(ARG) Argan - Ratings and Ratios
Premium Warehouses, Development, Rental
Dividends
| Dividend Yield | 5.25% |
| Yield on Cost 5y | 5.09% |
| Yield CAGR 5y | 13.47% |
| Payout Consistency | 96.9% |
| Payout Ratio | 28.8% |
| Risk via 10d forecast | |
|---|---|
| Volatility | 21.0% |
| Value at Risk 5%th | 35.2% |
| Relative Tail Risk | 2.05% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.33 |
| Alpha | 4.49 |
| CAGR/Max DD | -0.12 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.332 |
| Beta | 0.082 |
| Beta Downside | 0.234 |
| Drawdowns 3y | |
|---|---|
| Max DD | 30.57% |
| Mean DD | 14.26% |
| Median DD | 14.59% |
Description: ARG Argan November 12, 2025
Argan SA (ticker ARG) is the sole French REIT focused exclusively on developing and leasing premium-grade warehouses, positioning itself as the market leader in France’s high-quality logistics segment.
As of 30 June 2025 the company owned roughly 3.7 million m² of pre-let, carbon-neutral “Au0nom” warehouses across continental France, a portfolio valued at about €4.0 bn and generating annual rental revenues exceeding €210 m.
Argan’s balance sheet is supported by an investment-grade BBB- rating (S&P, stable outlook) and a disciplined capital structure; the group reports net debt at roughly 30 % of EBITDA and a dividend yield near 5.5 % for FY 2024.
The firm’s ESG credentials are regularly validated by third-party agencies-Sustainalytics assigns it a low extra-financial risk score, Ethifinance awarded a gold medal, and EcoVadis placed it in the top 15 % of rated companies (silver medal).
Argan is listed on Euronext Paris (Compartment A, ISIN FR0010481960) and is a constituent of the SBF 120, CAC All-Share, EPRA Europe and IEIF SIIC France indices. Current sector drivers include a tightening French logistics vacancy rate (≈4.5 % Q3 2024) and sustained e-commerce growth (~9 % YoY), both of which underpin demand for premium, sustainably built warehousing.
For a deeper quantitative view, consider reviewing the detailed valuation metrics and scenario analyses available on the ValueRay platform.
Piotroski VR‑10 (Strict, 0-10) 4.0
| Net Income (385.1m TTM) > 0 and > 6% of Revenue (6% = 28.6m TTM) |
| FCFTA 0.08 (>2.0%) and ΔFCFTA 3.54pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue -21.55% (prev -53.52%; Δ 31.96pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.08 (>3.0%) and CFO 356.1m <= Net Income 385.1m (YES >=105%, WARN >=100%) |
| Net Debt (1.80b) to EBITDA (373.2m) ratio: 4.82 <= 3.0 (WARN <= 3.5) |
| Current Ratio 0.52 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (25.6m) change vs 12m ago 10.86% (target <= -2.0% for YES) |
| Gross Margin 82.76% (prev 81.50%; Δ 1.26pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 11.23% (prev 5.06%; Δ 6.18pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 15.58 (EBITDA TTM 373.2m / Interest Expense TTM 23.9m) >= 6 (WARN >= 3) |
Altman Z'' 1.59
| (A) -0.02 = (Total Current Assets 113.6m - Total Current Liabilities 216.3m) / Total Assets 4.31b |
| (B) 0.03 = Retained Earnings (Balance) 135.9m / Total Assets 4.31b |
| (C) 0.09 = EBIT TTM 372.6m / Avg Total Assets 4.24b |
| (D) 1.00 = Book Value of Equity 1.97b / Total Liabilities 1.97b |
| Total Rating: 1.59 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 75.85
| 1. Piotroski 4.0pt |
| 2. FCF Yield 10.44% |
| 3. FCF Margin 74.64% |
| 4. Debt/Equity 0.80 |
| 5. Debt/Ebitda 4.82 |
| 6. ROIC - WACC (= 5.92)% |
| 7. RoE 18.15% |
| 8. Rev. Trend 76.63% |
| 10. EPS Trend data missing |
What is the price of ARG shares?
Over the past week, the price has changed by -1.10%, over one month by -6.55%, over three months by -1.57% and over the past year by +4.01%.
Is ARG a buy, sell or hold?
What are the forecasts/targets for the ARG price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 79.5 | 26.6% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 65.8 | 4.8% |
ARG Fundamental Data Overview December 12, 2025
Market Cap EUR = 1.61b (1.61b EUR * 1.0 EUR.EUR)
P/E Trailing = 5.453
P/S = 6.5204
P/B = 0.702
Beta = 0.936
Revenue TTM = 476.7m EUR
EBIT TTM = 372.6m EUR
EBITDA TTM = 373.2m EUR
Long Term Debt = 1.62b EUR (from longTermDebt, last quarter)
Short Term Debt = 100.2m EUR (from shortTermDebt, last quarter)
Debt = 1.83b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 1.80b EUR (from netDebt column, last quarter)
Enterprise Value = 3.41b EUR (1.61b + Debt 1.83b - CCE 32.3m)
Interest Coverage Ratio = 15.58 (Ebit TTM 372.6m / Interest Expense TTM 23.9m)
FCF Yield = 10.44% (FCF TTM 355.8m / Enterprise Value 3.41b)
FCF Margin = 74.64% (FCF TTM 355.8m / Revenue TTM 476.7m)
Net Margin = 80.79% (Net Income TTM 385.1m / Revenue TTM 476.7m)
Gross Margin = 82.76% ((Revenue TTM 476.7m - Cost of Revenue TTM 82.2m) / Revenue TTM)
Gross Margin QoQ = 75.99% (prev 90.34%)
Tobins Q-Ratio = 0.79 (Enterprise Value 3.41b / Total Assets 4.31b)
Interest Expense / Debt = 1.31% (Interest Expense 23.9m / Debt 1.83b)
Taxrate = -0.02% (negative due to tax credits) (-50.0k / 249.6m)
NOPAT = 372.7m (EBIT 372.6m * (1 - -0.02%)) [negative tax rate / tax credits]
Current Ratio = 0.52 (Total Current Assets 113.6m / Total Current Liabilities 216.3m)
Debt / Equity = 0.80 (Debt 1.83b / totalStockholderEquity, last quarter 2.30b)
Debt / EBITDA = 4.82 (Net Debt 1.80b / EBITDA 373.2m)
Debt / FCF = 5.05 (Net Debt 1.80b / FCF TTM 355.8m)
Total Stockholder Equity = 2.12b (last 4 quarters mean from totalStockholderEquity)
RoA = 8.94% (Net Income 385.1m / Total Assets 4.31b)
RoE = 18.15% (Net Income TTM 385.1m / Total Stockholder Equity 2.12b)
RoCE = 9.97% (EBIT 372.6m / Capital Employed (Equity 2.12b + L.T.Debt 1.62b))
RoIC = 9.57% (NOPAT 372.7m / Invested Capital 3.89b)
WACC = 3.65% (E(1.61b)/V(3.44b) * Re(6.32%) + D(1.83b)/V(3.44b) * Rd(1.31%) * (1-Tc(-0.00)))
Discount Rate = 6.32% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 8.05%
Shares Correlation 3-Years: 33.33 | Cagr: 0.18%
[DCF Debug] Terminal Value 70.58% ; FCFE base≈292.4m ; Y1≈193.0m ; Y5≈89.2m
Fair Price DCF = 68.08 (DCF Value 1.75b / Shares Outstanding 25.7m; 5y FCF grow -39.60% → 3.0% )
Revenue Correlation: 76.63 | Revenue CAGR: 28.85% | SUE: 1.86 | # QB: 1
EPS next Year (2026-12-31): EPS=6.05 | Chg30d=+0.018 | Revisions Net=+1 | Growth EPS=+0.6% | Growth Revenue=+3.8%