WATCH Société Marseillaise du Tunnel Prado Carénage (ALTPC.PA)
Industrials · Infrastructure Operations · PAR · France
46
Final Score
-3.9%
Margin of Safety
56
Quality Score
€27.10
Current Price
€158.2M
Market Cap
Key Metrics
Pe Ratio
14.65
Forward Pe
11.89
Pb Ratio
2.24
Ev Ebitda
5.65
Roe
14.6%
Gross Margin
77.0%
Operating Margin
22.3%
Net Margin
26.7%
Dividend Yield
861.0%
Debt To Equity
53.72
Current Ratio
6.36
Beta
0.08
📈 Trend Charts
Revenue Trend
EPS Trend
Net Income Trend
Free Cash Flow Trend
Intrinsic Value Estimates
Low
€20.88
Base
€26.09
High
€31.31
⚠️ Value Trap Flags
- 🚩 {'flag': 'DEBT_OUTPACING_INCOME', 'severity': 'MED', 'evidence': 'Net debt growth (154.6%) outpacing operating income growth (-33.3%)'}
Pipeline Stage Details
Stage A — Hard Filters ✅
Pe Ratio
14.65
Eps Positive Years
4.00
Eps Lookback
4.00
Fcf Positive Years
4.00
Fcf Lookback
4.00
Debt To Equity
0.54
Current Ratio
6.36
Dilution Cagr
0.00
Stage B — Quality Score: 56/100
Stage C — Cyclicality: MED
Normalized EPS
€1.92
Stage F — Final Score Breakdown
| Component | Weighted Score |
|---|---|
| Valuation | 3.0 |
| Earnings Quality | 14.1 |
| Balance Sheet | 15.0 |
| Stability | 8.2 |
| Moat Proxies | 5.8 |
Top Drivers
- Reasonable P/E of 14.6x — below long-run market average (~15-17x), suggesting the stock is not overpriced.
- Conservative leverage: D/E ratio of 0.54x is well within Graham's maximum of 1.0x, reducing insolvency risk.
- Strong free cash flow generation — the company converts earnings into real cash effectively, supporting dividends, buybacks, and debt reduction.
Top Risks
- ⚠️ [MED] Leverage risk: Net debt growth (154.6%) outpacing operating income growth (-33.3%). Growing debt with stagnant income can lead to financial distress.
- Moderate cyclicality (Operating margin stddev: 11.7%; Cyclical sector: Industrials) — earnings may fluctuate.
- Quality concern: Operating margin in structural decline
Financial History
| Year | Revenue | Gross Profit | Operating Income | Net Income | EPS |
|---|---|---|---|---|---|
| 2022 | €35.0M | €31.7M | €18.0M | €13.0M | €2.22 |
| 2023 | €37.1M | €32.9M | €17.2M | €11.9M | €2.05 |
| 2024 | €38.1M | €33.3M | €10.5M | €9.4M | €1.62 |
| 2025 | €39.5M | €34.9M | €12.0M | €10.5M | €1.80 |
Cash Flow History
| Year | Operating CF | CapEx | Free Cash Flow |
|---|---|---|---|
| 2021 | N/A | N/A | N/A |
| 2022 | €18.7M | €-10.8M | €8.0M |
| 2023 | €22.1M | €-9.7M | €12.4M |
| 2024 | €24.2M | €-2.1M | €22.1M |
| 2025 | €26.9M | €-1.4M | €25.5M |