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Realites (ALREA) fair value: what the stock is really worth

As of Sep 18, 2026: fair value of Realites €0.52, price €0.40, upside +30.2%, quality 24 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Real Estate · FR · ISIN FR0011858190

R Thin data Sep 23, 2026

Realites

ALREA · PA

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value €0.5207 · Undervalued (+30%)
!Quality 24/100
!Weak Growth (revenue 5y +5.5 %/yr)
!Loss-making · -95.3% net margin (TTM)
!Negative equity (buybacks among others) · negative free cash flow
!Trails peers (2/7)
!Narrow moat 8/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€36.54 €0.3000 Fair Value €0.5207 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range €0.3000 – €36.54 · fair‑value band €0.3057 – €0.6821 · the €0.4000 price screens below the €0.5207 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

Réalités S.A. engages in the real estate development business in France. The company undertakes accommodation, managed residential, offices and tertiary, higher education, health and medico-social services, rehabilitation, and mixed projects. It also provides usage, and off-site and low-carbon construction services. Réalités S.A.

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Réalités S.A. engages in the real estate development business in France. The company undertakes accommodation, managed residential, offices and tertiary, higher education, health and medico-social services, rehabilitation, and mixed projects. It also provides usage, and off-site and low-carbon construction services. Réalités S.A. was incorporated in 2003 and is headquartered in Saint-Herblain, France.

Stock analysis

Realites (ALREA) currently trades at €0.4000, while our model-based Fair Value estimate is €0.5207, implying the stock looks roughly 23.2% undervalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 91/100, which puts the evidence level at low.

Scenario range: €0.3057 (bear) to €0.6821 (bull), the price of €0.4000 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 24/100 (below-average quality), in the Real Estate sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Realites reported revenue of €216M in FY2024 versus €205M in FY2020, a compound +1.3%/yr. Reported net income was −€206M in FY2024.

Key figures

Market cap €2.3M · EPS (TTM) €−38.68 · Net margin −95.3% · Return on equity −529% · Return on assets (EBIT) −2.1% · Operating margin −75.9% · Revenue (TTM) €216M · Revenue growth (YoY) −35.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).

What moves the price

The share trades about 79% below its 52-week high and 33% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at 54% fair-value upside, at 30%, ALREA screens richer than that median.

Fair Value models

Bear €0.3057 Fair Value €0.5207 Bull €0.6821
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
DDM Multi-Stage €3.37 €5.80 €7.09 65
Gordon GGM €3.37 €6.71 €10.17 64
All 2 models by family
Dividend Discount
Gordon GGM €3.37 €6.71 €10.17 64
DDM Multi-Stage €3.37 €5.80 €7.09 65

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Quality Score breakdown

Overall quality 24/100

Of which business quality 25 · Market factors (momentum, volatility) 4

Profitability 3
Margins and returns on capital today
Quality Growth 0
Are margins and returns improving?
Cashflow 42
Earnings quality: real cash, not paper profit
Fin. Strength 10
Balance sheet, leverage, solvency risk
Investment 94
Disciplined investing over empire-building
Low Volatility 3
Calm price path (market factor)
Momentum 5
Price trend over the last 3–12 months (market factor)
52W Momentum 3
Distance to the 52-week high (market factor)
Net Issuance 26
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 10/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−46.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−8.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.5%
Revenue growth 15 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.6%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
6.8% (2018) → −74.7% (2024)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2024 is a loss year, no rate is defined from a loss
not computed

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Real Estate - Development · 577 stocks

Beats the industry median on 2/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 25 · Bottom 25%
Fair Value upside +30% · Above median
Profitability
Return on equity (TTM) Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets −11% · Bottom 25%
Net margin (TTM) −95% · Bottom 25%
Operating margin (TTM) −76% · Bottom 25%
Growth and dividend
Revenue growth −35% · Bottom 25%
Balance sheet
Debt / equity Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Valuation Multiplesvs Real Estate - Development median · lower = cheaper

P/B Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (TTM) 0.01× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)74 · sector 49
FUTURE (revenue growth)0 · sector 0
PAST (return on equity)0 · sector 12
HEALTH (low debt)0 · sector 83
DIVIDEND (yield)0 · sector 56

PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Sun Hung Kai Properties Limited 0016 HK$109.10 HK$147.78 +35%
China Resources Land Limited 1109 HK$29.62 HK$74.05 +150%
Vinhomes Joint Stock Company VHM 68,200 VND 112,796 VND +65%
CK Asset Holdings 1113 HK$46.44 HK$71.69 +54%
Hongkong Land Holdings H78 $8.74 $1.52 −83%
DLF Limited DLF ₹675.00 ₹167.21 −75%
China Overseas Land & Investment Limited 0688 HK$12.43 HK$22.35 +80%
Lodha Developers Limited LODHA ₹1,163 ₹275.95 −76%
Poly Developments and Holdings 600048 ¥5.64 ¥14.10 +150%
CTP N.V CTPNV €13.58 €10.30 −24%

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Realites · Fair Value
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Cite: Fair Value Calculator (2026). "Realites Fair Value". https://www.fairvalue-calculator.com/stock/ALREA

Frequently asked questions

Is Realites (ALREA) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of €0.5207 versus the last price from Sep 18, 2026 of €0.4000, about +30% upside (undervalued).
What is the fair value of ALREA?
Our model-based fair value for Realites is €0.5207 (as of Sep 23, 2026), built from audited fundamentals. Last price (from Sep 18, 2026): €0.4000.
What is the quality score of ALREA?
Realites has a Quality Score of 24/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Realites (ALREA)?
Our model-based price target is the fair value of €0.5207 (as of Sep 23, 2026) from 2 valuation models. Cautious scenario €0.3057, optimistic scenario €0.6821. It is a calculation from audited fundamentals, not an analyst target.
What is the Realites stock forecast for 2026?
Our models put fair value at €0.5207, about +30% upside versus the last price from Sep 18, 2026 of €0.4000 (undervalued). Cautious scenario €0.3057, optimistic scenario €0.6821. The calculation is refreshed regularly with new filings.
What is the revenue of Realites (ALREA)?
Realites reported trailing-twelve-month revenue of about €216M (latest available figure, as of Sep 23, 2026).
What is the intrinsic value of Realites (ALREA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Realites it is €0.5207 per share (as of Sep 23, 2026), against a price of €0.4000. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Realites stock overvalued or undervalued in 2026?
As of Sep 23, 2026, ALREA trades below its calculated fair value: price €0.4000, fair value €0.5207, a gap of about +30% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ALREA?
No. The price is what the market pays today (€0.4000); the fair value is what the company's own numbers justify (€0.5207). For Realites the two are €0.1207 per share apart. That gap is exactly why we show both numbers side by side.
How much is Realites worth?
The market values Realites at about €2.3M (market capitalisation, as of Sep 23, 2026). Per share that is €0.4000; our models calculate a fair value of €0.5207 per share.
What do the bullish and bearish scenarios say about ALREA?
Our models span a range for Realites: cautious scenario €0.3057, base €0.5207, optimistic €0.6821 per share (as of Sep 23, 2026, price €0.4000). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Realites (ALREA)?
Balance-sheet figures for Realites (as of Sep 23, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 24/100, which measures business quality independently of the share price.
How far is ALREA from its 52-week high?
Realites trades at €0.4000, about 79% below its 52-week high of €1.92 and 33% above the low of €0.3000 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of €0.5207 is for.
Which stocks are comparable to Realites?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, China Resources Land Limited, Vinhomes Joint Stock Company, CK Asset Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Realites stock attractive at the current price?
The data as of Sep 23, 2026: price €0.4000, calculated fair value €0.5207 (+30%), Quality Score 24/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ALREA calculated?
We run Realites through 2 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €0.5207, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0 % above its aggregate fair value. Realites currently trades 30 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Realites (ALREA)?
The latest price we hold is from Sep 18, 2026 and stands at €0.4000. Our model-based fair value is €0.5207, about +30% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Realites right now?
The large discount to fair value meets weak quality (24/100). That raises the risk this is a value trap rather than a bargain. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (€0.3057 to €0.6821) leaves room in how you read the outcome. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Realites (ALREA) come from?
Earnings per share at Realites grew +16.5 % a year from 2012 to 2023. Broken into its drivers: revenue per share +12.8 %, EBIT margin +5.9 %, tax rate +3.2 %, residual (interest, one-offs) −5.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Realites

How large is the market capitalisation of Realites (ALREA)?
The market capitalisation of Realites is €2.3M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Realites (ALREA)?
Earnings per share at Realites are €−38.68. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Realites (ALREA)?
The net margin of Realites is −95.3% (fiscal year 2024). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Realites (ALREA)?
The return on equity (ROE) of Realites is −529% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Realites (ALREA)?
On an EBIT basis the return on assets of Realites is −2.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Realites (ALREA)?
The operating margin of Realites is −75.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Realites (ALREA)?
Revenue at Realites is growing −35.1% versus a year earlier (3y avg −8.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Realites (ALREA)?
Earnings per share at Realites are growing +15.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Realites (ALREA) generate?
The free cash flow of Realites is −€84.5M (fiscal year 2023). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Realites (ALREA) carry?
The net debt of Realites is €327M (fiscal year 2023). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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