Intrinsic Value Altur Investissement SCA, SCR (ALTUR.PA)

• Previous Close: €11.00
• Intrinsic Value: n/a
• Upside potential: n/a%

Stock Valuation Context

Business Model And Market Position

Altur Investissement SCA, SCR is a specialized investment firm focused on buyouts and growth capital investments in small and medium enterprises (SMEs) across diverse sectors such as health, internet, sustainable development, distribution, industrials, hospitality, and services. The firm targets private companies with an enterprise value of up to €100 million, adopting a flexible investment approach that includes both majority and minority stakes. Unlike traditional private equity funds, Altur operates without a fixed investment horizon, allowing for long-term value creation. Its sector-agnostic strategy enables diversification, while its focus on SMEs positions it as a key player in the lower mid-market segment in France. The firm’s ability to act as a sole or lead investor enhances its influence over portfolio companies, supporting strategic growth initiatives. Altur’s niche expertise in owner buyouts and leveraged transactions further differentiates it in a competitive asset management landscape.

Revenue Profitability And Efficiency

In FY 2022, Altur reported revenue of €2.03 million, with net income significantly higher at €7.53 million, reflecting strong investment gains or one-time adjustments. The diluted EPS of €1.81 underscores solid profitability. Operating cash flow stood at €696k, while capital expenditures were negligible, indicating a capital-light model focused on financial asset management rather than operational investments.

Earnings Power And Capital Efficiency

The firm’s earnings power is evident in its net income margin, which far exceeds its revenue base, likely driven by successful exits or valuation uplifts in its portfolio. With no debt and €11.26 million in cash, Altur maintains high capital efficiency, deploying funds selectively to maximize returns without leverage constraints.

Balance Sheet And Financial Health

Altur’s balance sheet is robust, with €11.26 million in cash and equivalents and no debt, providing ample liquidity for new investments or shareholder returns. The absence of leverage reduces financial risk, aligning with its long-term investment strategy.

Growth Trends And Dividend Policy

While revenue growth appears modest, the firm’s net income suggests strong portfolio performance. A dividend of €0.15 per share signals a commitment to returning capital to shareholders, though the payout ratio remains conservative relative to earnings, preserving flexibility for future investments.

Valuation And Market Expectations

With a market cap of €42.51 million and a beta of 0.61, Altur trades with lower volatility than the broader market, reflecting its niche focus and stable cash flows. Investors likely value its disciplined approach to SME investments and its debt-free structure.

Strategic Advantages And Outlook

Altur’s strategic edge lies in its sector diversification, flexible investment horizon, and hands-on approach to value creation in SMEs. The firm is well-positioned to capitalize on France’s vibrant mid-market ecosystem, though its performance remains tied to the success of its portfolio companies and exit opportunities.

Sources

Company description, financial data from public filings (likely Euronext disclosures), and inferred industry context.