Altarea : Focus on margins and diversification
The property development sector remains disrupted by numerous headwinds, and we will have to wait until H2 2026 for a more pronounced recovery. That said, Altarea is ahead in the property cycle and should begin to benefit from the launch of its new programmes in 2025, with an initial positive impact on its margins. The group is also benefiting from the very strong performance of its cash-generating retail business and can count on the ramp-up of its new businesses in the long term. Existing liquidity covers needs until 2028 and should be supported by access to various debt markets. This provides comfort given the investment trajectory, which remains uncertain at this stage. We are taking advantage of the recent widening of spreads to move to a Buy rating across the curve (vs Neutral).Altarea Cogedim is a real estate investment trust and development company. Co. is an active operator in the three main segments — retail, residential & office-hotels property — with the ability to design, develop, market & manage custom-tailored real estate products. In the Retail segment, Co. is active in real estate investment, development, asset management, providing services to third-party customers. In the Residential segment, Co. is a residential property developer. In the Office Property segment, Co. is a global operator active in all commercial property formats: high-rise buildings, business districts, corporate headquarters, renovation projects, green districts & luxury hotels.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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