Argan On Top of the Food Chain in France
Argan is a tightly run family business that grew into a leading logistic platform in France, driven by its developer DNA. It is a relatively easy company to analyse as it is fully concentrated in France. Argan focuses on large and medium boxes with a high exposure to food logistics. Despite the progress that Macron made with revitalising the French economy, real estate remains a difficult market to penetrate. The recent ZAN-law limits the potential for new developments. As an incumbent developer, Argan benefits from these barriers to entry. It is currently rotating some assets to bring down its LTV < 40% ahead of a 500m bond refinancing in FY26. Its large exposure to the defensive food retail segment makes it less vulnerable to potential macro headwinds. We initiate with an Accumulate and 90.0 target.Argan SA designs, builds, develops, owns, leases, and manages logistical bases and warehouses in France. Co. is also involved in land development and management, delivering turnkey projects to its customers. Co divides its activities among two categories of clients: Shipper and Logisticians. It serves shippers, manufacturers or distributors. In addition, Co. serves logisticians, operating the logistics of shippers, including Alloga, Arvato, Daher, Dartess , FM Logistic, Geodis, Kuehne & Nagel, Movianto, Neovia logistics, and XPO Logistic. Co.'s portfolio amounts to more than 1,600,000 mA2, made up of 50 logistics platforms and 9 couriers, making a total of 59 buildings.
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