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Alten S.A (ATE) Fair Value & Analysis

Technology · FR · Market cap €1.8B

AS Alten S.A ATE · PA
Price€75.70
Fair Value€62.50
Upside-17.4%
Quality60/100
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Mixed Growth
Thin margins · 2.6% net margin
Low debt · generates free cash flow
2.78% dividend yield
Ranks above peers (9/15)
Narrow moat 38/100
Evidence: High Range €46.87 – €78.12 Share as image

Fair value as of: Jul 12, 2026

From 26 valuation models · updated 29 days ago

Fair value updated Jul 12, 2026, revised from €61.13 to €62.50 (+2.2%) since Jun 25, 2026. Share price +39.5% over the past month.

A solid business, but screening 17% overvalued on our models.

What matters now

  • Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
  • Our model range runs from €46.87 (bear) to €78.12 (bull), base €62.50. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 60/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

€149.80 €50.26 Fair Value €62.50 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.

How to read this chart

60‑month range €50.26 – €149.80 · fair‑value band €46.87 – €78.12 · the €75.70 price screens above the €62.50 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 12, 2026.

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Analysis

Alten S.A (ATE) currently trades at €75.70, while our model-based Fair Value estimate is €62.50, implying the stock looks roughly 17.4% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Alten S.A generated revenue of €4.1B at a net margin of 2.6%. Revenue declined 1.0% year over year. It earns a return on equity of 4.8%. Net debt stands at €101M. Fundamentals as of Jul 12, 2026

Our scenario range runs from €46.87 (bear case) to €78.12 (bull case); at €75.70, 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 last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 10% below its 52-week high and 49% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -25% fair-value upside, at -17%, ATE screens cheaper 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 BearBaseBull Evidence
Highest evidence
Growth DCF €107.00 €163.90 €245.22 80
Residual Income €46.81 €46.38 €41.04 76
Rev-Margin DCF €97.58 €156.78 €232.89 74
All 26 models by family
DCF Models
FCF DCF €108.44 €173.03 €271.23 38
Owner Earnings €71.10 €111.20 €172.18 31
5Y Revenue Exit €97.58 €157.74 €238.30 39
5Y EBITDA Exit €114.46 €192.33 €289.17 41
5Y P/E Exit €73.37 €108.11 €146.34 38
10Y Revenue Exit €98.12 €153.33 €235.76 36
10Y EBITDA Exit €110.70 €176.42 €274.46 37
10Y P/E Exit €85.84 €120.21 €165.83 35
Earnings-Based
Graham-Dodd €21.25 €97.10 €133.24 54
Lynch FV €25.46 €36.37 €47.28 50
PEG = 1.0 €25.46 €36.37 €47.28 46
EPV €62.48 €69.65 €75.62 59
Dividend Discount
Gordon GGM €11.85 €21.36 €29.40 70
DDM Multi-Stage €11.85 €19.51 €22.81 61
Multiples
P/E Multiple €46.87 €62.50 €78.12 63
P/S Multiple €39.84 €53.12 €66.40 58
P/B Multiple €39.84 €53.12 €66.40 55
EV/EBIT €133.53 €174.73 €215.94 53
EV/EBITDA €128.75 €168.36 €207.97 54
EV/Revenue €93.25 €128.95 €164.66 43
Asset-Based
NCAV (Graham) €32.49 €43.54 €64.98 50
Growth DCF
Growth DCF €107.00 €163.90 €245.22 80
Rev-Margin DCF €97.58 €156.78 €232.89 74
Economic Profit
Residual Income €46.81 €46.38 €41.04 76
ROIC Compounder €62.48 €73.71 €89.29 72
Growth Earnings
Growth-Adj P/E €39.90 €57.01 €74.11 68

Widest divergence: Growth DCF (€156.78) versus Dividend Discount (€19.51). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) €4.1B
Revenue growth (YoY) -1.0%
Net margin 2.6%
Return on equity 4.8%
Free cash flow €320M FY2025
P/E ratio 21.4
More key figures
Operating margin 7.7%
EPS (TTM) €3.04
Dividend yield 2.3%
EPS growth (YoY) -64.3%
Net debt €101M FY2025

Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 61 · Market factors (momentum, volatility) 49

Profitability 37
Margins and returns on capital today
Quality Growth 26
Are margins and returns improving?
Cashflow 70
Earnings quality: real cash, not paper profit
Fin. Strength 79
Balance sheet, leverage, solvency risk
Investment 85
Disciplined investing over empire-building
Low Volatility 42
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 63
Distance to the 52-week high (market factor)
Net Issuance 73
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

Alten S.A. operates as an engineering and technology consultancy company in France, North America, Germany, Scandinavia, Benelux, Iberian, Italy, the United Kingdom, the Asia-Pacific, Switzerland, Eastern Europe, and internationally.

Full company description

Alten S.A. operates as an engineering and technology consultancy company in France, North America, Germany, Scandinavia, Benelux, Iberian, Italy, the United Kingdom, the Asia-Pacific, Switzerland, Eastern Europe, and internationally. It undertakes projects for the technical, research and development, and information systems divisions of industrial, telecoms, and service clients. The company also provides engineering services, such as mechanic and materials, data management, systems engineering and PDM, project management office, quality assurance, manufacturing, environment, health and safety, electronics; embedded software; and construction infrastructure services. In addition, it provides IT services comprising AMOA and business analyst; cybersecurity; artificial intelligence; application software; data management; green IT; software testing and QA; and cloud and infrastructure services. The company serves customers in aeronautics, space, defense and naval, security, automotive, rail and mobility, energy and environment, life sciences and health, banking, industrial equipment and electronics, banking, finance and insurance, telecoms, retail, services, media, and public sectors and government services. Alten S.A. was incorporated in 1988 and is headquartered in Boulogne-Billancourt, France.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Alten S.A reported revenue of €4.1B in FY2025 versus €2.9B in FY2021, a compound +8.8%/yr. Reported net income was €107M in FY2025, compounding −15.3%/yr from FY2021.

Growth Quality 74/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€4.1B
Latest YoY
−1.1%
Avg. growth/yr (3Y)
+2.7%
Avg. growth/yr (5Y)
+11.9%
Avg. growth/yr (24Y)
+12.2%
Revenue +8.8%/yr
FY21 €2.9B
FY22 €3.8B
FY23 €4.1B
FY24 €4.1B
FY25 €4.1B
Net income −15.3%/yr
FY21 €208M
FY22 €458M
FY23 €233M
FY24 €186M
FY25 €107M

ATE screens 17% overvalued. Compare with International Business Machines Corporation →

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Cite: Fair Value Calculator (2026). "Alten S.A Fair Value". https://www.fairvalue-calculator.com/stock/ATE

Peer Group

Information Technology Services · 480 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 60 · Above median
Fair Value upside −17% · Below median
Return on equity (TTM) 5% · Below median
Return on assets 5% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 8% · Above median
Revenue growth -1% · Below median
Dividend yield (TTM) 2.8% · Above median
Debt / equity 0.00× · Lower than median

Valuation Multiples vs Information Technology Services median · lower = cheaper

P/E (TTM) 17.5× · Cheaper than median
P/B 0.94× · Cheaper than median
P/S (TTM) 0.51× · Cheaper than median
P/FCF 6.6× · Pricier than median
EV/EBITDA 5.5× · Cheaper than median
PEG 1.43× · Pricier than median

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 10 · sector 20
FUTURE 0 · sector 29
PAST 19 · sector 36
HEALTH 100 · sector 97
DIVIDEND 56 · sector 37

Insider activity: 45/100

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.

Similar stocks

10 more Information Technology Services stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).

Stock Price Fair Value vs Fair Value
International Business Machines Corporation IBM $235.92 $143.90 -39%
Accenture plc ACNN 2,460 MXN 250.95 MXN -90%
Infosys Limited INFY ₹1,156 ₹1,457 +26%
HCL Technologies Limited HCLTECH ₹1,204 ₹1,230 +2%
Wipro Limited WIPRO ₹178.43 ₹226.81 +27%
Tech Mahindra Limited TECHM ₹1,455 ₹1,086 -25%
Samsung SDS Co 018260 199,300 KRW 196,390 KRW -1%
Persistent Systems Limited PERSISTENT ₹5,059 ₹2,364 -53%
Hyundai Autoever Corporation 307950 393,000 KRW 133,088 KRW -66%
Coforge Limited COFORGE ₹1,541 ₹702.84 -54%

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Frequently asked questions

Is Alten S.A (ATE) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of €62.50 versus a price of €75.70, about −17% (overvalued).
What is the fair value of ATE?
Our model-based fair value for Alten S.A is €62.50 (as of Jul 12, 2026), built from audited fundamentals. The current price is €75.70.
What is the quality score of ATE?
Alten S.A has a Quality Score of 60/100. 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 Alten S.A (ATE)?
Alten S.A reported trailing-twelve-month revenue of about €4.1B (latest available figure, as of Jul 12, 2026).
What is the net profit margin of ATE?
The net profit margin of Alten S.A is about 2.6%, meaning it keeps roughly 2.6% of revenue as net income. Based on the latest reported figures.
Does Alten S.A pay a dividend?
Alten S.A currently shows a dividend yield of about 2.33% relative to its recent price (as of Jul 12, 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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