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Société Marseillaise du Tunnel Prado Carénage constructs and (ALTPC) Fair Value & Analysis

Industrials · FR · Market cap €158M

SM Société Marseillaise du Tunnel Prado Carénage constructs and ALTPC · PA
Price€26.90
Fair Value€31.46
Upside+17.0%
Quality71/100
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Healthy Growth
Highly profitable · 26.7% net margin
Moderate debt · generates free cash flow
8.52% dividend yield
Ranks above peers (10/15)
Wide moat 67/100
Evidence: High Range €22.98 – €40.74 Share as image

Fair value as of: Jul 19, 2026

From 24 valuation models · updated 22 days ago

Share price −0.7% over the past month.

A solid business, screening 17% undervalued on our models.

What matters now

  • Our model range runs from €22.98 (bear) to €40.74 (bull), base €31.46. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 71/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

€27.50 €14.37 Fair Value €31.46 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range €14.37 – €27.50 · fair‑value band €22.98 – €40.74 · the €26.90 price screens below the €31.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 19, 2026.

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Analysis

Société Marseillaise du Tunnel Prado Carénage constructs and (ALTPC) currently trades at €26.90, while our model-based Fair Value estimate is €31.46, implying the stock looks roughly 17.0% undervalued today. The Quality Score stands at 71/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Société Marseillaise du Tunnel Prado Carénage constructs and generated revenue of €39.5M at a net margin of 26.7%. Revenue grew 6.2% year over year. It earns a return on equity of 14.6%. Net debt stands at €33.1M. Fundamentals as of Jul 19, 2026

Our scenario range runs from €22.98 (bear case) to €40.74 (bull case); at €26.90, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 9% below its 52-week high, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at 25% fair-value upside, at 17%, ALTPC screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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
Highest evidence
Growth DCF €27.50 €34.38 €45.84 80
Residual Income €10.95 €12.55 €18.08 76
Rev-Margin DCF €13.09 €16.77 €21.58 74
All 24 models by family
DCF Models
FCF DCF €26.84 €34.09 €47.28 38
Owner Earnings €23.70 €30.24 €42.16 31
5Y Revenue Exit €13.69 €17.41 €23.11 39
5Y EBITDA Exit €29.98 €44.96 €65.60 41
5Y P/E Exit €22.54 €32.38 €44.74 38
10Y Revenue Exit €19.53 €23.35 €27.18 36
10Y EBITDA Exit €28.25 €38.85 €50.56 37
10Y P/E Exit €24.35 €31.77 €39.08 35
Earnings-Based
Graham-Dodd €12.25 €19.95 €24.12 54
EPV €5.47 €6.81 €7.89 59
Dividend Discount
Gordon GGM €15.32 €17.72 €20.06 70
DDM Multi-Stage €15.32 €18.77 €22.38 61
Multiples
P/E Multiple €28.38 €37.84 €47.30 63
P/S Multiple €10.14 €13.52 €16.90 58
P/B Multiple €22.98 €30.63 €38.29 55
EV/EBIT €22.16 €31.44 €40.72 53
EV/EBITDA €38.87 €53.72 €68.58 54
EV/Revenue €2.83 €6.48 €10.13 43
Asset-Based
NCAV (Graham) €6.06 €8.12 €12.12 50
Growth DCF
Growth DCF €27.50 €34.38 €45.84 80
Rev-Margin DCF €13.09 €16.77 €21.58 74
Economic Profit
Residual Income €10.95 €12.55 €18.08 76
ROIC Compounder €5.47 €6.81 €7.89 72
Growth Earnings
Growth-Adj P/E €20.04 €28.63 €37.22 68

Widest divergence: DCF Models (€31.77) versus Earnings-Based (€6.81). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €39.5M
Revenue growth (YoY) +6.2%
Net margin 26.7%
Return on equity 14.6%
Free cash flow €25.5M FY2025
P/E ratio 16.0
More key figures
Operating margin 22.3%
EPS (TTM) €1.85
Dividend yield 7.8%
EPS growth (YoY) +7.7%
Net debt €33.1M FY2025

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 71/100

Of which business quality 71 · Market factors (momentum, volatility) 64

Profitability 51
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 66
Balance sheet, leverage, solvency risk
Investment 97
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 56
Distance to the 52-week high (market factor)
Net Issuance 81
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Société Marseillaise du Tunnel Prado Carénage constructs and operates tunnels in France. It operates tunnels under the Prado Carénage, Prado Sud, Louis Rège, and Schloesing names. The company was founded in 1989 and is based in Marseille, France.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Société Marseillaise du Tunnel Prado Carénage constructs and reported revenue of €39.5M in FY2025 versus €32.5M in FY2021, a compound +5.0%/yr. Reported net income was €10.5M in FY2025, compounding −0.4%/yr from FY2021.

Growth Quality 84/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€39.5M
Latest YoY
+3.7%
Avg. growth/yr (3Y) 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.
+4.1%
Avg. growth/yr (5Y) 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.
+7.2%
Avg. growth/yr (18Y) 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.
+1.0%
Revenue +5.0%/yr
FY21 €32.5M
FY22 €35.0M
FY23 €37.7M
FY24 €38.1M
FY25 €39.5M
Net income −0.4%/yr
FY21 €10.7M
FY22 €13.0M
FY23 €11.9M
FY24 €9.4M
FY25 €10.5M
Character of growth · EPS growth decomposed (2014-2025) −2.5 % p.a.
Revenue per share −0.6 pp

of which total revenue −0.6 pp · buybacks/dilution +0.0 pp

EBIT margin −3.5 pp
Tax rate +1.7 pp
Residual (interest, one-offs) −0.1 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Société Marseillaise du Tunnel Prado Carénage constructs and Fair Value". https://www.fairvalue-calculator.com/stock/ALTPC

Peer Group

Infrastructure Operations · 64 stocks

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.

Quality Score 71 · Top 25%
Fair Value upside +17% · Above median
Return on equity (TTM) 15% · Top 25%
Return on assets 6% · Above median
Net margin (TTM) 27% · Above median
Operating margin (TTM) 22% · Below median
Revenue growth 6% · Above median
Dividend yield (TTM) 8.5% · Top 25%
Debt / equity 0.54× · Lower than median

Valuation Multiples vs Infrastructure Operations median · lower = cheaper

P/E (TTM) 14.6× · Cheaper than median
P/B 2.58× · Pricier than 75% of peers
P/S (TTM) 4.61× · Pricier than 75% of peers
P/FCF 7.1× · Pricier than 75% of peers
EV/EBITDA 8.4× · Cheaper than median
PEG 2.37× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 56 · sector 53
FUTURE 31 · sector 13
PAST 59 · sector 25
HEALTH 73 · sector 71
DIVIDEND 100 · sector 77

Insider activity: 30/100

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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10 more Infrastructure Operations stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).

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Frequently asked questions

Is Société Marseillaise du Tunnel Prado Carénage constructs and (ALTPC) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of €31.46 versus a price of €26.90, about +17% (undervalued).
What is the fair value of ALTPC?
Our model-based fair value for Société Marseillaise du Tunnel Prado Carénage constructs and is €31.46 (as of Jul 19, 2026), built from audited fundamentals. The current price is €26.90.
What is the quality score of ALTPC?
Société Marseillaise du Tunnel Prado Carénage constructs and has a Quality Score of 71/100. 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 revenue of Société Marseillaise du Tunnel Prado Carénage constructs and (ALTPC)?
Société Marseillaise du Tunnel Prado Carénage constructs and reported trailing-twelve-month revenue of about €39.5M (latest available figure, as of Jul 19, 2026).
What is the net profit margin of ALTPC?
The net profit margin of Société Marseillaise du Tunnel Prado Carénage constructs and is about 26.7%, meaning it keeps roughly 26.7% of revenue as net income. Based on the latest reported figures.
Does Société Marseillaise du Tunnel Prado Carénage constructs and pay a dividend?
Société Marseillaise du Tunnel Prado Carénage constructs and currently shows a dividend yield of about 7.80% relative to its recent price (as of Jul 19, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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