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Argan SA (ARG) Fair Value & Analysis

Real Estate · FR · Market cap €1.6B

AS Argan SA ARG · PA
Price€60.10
Fair Value€63.49
Upside+5.6%
Quality94/100
Evidence: High Range €47.62 – €102.56

Fair value as of: Jun 26, 2026

From 25 valuation models · updated 3 days ago

Share price −1.0% over the past month.

Price vs Fair Value (12 months)

€66.42 €54.65 Fair Value €63.49 Jul 2025 Jun 2026

12‑month range €54.65 – €66.42 · fair‑value band €47.62 – €102.56 · the €60.10 price screens below the €63.49 fair value. As of Jun 26, 2026.

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Analysis

Argan SA (ARG) currently trades at €60.10, while our model-based Fair Value estimate is €63.49 — implying the stock looks roughly 5.6% undervalued today. We read business quality at 94/100 (high quality), in the Real Estate 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, Argan SA generated revenue of €252M at a net margin of 97.5%. Revenue grew 4.2% year over year. It earns a return on equity of 10.5%. Net debt stands at €1.8B. Fundamentals as of Jun 26, 2026

Key figures & financial health

Revenue (TTM) €252M
Revenue growth (YoY) +4.2%
Net margin 97.5%
Return on equity 10.5%
Free cash flow €188M FY2025
P/E ratio 5.3
More key figures
Operating margin 87.5%
EPS (TTM) €11.48
Dividend yield 5.6%
EPS growth (YoY) -30.3%
Net debt €1.8B FY2025

Figures from reported company fundamentals (EODHD) · as of Jun 26, 2026. TTM = trailing twelve months.

About the company

Argan SA is the only French real estate company specializing in the Development & Rental of Premium Warehouses listed on Euro Next. Building on a unique customer-centric approach, ARGAN develops PREMIUM and pre-let Au0nom labelled warehouses i.e., which produce their own energy for self-consumption for blue-chip companies, with tailor-made services throughout all project phases from the development milestones to the rental management. As of December 31, 2025, ARGAN represented a portfolio of 3.8 million sq., with more than one hundred warehouses located in the continental area of France. Appraised at a total of 4.1 billion, this portfolio generates a yearly rental income of 214 million euros (yearly rental income based on the portfolio delivered as of December 31, 2025). Profitability, well-mastered debt, and sustainability are at the heart of ARGAN's DNA. The financial solidity of the Group's model is notably reflected in its investment-grade rating (BBB- with a stable outlook) wit…

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Argan SA reported revenue of €252M in FY2025 versus €186M in FY2021, a compound +7.9%/yr. Reported net income was €245M in FY2025, compounding −22.2%/yr from FY2021.

Revenue +7.9%/yr
FY21 €186M
FY22 €198M
FY23 €221M
FY24 €239M
FY25 €252M
Net income −22.2%/yr
FY21 €668M
FY22 €95.1M
FY23 −€263M
FY24 €246M
FY25 €245M

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Frequently asked questions

Is Argan SA (ARG) undervalued?
As of Jun 26, 2026, our model estimates a fair value of €63.49 versus a price of €60.10 — about +6% (undervalued). Model-based estimate, not financial advice.
What is the fair value of ARG?
Our 21-model fair value for Argan SA is €63.49 (as of Jun 26, 2026), built from audited fundamentals. The current price is €60.10.
What is the quality score of ARG?
Argan SA has a Quality Score of 94/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Argan SA (ARG)?
Argan SA reported trailing-twelve-month revenue of about €252M (latest available figure, as of Jun 26, 2026).
What is the net profit margin of ARG?
The net profit margin of Argan SA is about 97.5%, meaning it keeps roughly 97.5% of revenue as net income. Based on the latest reported figures.
Does Argan SA pay a dividend?
Argan SA currently shows a dividend yield of about 5.63% relative to its recent price (as of Jun 26, 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.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.