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Fonciere Atland (ATLD) Fair Value & Analysis

Real Estate · FR · Market cap €156M

FA Fonciere Atland ATLD · PA
Price€35.60
Fair Value€35.47
Upside-0.4%
Quality59/100
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Weak Growth
Thin margins · 4.7% net margin
Low debt · generates free cash flow
4.86% dividend yield
Mixed vs. peers (8/14)
Narrow moat 36/100
Evidence: High Range €24.62 – €46.32 Share as image

Fair value as of: Jul 16, 2026

From 16 valuation models · updated 25 days ago

Share price +3.5% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (€24.62 to €46.32) 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.
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Price vs Fair Value (5 years)

€49.59 €28.61 Fair Value €35.47 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range €28.61 – €49.59 · fair‑value band €24.62 – €46.32 · the €35.60 price screens above the €35.47 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Fonciere Atland (ATLD) currently trades at €35.60, while our model-based Fair Value estimate is €35.47, implying the stock looks roughly 0.4% fairly valued today. The Quality Score stands at 59/100 (solid quality), in the Real Estate 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, Fonciere Atland generated revenue of €174M at a net margin of 4.7%. Revenue declined 30.9% year over year. It earns a return on equity of 5.6%. Net debt stands at €3.0M. Fundamentals as of Jul 16, 2026

Our scenario range runs from €24.62 (bear case) to €46.32 (bull case); at €35.60, 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 26% below its 52-week high and 2% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -22% fair-value upside, at 0%, ATLD 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 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 €85.72 €136.14 €222.18 80
Residual Income €22.81 €23.05 €21.03 76
Rev-Margin DCF €50.58 €83.41 €132.61 74
All 16 models by family
DCF Models
FCF DCF €90.81 €130.18 €236.98 38
5Y Revenue Exit €50.58 €75.76 €123.75 39
5Y EBITDA Exit €62.56 €101.16 €171.76 41
10Y Revenue Exit €63.72 €102.40 €134.16 36
10Y EBITDA Exit €71.79 €122.42 €209.47 37
Dividend Discount
Gordon GGM €16.00 €26.80 €34.78 70
DDM Multi-Stage €16.00 €25.42 €28.83 61
Multiples
P/S Multiple €23.88 €31.84 €39.80 58
P/B Multiple €23.88 €31.84 €39.80 55
EV/EBIT €48.38 €63.68 €78.98 53
EV/EBITDA €49.07 €64.61 €80.14 54
EV/Revenue €27.79 €38.64 €49.49 43
Asset-Based
NCAV (Graham) €15.89 €21.29 €31.77 50
Growth DCF
Growth DCF €85.72 €136.14 €222.18 80
Rev-Margin DCF €50.58 €83.41 €132.61 74
Economic Profit
Residual Income €22.81 €23.05 €21.03 76

Widest divergence: DCF Models (€102.40) versus Asset-Based (€21.29). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €174M
Revenue growth (YoY) -30.9%
Net margin 4.7%
Return on equity 5.6%
Free cash flow €33.3M FY2025
P/E ratio 19.3
More key figures
Operating margin 9.0%
EPS (TTM) €1.87
Dividend yield 4.9%
EPS growth (YoY) -19.3%
Net debt €3.0M FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 61 · Market factors (momentum, volatility) 47

Profitability 29
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 88
Earnings quality: real cash, not paper profit
Fin. Strength 43
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 96
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 18
Distance to the 52-week high (market factor)
Net Issuance 85
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

Fonciere Atland operates as a real estate investment trust. It invests in offices, retail outlets, warehouses, or light industrial premises. It also provides real estate sale-leaseback services, and construction and turnkey rental development services to business customers. The company is based in Paris, France.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Fonciere Atland reported revenue of €174M in FY2025 versus €161M in FY2021, a compound +1.9%/yr. Reported net income was €8.1M in FY2025, compounding −15.9%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€174M
Latest YoY
−12.5%
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.
−2.3%
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.
−1.4%
Avg. growth/yr (17Y) 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.
+20.2%
Revenue +1.9%/yr
FY21 €161M
FY22 €187M
FY23 €206M
FY24 €199M
FY25 €174M
Net income −15.9%/yr
FY21 €16.2M
FY22 €9.3M
FY23 €11.7M
FY24 €8.8M
FY25 €8.1M
Character of growth · EPS growth decomposed (2014-2025) +2.4 % p.a.
Revenue per share +26.5 pp

of which total revenue +33.1 pp · buybacks/dilution −6.6 pp

EBIT margin −16.6 pp
Tax rate −2.1 pp
Residual (interest, one-offs) −5.4 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). "Fonciere Atland Fair Value". https://www.fairvalue-calculator.com/stock/ATLD

Peer Group

REIT - Diversified · 165 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 −0% · Above median
Return on equity (TTM) 6% · Above median
Return on assets 2% · Below median
Net margin (TTM) 5% · Below median
Operating margin (TTM) 9% · Bottom 25%
Revenue growth -31% · Bottom 25%
Dividend yield (TTM) 4.9% · Above median
Debt / equity 0.45× · Lower than median

Valuation Multiples vs REIT - Diversified median · lower = cheaper

P/E (TTM) 19.3× · Pricier than median
P/B 1.31× · Pricier than 75% of peers
P/S (TTM) 1.03× · Cheaper than 75% of peers
P/FCF 5.4× · Cheaper than median
EV/EBITDA 12.7× · Cheaper 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 33 · sector 13
FUTURE 0 · sector 13
PAST 22 · sector 20
HEALTH 77 · sector 72
DIVIDEND 97 · sector 97

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.

Similar stocks

10 more REIT - Diversified stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
Goodman Group GMG A$29.11 A$7.37 -75%
VICI Properties Inc VICI $26.73 $41.74 +56%
W. P. Carey Inc WPC $76.69 $35.59 -54%
Charter Hall Group CHC A$21.90 A$11.46 -48%
Fibra Uno FUNO11 31.10 MXN 63.56 MXN +104%
COV COV €52.55 €62.39 +19%
The GPT Group GPT A$4.89 A$3.49 -29%
Mirvac Group MGR A$1.70 A$0.5700 -66%
KLCC Property Holdings 5235SS 8.85 MYR 6.91 MYR -22%
CRRUN CRRUN C$17.65 C$17.89 +1%

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Frequently asked questions

Is Fonciere Atland (ATLD) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of €35.47 versus a price of €35.60, about −0% (fairly valued).
What is the fair value of ATLD?
Our model-based fair value for Fonciere Atland is €35.47 (as of Jul 16, 2026), built from audited fundamentals. The current price is €35.60.
What is the quality score of ATLD?
Fonciere Atland has a Quality Score of 59/100. 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 Fonciere Atland (ATLD)?
Fonciere Atland reported trailing-twelve-month revenue of about €174M (latest available figure, as of Jul 16, 2026).
What is the net profit margin of ATLD?
The net profit margin of Fonciere Atland is about 4.7%, meaning it keeps roughly 4.7% of revenue as net income. Based on the latest reported figures.

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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