(ARG) Argan - Overview
Stock: Premium Warehouses, Rental
Dividends
| Dividend Yield | 5.42% |
| Yield on Cost 5y | 4.47% |
| Yield CAGR 5y | 11.96% |
| Payout Consistency | 97.1% |
| Payout Ratio | 28.8% |
| Risk 5d forecast | |
|---|---|
| Volatility | 19.1% |
| Relative Tail Risk | 1.39% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.24 |
| Alpha | 2.49 |
| Character TTM | |
|---|---|
| Beta | 0.078 |
| Beta Downside | 0.349 |
| Drawdowns 3y | |
|---|---|
| Max DD | 30.57% |
| CAGR/Max DD | -0.11 |
Description: ARG Argan January 15, 2026
Argan SA (ticker ARG) is the sole French listed real-estate firm focused exclusively on the development and rental of premium-grade warehouses, positioning itself as the market leader in France’s industrial REIT segment.
As of 30 June 2025 the company owned roughly 3.7 million m² of “Au0nom”-labelled warehouses across about 100 sites, valued at €4.0 bn and generating annual rental revenue exceeding €210 m – implying an average rent of roughly €57 / m² and an occupancy rate that industry sources estimate at ~96 %.
Argan’s balance sheet is anchored by an investment-grade BBB- rating (S&P, stable outlook) and a moderate net-debt-to-EBITDA ratio near 2.5×, reflecting disciplined leverage in a sector where average yields for premium logistics assets sit around 5.5 % net.
The group’s ESG programme is consistently validated by third-party benchmarks: GRESB 83/100, Sustainalytics low extra-financial risk, Ethifinance gold medal and EcoVadis silver (top 15 % of peers), underscoring its commitment to sustainable building practices and energy self-consumption.
Sector-wide, French logistics real estate is being propelled by e-commerce expansion, near-shoring of supply chains, and historically low warehouse vacancy rates (~3.5 % Q4 2024), which together support rent growth and justify premium pricing for high-spec assets like Argan’s.
For a deeper, data-driven look at Argan’s valuation multiples and peer comparison, the ValueRay platform offers a concise dashboard worth checking.
Piotroski VR‑10 (Strict, 0-10) 3.0
| Net Income: 493.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.08 > 0.02 and ΔFCF/TA 3.54 > 1.0 |
| NWC/Revenue: -20.94% < 20% (prev -36.33%; Δ 15.39% < -1%) |
| CFO/TA 0.08 > 3% & CFO 356.1m > Net Income 493.7m |
| Net Debt (1.80b) to EBITDA (381.7m): 4.71 < 3 |
| Current Ratio: 0.52 > 1.5 & < 3 |
| Outstanding Shares: last quarter (25.6m) vs 12m ago 10.86% < -2% |
| Gross Margin: 84.21% > 18% (prev 0.85%; Δ 8337 % > 0.5%) |
| Asset Turnover: 11.56% > 50% (prev 7.45%; Δ 4.12% > 0%) |
| Interest Coverage Ratio: -1.35 > 6 (EBITDA TTM 381.7m / Interest Expense TTM -211.8m) |
Altman Z'' 1.45
| A: -0.02 (Total Current Assets 113.6m - Total Current Liabilities 216.3m) / Total Assets 4.31b |
| B: 0.03 (Retained Earnings 135.9m / Total Assets 4.31b) |
| C: 0.07 (EBIT TTM 285.8m / Avg Total Assets 4.24b) |
| D: 1.00 (Book Value of Equity 1.97b / Total Liabilities 1.97b) |
| Altman-Z'' Score: 1.45 = BB |
Beneish M -2.74
| DSRI: 0.76 (Receivables 72.7m/61.0m, Revenue 490.7m/311.2m) |
| GMI: 1.01 (GM 84.21% / 84.72%) |
| AQI: 1.06 (AQ_t 0.96 / AQ_t-1 0.91) |
| SGI: 1.58 (Revenue 490.7m / 311.2m) |
| TATA: 0.03 (NI 493.7m - CFO 356.1m) / TA 4.31b) |
| Beneish M-Score: -2.74 (Cap -4..+1) = A |
What is the price of ARG shares?
Over the past week, the price has changed by -1.52%, over one month by -1.52%, over three months by -2.11% and over the past year by +6.99%.
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 | 78.3 | 20.4% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 68.2 | 4.9% |
ARG Fundamental Data Overview February 02, 2026
P/E Trailing = 5.7491
P/S = 6.8822
P/B = 0.7431
Revenue TTM = 490.7m EUR
EBIT TTM = 285.8m EUR
EBITDA TTM = 381.7m 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 = 3.50b EUR (1.70b + Debt 1.83b - CCE 32.3m)
Interest Coverage Ratio = -1.35 (Ebit TTM 285.8m / Interest Expense TTM -211.8m)
EV/FCF = 9.83x (Enterprise Value 3.50b / FCF TTM 355.8m)
FCF Yield = 10.17% (FCF TTM 355.8m / Enterprise Value 3.50b)
FCF Margin = 72.52% (FCF TTM 355.8m / Revenue TTM 490.7m)
Net Margin = 100.6% (Net Income TTM 493.7m / Revenue TTM 490.7m)
Gross Margin = 84.21% ((Revenue TTM 490.7m - Cost of Revenue TTM 77.5m) / Revenue TTM)
Gross Margin QoQ = none% (prev 75.99%)
Tobins Q-Ratio = 0.81 (Enterprise Value 3.50b / Total Assets 4.31b)
Interest Expense / Debt = 1.31% (Interest Expense 23.9m / Debt 1.83b)
Taxrate = 25.0% (EU avg default 25%)
NOPAT = 214.3m (EBIT 285.8m * (1 - 25.00%))
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 = 4.71 (Net Debt 1.80b / EBITDA 381.7m)
Debt / FCF = 5.05 (Net Debt 1.80b / FCF TTM 355.8m)
Total Stockholder Equity = 2.12b (last 4 quarters mean from totalStockholderEquity)
RoA = 11.64% (Net Income 493.7m / Total Assets 4.31b)
RoE = 23.27% (Net Income TTM 493.7m / Total Stockholder Equity 2.12b)
RoCE = 7.65% (EBIT 285.8m / Capital Employed (Equity 2.12b + L.T.Debt 1.62b))
RoIC = 5.50% (NOPAT 214.3m / Invested Capital 3.89b)
WACC = 3.49% (E(1.70b)/V(3.53b) * Re(6.20%) + D(1.83b)/V(3.53b) * Rd(1.31%) * (1-Tc(0.25)))
Discount Rate = 6.20% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 33.33 | Cagr: 0.18%
[DCF Debug] Terminal Value 80.91% ; FCFF base≈292.4m ; Y1≈193.0m ; Y5≈89.0m
Fair Price DCF = 40.23 (EV 2.83b - Net Debt 1.80b = Equity 1.04b / Shares 25.7m; r=5.90% [WACC]; 5y FCF grow -39.60% → 2.90% )
Revenue Correlation: 75.17 | Revenue CAGR: 16.47% | SUE: 0.52 | # QB: 0
EPS current Year (2026-12-31): EPS=6.04 | Chg30d=-0.011 | Revisions Net=-1 | Growth EPS=+0.6% | Growth Revenue=+3.9%
EPS next Year (2027-12-31): EPS=6.09 | Chg30d=-0.054 | Revisions Net=+1 | Growth EPS=+0.8% | Growth Revenue=+4.2%