Altarea SCA

ALTA.PA

Real Estate - Development · Real Estate

Also trades as: 0IRK.L

Price

€99.90

+0.80 (+0.81%)

Market Cap

€2.47B

Exchange

Euronext Paris

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 13, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Mixed

Valuation

Good

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Share count rising — dilution

+1219.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.7M (2021) → 23.1M (2025)

Winston Score History

The full picture

Altarea is a French real estate company that builds and manages properties across three main areas: shopping centers, housing developments, and office or mixed-use projects. It sells homes to individual buyers, leases retail space to stores and brands, and develops commercial buildings for businesses. The company is one of France's largest property developers and operates the Altarea and Cogedim brands.

Altarea makes money in two main ways: collecting rent from its shopping centers and earning fees when it sells newly built homes or offices to buyers. It operates almost entirely in France, with a market value of around €2.5 billion. Its large land bank and established brand give it some advantage over smaller rivals, but the business currently runs at a small operating loss. The biggest risk it faces is the combination of high interest rates and a slow French housing market, which have reduced demand for new homes and made property development more expensive to finance.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-4.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+267.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

45.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$4.6B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Altarea SCA's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

27.8%

Modest — 27.8% gross margin

Operating Margin

12.8%

Healthy — 12.8% operating margin

ROCE

2.6%

Weak — 2.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-19.7%

Shrinking sales (-19.7% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion

615%

Turns 615% of profit into real cash

FCF Margin

6.2%

Modest free cash flow (6.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

1.88

Elevated debt (1.88)

Interest Cover

2.13x

Tight — interest eats into profit (2.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

65.7x

Expensive — P/E 65.7

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+52.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (65.7 → 13.5)

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Dividends

Not applicable for this business.

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