Altarea SCA (ALTA.PA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-105.6%

-€4.09

vs €73.40 price

Levered DCF

€6.13

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.69

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	296.22×	332.41×	-5.03×	7.79×	14.28×	3.52×	4.26×	1.04×
P/B	1.52×	1.21×	0.94×	0.2×	0.13×	0.26×	0.39×	0.35×
P/S	1.19×	0.76×	0.6×	0.07×	0.1×	0.08×	0.12×	0.12×
EV / EBITDA	26.41×	18.4×	-36.49×	2.32×	1.88×	8.52×	5.16×	2.16×
Gross margin	23.8%	21.8%	17.2%	11.6%	12.5%	11.0%	13.2%	21.7%
Operating margin	8.7%	7.3%	-5.8%	9.3%	9.1%	8.8%	4.5%	5.1%
Net margin	0.4%	0.2%	-17.4%	2.5%	2.6%	2.3%	2.8%	11.6%
Current ratio	2.09×	1.25×	1.1×	1.38×	1.32×	0.96×	1.46×	1.58×
Debt / equity	1.57×	1.62×	1.53×	1.19×	0.76×	4.29×	1.28×	1.25×
Interest coverage	2.27×	2.06×	-2.21×	5.97×	4.3×	0×	5×	4.85×
Dividend yield	7.2%	8.2%	12.6%	90.6%	31.1%	36.8%	6.3%	7.5%
Payout ratio	2132.1%	2768.9%	-43.6%	268.5%	126.0%	129.7%	26.8%	7.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.5%	0.4%	-27.1%	6.8%	3.2%	7.3%	9.2%	34.0%
Return on invested capital	2.3%	3.2%	-7.9%	10.6%	9.5%	12.4%	4.4%	6.2%
Return on assets	0.1%	0.1%	-5.7%	1.7%	1.6%	1.7%	2.2%	9.0%
Free cash flow yield	-1.5%	19.5%	19.5%	-10.2%	11.5%	120.6%	47.1%	16.6%
Earnings yield	0.3%	0.3%	-28.8%	33.7%	24.6%	28.4%	23.5%	96.5%
Enterprise value	€4.7B	€4B	€3.6B	€728.7M	€632.3M	€3B	€791.3M	€765.3M
Net debt / EBITDA	12.39×	8.99×	-19.88×	1.62×	1.01×	7.83×	2.91×	1.36×
Cash conversion cycle (days)	116	77	117	189	130	98	111	143