of listed peers.
At the close of 05 Nov 2026, Altamir (LTA.PA) stock was 22.20 EUR (−3.48% on the day), with market capitalisation 810.2 m EUR, P/E 2.8 on diluted EPS of 8.00 EUR over the last 12 months, dividend yield 4.91%, beta 0.11, 52-week range 22.20–30.65 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)
- 41.6
- weak (30–45)
- Bollinger (20, 2)
- 21.91 – 23.25
- in the lower half of the band · %B 0.21 · band width 5.9%
- SMA 50 / 200
- 22.80 / 24.86
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.01 / -0.04
- 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 | −2.6% | −0.6% | −2.0 pp | — |
| 3 months | −4.7% | −4.2% | −0.6 pp | — |
| 6 months | −7.5% | +4.3% | −11.8 pp | — |
| Year to date | −26.0% | +7.5% | −33.5 pp | — |
| 1 year | −19.3% | +9.9% | −29.2 pp | −8.8% |
| 3 years | −11.9% | +49.8% | −61.8 pp | −10.0% |
| 5 years | −9.3% | +42.8% | −52.1 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 3.2, median 4.2, max 5.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | 139.1 m | 291.9 m |
| Net income YoY | unavailable | +109.9% |
| Diluted EPS | 3.81 | 8.00 |
| Diluted EPS YoY | unavailable | +110.0% |
| net % | unavailable | unavailable |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2021 · 31 Dec 2021
- Cash
- 188.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.4 bn EUR
- Total assets
- 1.4 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 6.89x
- ROE
- 23.3%
- ROA
- 20.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
Balance sheet · EUR
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Cash | 76.8 m | 188.9 m | esef· 17 May 2022verified |
| Current assets | 93.5 m | 188.9 m | esef· 17 May 2022verified |
| Total assets | 1.4 bn | 1.4 bn | esef· 17 May 2022verified |
| Accounts payable | 4.7 m | 1.1 m | esef· 17 May 2022verified |
| Current liabilities | 113.5 m | 27.4 m | esef· 17 May 2022verified |
| Equity | 1.1 bn | 1.4 bn | esef· 17 May 2022verified |
| Shares outstanding at year end | 36.5 m | 36.5 m | esef· 18 Jan 2023derived |
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
05 Nov 2026Source: olivLaw, closing series
Market cap: 810.2 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: 91.91 – 235.92 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
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/E91.91 – 235.92 (Mid 142.37)21 companies used · median multiple 17.8x · quartiles 11.5x – 29.5x74SW.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)outside the aggregate14.83 – 20.22 (Mid 17.11)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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 | 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 | 6.9x | 100 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | 2.8x | 92 (vs peers) | 50% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.9% | 70 (on a fixed band) | 30% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial70/100 · 1/2 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
ALTAMIR (LTA.PA). Latest full fiscal year: 2021; data up to 2021-12-31.
Figures computed from the financial statements: ROE 23.3%.
The estimated value range is 91.91–235.92 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 142.37 EUR, the price of 22.20 EUR leaves a potential of 541.3% (value / price − 1) and a margin of safety of 84.4% (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
- Current ratio: 6.9x
- P/E (TTM): 2.8x
- Shareholder yield (distributions): 4.9%
- 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, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, 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 LTA.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
Altamir is an investment company holding a portfolio of stakes in unlisted companies, mainly in Europe, managed by its gérant. At 31 December 2021 the portfolio represented 84.6 % of total assets, worth 1 226M EUR 1, and part of its valuation depends on listed share prices and the multiples of listed peers 1.
SWOT
Strengths
- A portfolio diversified across many companies and sectors, with a large share of assets held as investments, showing the model is focused on stakes 1.
- Venture capital company tax regime, which provides a tax exemption as long as legal conditions are met 1.
- Portfolio valuation audited, with documented procedures for determining fair value 1.
Weaknesses
- Dependence of asset value on unlisted valuations, which rely on private negotiations and the assumptions of the gérant 1.
- Unhedged currency exposure on a significant part of the portfolio 1.
- The auditor reports difficulties in presenting the annual financial report in the European single electronic format, which prevented full verification 1.
Opportunities
- A reopening of capital markets could allow listings or sales at better values for existing stakes 1.
- Leveraged investments, if financing becomes more accessible, could enhance the return on new deals 1.
- Consolidation of fragmented sectors in the portfolio could create value through additional acquisitions 1.
Threats
Risks
- Share price riskhigh
A decline in listed share prices would directly reduce portfolio value and net asset value, with effect in the income statement 1.
- Valuation of unlisted stakeshigh
Unlisted values depend on listed comparable multiples and private transactions, and a change in these could alter the asset value 1.
- Financing riskmedium
Leveraged transactions are exposed to a higher cost of debt or financing difficulties, which could reduce returns 1.
- Currency riskmedium
Investments denominated in foreign currencies are not hedged, so exchange rate moves can influence asset values 1.
- Tax statusmedium
Loss of venture capital company status would remove the tax exemption if the conditions on debt and investment eligibility are not met 1.
Investment thesis
What would need to be true (bull case)
- If capital markets remain open, exits through sales or listings could realise significant gains on the existing portfolio 1.
- Diversification across many companies could limit the impact of weakness in any single holding on total value 1.
- The venture capital company regime could keep the tax burden low as long as legal conditions are met 1.
What would break the thesis
- If share prices fall, net asset value could drop quickly, especially for listed holdings 1.
- Unlisted valuations, based on assumptions and private negotiations, could be adjusted downward at exit 1.
- Unhedged currency exposure could add volatility to the value of assets denominated in foreign currency 1.
What to watch
- Evolution of portfolio value and net asset valueNext annual report
- Pace of disposals and listings of stakes2027
- Compliance with venture capital company status conditionsNext annual report
- Completion of presentation in the European single electronic formatNext 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
According to the annual report for the year ended 31 December 2021, Altamir holds, directly or through holding companies, a number of listed securities and many unlisted stakes, all valued at fair value through profit or loss 1. The company has opted for the venture capital company regime, which gives it a specific tax framework subject to debt limits and investment eligibility 1. Its income depends mainly on capital gains from disposals of stakes rather than on operating sales 1.
Segments
Unlisted stakes
Most of the portfolio value consists of stakes in unlisted companies, valued using multiples of listed comparables and recent private transactions, with the final value set through direct negotiation 1.
Listed stakes
A smaller part of the portfolio consists of securities of listed companies, sensitive to share price moves and directly affecting the net asset value 1.
Market context
The European private capital activity in which Altamir invests is fragmented, and sales to industrial or financial buyers and stock market listings determine when value is realised 1. The report shows that valuation depends on capital market conditions and sector multiples, and exits can be delayed if those conditions deteriorate 1.
Trends
- Sensitivity to share pricesheadwind
A fall in the share prices of listed holdings would directly reduce net asset value and appear as a loss in the income statement, which could also affect capital gains on disposal 1.
- Exits through sales and listingstailwind
A rise in the value of portfolio companies and open capital markets could facilitate profitable sales or listings if conditions stay favourable 1.
- Cost of leveraged financingheadwind
A higher cost of debt or difficulty financing leveraged transactions could reduce the return on new investments 1.
- Currency exposuremixed
About one third of the portfolio is denominated in currencies and the company does not hedge currency risk, so exchange rate moves can influence asset values 1.
Competitive position
Altamir competes with other private equity firms and investment funds pursuing the same acquisitions and disposals in the European market, although the source does not name them 1. The main difference lies in its venture capital company regime and in how it applies fair value 1.
- Other European private equity funds
The source does not name competitors; the comparison is made by category of investors active in acquisitions and disposals.
- Listed venture capital funds
Companies of the same type with a similar strategy of investing in unlisted stakes, but not named in the source.
- Industrial acquirers
Strategic buyers that take over stakes on disposal represent an alternative route for exiting investments.
- Private investors in mid-sized companies
Investors competing for the same acquisition opportunities in the unlisted European market.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202117 May 2022
- Annual report 202118 Jan 2023
Sources
- [1] Annual report, fiscal year ended 2021-12-31 (ESEF) · SEC / Altamir · 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.