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Altarea

BATS-CHIXE:ALTAP
Snowflake Description

6 star dividend payer and undervalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ALTAP
BATS-CHIXE
€2B
Market Cap
  1. Home
  2. GB
  3. Real Estate
Company description

Altarea is the leading property developer in France. The last earnings update was 11 days ago. More info.


Add to Portfolio Compare Print
  • Altarea has significant price volatility in the past 3 months.
ALTAP Share Price and Events
7 Day Returns
-2.5%
BATS-CHIXE:ALTAP
-4.2%
GB REITs
-2.2%
GB Market
1 Year Returns
-40.3%
BATS-CHIXE:ALTAP
-24.4%
GB REITs
-25.9%
GB Market
ALTAP Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Altarea (ALTAP) -2.5% -38.9% -45.7% -40.3% -38.8% -38.8%
GB REITs -4.2% -26.5% -32.1% -24.4% -23.4% -30%
GB Market -2.2% -21.7% -29.6% -25.9% -26.6% -26.2%
1 Year Return vs Industry and Market
  • ALTAP underperformed the REITs industry which returned -24.4% over the past year.
  • ALTAP underperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -25.9% over the past year.
Price Volatility
ALTAP
Industry
5yr Volatility vs Market

Value

 Is Altarea undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Altarea to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Altarea.

BATS-CHIXE:ALTAP Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Funds From Operations
Levered Funds From Operations Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.4%
Perpetual Growth Rate 10-Year GB Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BATS-CHIXE:ALTAP
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 6.1%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.45
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.45 (1 + (1- 33%) (212.49%))
0.637
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.53% + (0.8 * 6.07%)
5.39%

Discounted Cash Flow Calculation for BATS-CHIXE:ALTAP using 2 Stage Free Cash Flow to Equity using Funds From Operations Model

BATS-CHIXE:ALTAP Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in BATS-CHIXE:ALTAP represents 1.01286x of ENXTPA:ALTA
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.01286x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 430.12 x 1.01286
€435.65
Value per share (EUR) From above. €435.65
Current discount Discount to share price of €110.20
= -1 x (€110.20 - €435.65) / €435.65
74.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Altarea is available for.
Intrinsic value
>50%
Share price is €110.2 vs Future cash flow value of €435.65
Current Discount Checks
For Altarea to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Altarea's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Altarea's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Altarea's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Altarea's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BATS-CHIXE:ALTAP PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in EUR €14.42
ENXTPA:ALTA Share Price ** ENXTPA (2020-04-03) in EUR €108.8
United Kingdom of Great Britain and Northern Ireland REITs Industry PE Ratio Median Figure of 38 Publicly-Listed REITs Companies 12.58x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 748 Publicly-Listed Companies 12.32x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Altarea.

BATS-CHIXE:ALTAP PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTPA:ALTA Share Price ÷ EPS (both in EUR)

= 108.8 ÷ 14.42

7.54x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Altarea is good value based on earnings compared to the GB REITs industry average.
  • Altarea is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Altarea's expected growth come at a high price?
Raw Data
BATS-CHIXE:ALTAP PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.54x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
11.8%per year
United Kingdom of Great Britain and Northern Ireland REITs Industry PEG Ratio Median Figure of 22 Publicly-Listed REITs Companies 0.67x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 518 Publicly-Listed Companies 0.97x

*Line of best fit is calculated by linear regression .

BATS-CHIXE:ALTAP PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.54x ÷ 11.8%

0.64x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Altarea is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Altarea's assets?
Raw Data
BATS-CHIXE:ALTAP PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in EUR €129.69
ENXTPA:ALTA Share Price * ENXTPA (2020-04-03) in EUR €108.8
United Kingdom of Great Britain and Northern Ireland REITs Industry PB Ratio Median Figure of 54 Publicly-Listed REITs Companies 0.73x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,323 Publicly-Listed Companies 1.06x
BATS-CHIXE:ALTAP PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTPA:ALTA Share Price ÷ Book Value per Share (both in EUR)

= 108.8 ÷ 129.69

0.84x

* Primary Listing of Altarea.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Altarea is overvalued based on assets compared to the GB REITs industry average.
X
Value checks
We assess Altarea's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Altarea has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Altarea expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
11.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Altarea expected to grow at an attractive rate?
  • Altarea's earnings growth is expected to exceed the low risk savings rate of 0.5%.
Growth vs Market Checks
  • Altarea's earnings growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
  • Altarea's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
BATS-CHIXE:ALTAP Future Growth Rates Data Sources
Data Point Source Value (per year)
BATS-CHIXE:ALTAP Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 11.8%
BATS-CHIXE:ALTAP Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 5.9%
United Kingdom of Great Britain and Northern Ireland REITs Industry Earnings Growth Rate Market Cap Weighted Average 24.1%
United Kingdom of Great Britain and Northern Ireland REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.8%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 15.4%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 2.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BATS-CHIXE:ALTAP Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BATS-CHIXE:ALTAP Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 3,444 364 302 1
2020-12-31 3,083 316 333 1
2020-04-04
BATS-CHIXE:ALTAP Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-12-31 3,069 338 234
2019-09-30 2,807 317 249
2019-06-30 2,546 290 267
2019-03-31 2,450 247 261
2018-12-31 2,354 211 252
2018-09-30 2,211 234
2018-06-30 2,069 260 215
2018-03-31 1,987 233 269
2017-12-31 1,904 207 323
2017-09-30 1,825 329
2017-06-30 1,745 61 335
2017-03-31 1,649 102 250

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Altarea's earnings are expected to grow by 11.8% yearly, however this is not considered high growth (20% yearly).
  • Altarea's revenue is expected to grow by 5.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BATS-CHIXE:ALTAP Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Altarea Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:ALTAP Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 18.19 18.19 18.19 1.00
2020-12-31 20.05 20.05 20.05 1.00
2020-04-04
BATS-CHIXE:ALTAP Past Financials Data
Date (Data in EUR Millions) EPS *
2019-12-31 14.42
2019-09-30 15.55
2019-06-30 16.89
2019-03-31 16.53
2018-12-31 15.98
2018-09-30 14.78
2018-06-30 13.58
2018-03-31 17.21
2017-12-31 20.92
2017-09-30 21.65
2017-06-30 22.39
2017-03-31 17.29

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Altarea is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Altarea's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Altarea has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Altarea performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Altarea's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Altarea's year on year earnings growth rate has been positive over the past 5 years.
  • Altarea's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Altarea's 1-year earnings growth is negative, it can't be compared to the GB REITs industry average.
Earnings and Revenue History
Altarea's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Altarea Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:ALTAP Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 3,068.60 233.70 456.70
2019-09-30 2,807.10 249.05 453.00
2019-06-30 2,545.60 267.40 449.30
2019-03-31 2,449.70 261.35 435.75
2018-12-31 2,353.80 252.30 422.20
2018-09-30 2,211.30 233.50 395.15
2018-06-30 2,068.80 214.70 368.10
2018-03-31 1,986.55 268.85 365.35
2017-12-31 1,904.30 323.00 362.60
2017-09-30 1,824.60 328.95 350.70
2017-06-30 1,744.90 334.90 338.80
2017-03-31 1,649.15 250.20 313.40
2016-12-31 1,553.40 165.50 288.00
2016-09-30 1,428.55 126.50 264.10
2016-06-30 1,303.70 87.50 240.20
2016-03-31 1,245.30 134.10 226.75
2015-12-31 1,186.90 180.70 213.30
2015-06-30 987.70 173.20 182.60
2015-03-31 987.05 156.15 187.40
2014-12-31 986.40 139.10 192.20
2014-09-30 1,322.60 94.75 232.70
2014-06-30 1,353.20 76.50 230.60
2014-03-31 1,418.45 111.35 235.90
2013-12-31 1,483.70 146.20 241.20
2013-09-30 1,470.85 155.65 239.05
2013-06-30 1,458.00 165.10 236.90

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Altarea has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Altarea used its assets less efficiently than the GB REITs industry average last year based on Return on Assets.
  • Altarea has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Altarea's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Altarea has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Altarea's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Altarea's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Altarea is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Altarea's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Altarea's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Altarea Company Filings, last reported 3 months ago.

BATS-CHIXE:ALTAP Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 3,335.50 3,799.40 831.40
2019-09-30 3,335.50 3,799.40 831.40
2019-06-30 3,187.40 3,709.30 753.00
2019-03-31 3,187.40 3,709.30 753.00
2018-12-31 3,229.40 3,369.80 680.70
2018-09-30 3,229.40 3,369.80 680.70
2018-06-30 3,060.40 3,957.90 940.40
2018-03-31 3,060.40 3,957.90 940.40
2017-12-31 3,164.70 3,893.30 1,177.30
2017-09-30 3,164.70 3,893.30 1,177.30
2017-06-30 2,979.40 3,439.60 651.90
2017-03-31 2,979.40 3,439.60 651.90
2016-12-31 2,758.30 3,155.70 488.60
2016-09-30 2,758.30 3,155.70 488.60
2016-06-30 2,552.20 3,280.50 602.60
2016-03-31 2,552.20 3,280.50 602.60
2015-12-31 2,250.90 2,854.40 286.00
2015-06-30 2,155.70 2,501.40 372.40
2015-03-31 2,155.70 2,501.40 372.40
2014-12-31 2,169.90 2,346.00 374.50
2014-09-30 2,169.30 2,306.80 373.90
2014-06-30 1,880.80 2,414.20 370.50
2014-03-31 1,880.80 2,414.20 370.50
2013-12-31 1,832.90 2,191.70 235.70
2013-09-30 1,832.90 2,191.70 235.70
2013-06-30 1,403.70 2,503.90 308.80
  • Altarea's level of debt (113.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (106.4% vs 113.9% today).
  • Debt is not well covered by operating cash flow (8.9%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4x coverage).
X
Financial health checks
We assess Altarea's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Altarea has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Altarea's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
11.95%
Current annual income from Altarea dividends. Estimated to be 12.29% next year.
If you bought €2,000 of Altarea shares you are expected to receive €239 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Altarea's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2.66%).
  • Altarea's dividend is above the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (7.42%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BATS-CHIXE:ALTAP Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland REITs Industry Average Dividend Yield Market Cap Weighted Average of 48 Stocks 5.4%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 595 Stocks 5.7%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.3%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2.7%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 7.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BATS-CHIXE:ALTAP Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 13.49 1.00
2020-12-31 13.25 1.00
2020-04-04
BATS-CHIXE:ALTAP Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2020-03-24 13.000 11.629
2020-03-02 13.000 9.414
2019-04-03 12.750 6.732
2019-02-26 12.750 6.913
2018-03-15 12.500 6.499
2018-03-05 12.500 6.120
2017-03-13 11.500 5.928
2017-02-22 11.500 6.494
2016-03-11 11.000 6.192
2016-03-09 11.000 6.374
2015-03-26 10.000 5.936
2015-03-04 10.000 6.067
2014-03-07 10.000 7.372
2014-03-06 10.000 7.286
2013-04-11 10.000 7.886
2013-02-27 10.000 7.429
2012-08-02 9.000 7.701
2012-03-05 9.000 8.058
2011-04-29 8.000 6.213
2011-03-07 8.000 5.526
2010-08-30 7.200 5.736
2010-04-27 7.200 6.436
2010-03-15 7.200 6.334
2009-04-30 7.000 6.552

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Altarea's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (23.6x coverage).
X
Income/ dividend checks
We assess Altarea's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Altarea afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Altarea has a total score of 6/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Altarea's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jacques Ehrmann
AGE 59
TENURE AS CEO 1.3 years
CEO Bio

Mr. Jacques Dominique Ehrmann serves as Managing Director at Altarea SCA since 2019. He was Chairman of the Board and Chief Executive Officer of Carmila S.A. from April 17, 2014 to June 30, 2019. He serves as Director at Carrefour Sabanci Ticaret Merkezi A.S. Mr. Ehrmann had been Executive Director of Assets, Development and New Ventures at Carrefour SA since 2013 until 2019. He has been the Head of the Merger-Acquisitions Department of the Carrefour group since February 2015. He serves as a Member Member of the Management Board of Froja SA and the President of Tamlet SAS. In 1989, he was the Secretary General of Société des Hôtels Méridien, he then held the position of Managing Director of Euro Disney from 1995 to 1997 and later at Club Méditerranée from 1997 to 2002. He served as Managing Director of GreenYellow (SAS). He joined the Casino Group in 2003 as Chief Real Estate and Development Officer and served as its Managing Director of Real Estate and Development activities. He served as Chief Executive Officer of the Casino Group during his decent period with Casino Group. Mr. Ehrmann served as the Director Real Estate and Development, Head of Property Division and Real Estate Director at Casino, Guichard-Perrachon Société Anonyme and also served as its Real Estate & Expansion Director until September 2012. He was Co-manager of Jakerevo (SC), Tested (SC) and SCI PDP. He was President of Hard Immo (SAS), Immobilière Groupe Casino (SAS), Mercialys Gestion (SAS) and Mery 2 (SAS), IGC Promotion (SAS), Théiadis (SAS), Onagan Promotion (SAS), SAS Cathédrale, SAS des Grands Crus, SAS de Saint Sulpice, SAS des Salins, Opalodis (SAS) and Uranie (SAS). Also at Holding d’Exploitation de Centrales Photovoltaïques 3b (SAS), Holding d’Exploitation de Centrales Photovoltaïques 4 (SAS), Holding d’Exploitation de Centrales Photovoltaïques 5 (SAS), Holding d’Exploitation de Centrales Photovoltaïques 6 (SAS), Lycées Pyrénées Orientales (SAS), GreenYellow Holding (SAS), Ksilicium Finance Metropole (SAS) and Ksilicium Finance Réunion (SAS), Alcudia Promotion (SAS), IGC Promotion (SAS), Onagan Promotion (SAS), SAS Cathédrale, SAS de la Grande Colline, SAS de la Moitié, SAS de Malaz, SAS de Saint Sulpice, SAS des Grands Crus, SAS des Salins and SAS du Canal du Midi. He was a Non-associate Manager at the following companies: GreenYellow Participations (EURL), GreenYellow Participations 2 (EURL), GreenYellow Arles (SNC), Holding d’Exploitation de Centrales Photovoltaïques 3C (SAS), KS Participation Métropole (EURL), Société de Participations dans des Centrales PV 3 (EURL), Société de Participations dans des Centrales PV 3C (EURL), Société de Participations dans des Centrales PV 4 (EURL), GreenYellow Participations 3b (EURL), GreenYellow Participations 10 (EURL), GreenYellow Participations 6 (EURL), GreenYellow Participations 7 (EURL), GreenYellow Participations 8 (EURL), GreenYellow Participations 11 (EURL), GreenYellow Participation Energie (SARL), Alpha (SARL), Azel (SCI), Casino Développement (SNC), Hyper 19 (SNC) and SNC Maud. He was Manager of the following companies : Agout (SNC), Chafar 2 (SCCV), Chouans (SCCV), Clovis (SCCV), Dentelle (SNC), Fructidor SNC, Géante Périaz (SNC), Pays Chaunois (SCCV), Plaine de Lamolle (SCCV), Seconde Périaz (SCCV), SCI Stoupale and SCI Zac du Roubaud Saint-Jean. Also, GreenYellow Albi (SNC), GreenYellow Bordeaux (SNC), GreenYellow Castres (SNC), GreenYellow Montauban (SNC), GreenYellow Rodez (SNC) and GreenYellow Saint-André de Cubzac (SNC), GreenYellow Avignon Cap Sud (SNC), GreenYellow Marseille Delprat (SNC), GreenYellow Sauvian (SNC) and GreenYellow Valence 2 (SNC), Agout (SNC), Bobsleigh (SCCV), Canerousse SNC, Chantecouriol (SNC), Chatam (SCI), Chouans (SCCV), Dentelle (SNC), Géante Périaz (SNC), Les Grandes Chaumes (SCCV), Parc des Salins (SNC), Plaine de Lamolle (SCCV), SCCV de Cavernes, SCCV du Chapeau Rouge, SCI Immoleard, SCI Les Halles des Bords de Loire, SCI Zac du Roubaud Saint-Jean, Seconde Périaz (SCCV), SNC de Périaz, SNC Fairway, SNC Joutes de la Peyrade, Semnoz A (SNC), Semnoz B (SNC), Semnoz C (SNC), SNC Les Cabanes Tchanquées, Soderip Promotion (SNC), Rhodanienne (SNC), Vendolonne (SNC), Alcudia Amilly (SCCV), Alcudia Annemasse (SCCV), Alcudia Arbent (SCCV), Alcudia Basso Combo (SCCV), Alcudia Boé (SCCV), Alcudia Chalon (SCCV), Alcudia Clermont Ferrand (SCCV), Alcudia Cubzac (SCCV), Alcudia Davezieux (SCCV), Alcudia Fenouillet (SCCV), Alcudia Firminy (SCCV), Alcudia Fréjus (SCCV), Alcudia Lannion (SCCV), Alcudia Lons Le Saunier (SCCV), Alcudia Loubet (SCCV), Alcudia Montélimar (SCCV), Alcudia Nîmes (SCCV), Alcudia Salon (SCCV), Alcudia Salvaza (SCCV), Alcudia Torcy (SNC), Alcudia Villenave d’Ornon (SCCV), SNC Alcudia Grans, SNC Alcudia Auxerre, SNC Alcudia Les Clairions, SNC Alcudia Tarbes Laloubère, SNC Alcudia Troyes Barberey, SNC Alcudia Villefranche, Immo (SNC) and Menesterol Immo (SNC). He served as an External Advisor of Mercialys S.A. since September 17, 2012. Mr. Ehrmann served as an Advisor of Casino, Guichard-Perrachon Société Anonyme since September 2012. He served as the Chairman and Chief Executive Officer of Intexa S.A. He served as Chairman and Chief Executive Officer for Mercialys S.A. from July 22, 2005 to September 17, 2012. He was the Head Director of Servicios Cativen. He was Chairman and Member of the Board of Directors of Proxipierre (SPPICAV). He was a Director of Carmila S.A. from April 17, 2014 to June 30, 2019. He has been a Director of Cardety since May 20, 2015. He is also a Member of the Board of Directors of Atacadao SA. He was the permanent representative of Asinco (SAS) before the Board of Directors at FIGEAC (SA). He served as a Director of Intexa S.A. He served as Director of Mercialys S.A. since July 22, 2005 until September 17, 2012. He served as a Director at Big C Supercenter Public Company Ltd. from June 2003 to April 10, 2013. He was a Member of the Board of Directors of DTC Finance BV, DTC Development 1, DTC Development 2, DTC Development 3, AEW Immocommercial (SPPICAV) and SAS Santoline. He was a Member of the Supervisory Board of Frojal SA, Editions Lefebvre Sarrut (SA) and Viveo Group (SA). Mr. Ehrmann graduated from HEC Business School.

CEO Compensation
  • Insufficient data for Jacques to compare compensation growth.
  • Insufficient data for Jacques to establish whether their remuneration is reasonable compared to companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure and age of the Altarea management team in years:

3.4
Average Tenure
61
Average Age
  • The tenure for the Altarea management team is about average.
Management Team

Alain Taravella

TITLE
Founder
AGE
71
TENURE
26.3 yrs

Jacques Ehrmann

TITLE
Managing Director
AGE
59
TENURE
1.3 yrs

Éric Dumas

TITLE
Chief Financial Officer
AGE
48

Alain Jodar

TITLE
Chief Executive Officer of Operation & Risk Management
TENURE
3.4 yrs

Bruno Blanc

TITLE
Investments Director

Anne Ghisalberti

TITLE
Finance & Accounting Director
TENURE
3.4 yrs

Nabil Akl

TITLE
Group Technical Director
TENURE
3.1 yrs

Philippe Bouvier

TITLE
Director of Investor Relations - Cogedim
AGE
63

Catherine Leroy

TITLE
Analyst & Investor Relations

Nathalie Bardin

TITLE
Head of CSR
Board of Directors Tenure

Average tenure and age of the Altarea board of directors in years:

5.8
Average Tenure
61
Average Age
  • The tenure for the Altarea board of directors is about average.
Board of Directors

Alain Taravella

TITLE
Founder
AGE
71

Christian de Gournay

TITLE
Chairman of the Supervisory Board
COMPENSATION
€300K
AGE
67
TENURE
5.8 yrs

Jacques Nicolet

TITLE
Supervisory Board Member
COMPENSATION
€7K
AGE
63
TENURE
12.8 yrs

Dominique Rongier

TITLE
Supervisory Board Member
COMPENSATION
€16K
AGE
74
TENURE
10.9 yrs

Françoise Jacqueline Debrus

TITLE
Supervisory Board Member
COMPENSATION
€13K
AGE
59
TENURE
10.9 yrs

Léonore Reviron

TITLE
Supervisory Board Member
COMPENSATION
€16K
AGE
34
TENURE
1.2 yrs

Michaela Robert

TITLE
Supervisory Board Member
COMPENSATION
€13K
AGE
50
TENURE
4 yrs

Marie-Anne Barbat-Layani

TITLE
Supervisory Board Member
COMPENSATION
€8K
AGE
52
TENURE
4 yrs

Éliane Frémeaux

TITLE
Supervisory Board Member
COMPENSATION
€13K
AGE
78
TENURE
6.8 yrs

Marie-Catherine Chazeaux

TITLE
Supervisory Board Member
AGE
50
TENURE
1.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Altarea's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Altarea has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Altarea is the leading property developer in France. As both a developer and an investor, the Group operates in the three main property markets (Retail, Residential and Business property), leading major mixed-use urban renewal projects in France. The Group has the required expertise in each sector to design, develop, market and manage made-to-measure property products. In Retail, Altarea managed assets of €5.2 billion (€2.9 billion in Group share) as of 31 December 2019. Listed in Compartment A of Euronext Paris, Altarea had a market capitalisation of nearly €3.4 billion at 31 December 2019.

Details
Name: Altarea SCA
ALTAP
Exchange: BATS-CHIXE
Founded: 1994
€1,798,937,715
16,534,354
Website: http://www.altareacogedim.com
Address: Altarea SCA
8 avenue Delcassé,
Paris,
Languedoc-Roussillon, 75008,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTPA ALTA Common Shares Euronext Paris FR EUR 10. Dec 2004
OTCPK ATRR.F Common Shares Pink Sheets LLC US USD 10. Dec 2004
LSE 0IRK Common Shares London Stock Exchange GB EUR 10. Dec 2004
BATS-CHIXE ALTAP Common Shares BATS 'Chi-X Europe' GB EUR 10. Dec 2004
Number of employees
Current staff
Staff numbers
1,962
Altarea employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/04 19:59
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/03/03
Last earnings filing: 2020/03/24
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.