Societe Marseillaise du Tunnel Prado Carenage (ALTPC) AI Stock Analysis

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Societe Marseillaise du Tunnel Prado Carenage

(Paris:ALTPC)

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Rating:64Neutral

Price Target:EUR 22.00▲(5.77% Upside)

Action:reiterated

Date:11/06/26

Societe Marseillaise du Tunnel Prado Carenage scores moderately above average. Financial fundamentals lead the result: exceptional cash conversion, growing free cash flow and a steadily deleveraging balance sheet support a resilient, income-oriented profile, though margin compression and flat earnings limit the upside. Valuation reinforces the case, with a modest 11.5x P/E and a very high ~10.8% dividend yield backed by real cash generation. The main drag is technical: the share price sits well below its 50-, 100- and 200-day moving averages with negative MACD and subdued RSI, pointing to a persistent downtrend. Combined with limited growth and the finite nature of the toll tunnel concession, this tempers an otherwise financially sound, defensive income story.

Positive Factors

Strong Cash GenerationConsistently positive and improving operating and free cash flow gives ALTPC internal funding capacity for operations, debt service, and infrastructure needs. This durable cash generation reduces reliance on external financing and supports resilience across the next several quarters.

Negative Factors

Modest Revenue GrowthModest recent revenue growth suggests that expansion in the existing tunnel business may be limited by the maturity of its operating footprint. Slower top-line progression can constrain future earnings growth unless traffic volumes or tariffs provide a sustained uplift.

Societe Marseillaise du Tunnel Prado Carenage (ALTPC) vs. iShares MSCI France ETF (EWQ)

Market Cap: EUR 121.42M
Dividend Yield: 11.06%
Average Volume (3M): 3,883
Price to Earnings (P/E): 11.2
Beta (1Y): 0.14
Revenue Growth: 3.19%
EPS Growth: 6.65%
Country: France
Employees: 57
Sector: General
Sector Strength: 55
Industry: Industrial - Infrastructure Operations

Societe Marseillaise du Tunnel Prado Carenage Business Overview & Revenue Model

Company Description

Specializing in French tunnel infrastructure, Société Marseillaise du Tunnel Prado Carénage undertakes both their construction and ongoing management. The company, established in 1989 with its headquarters in Marseille, oversees the operation of prom...

How the Company Makes Money

ALTPC primarily makes money by charging tolls to vehicles using the Prado–Carenage tunnel. Revenue is driven by traffic volumes (number of vehicles using the tunnel) and the applicable toll tariffs for different vehicle categories. Additional operati...

Societe Marseillaise du Tunnel Prado Carenage Financial Statement Overview

Summary

Blends the Income Statement (62), Balance Sheet (68) and Cash Flow (74) scores. The standout strength is cash generation: operating cash flow has risen to an estimated €26.9M in 2025 with free cash flow climbing from €8.0M (2022) to an estimated €25.5M, and operating cash flow consistently exceeding net income — hallmarks of a mature, low-capex toll concession. The balance sheet is steadily deleveraging (total debt down from €59.8M in 2022 to ~€38.0M in 2025) with stable equity near €70-76M and no liquidity red flags. Offsetting this, revenue growth is modest (~3.1% in 2025), EBIT margins have compressed from ~53% in 2022 to ~37% in 2025, and net income has not recovered to 2022-2023 peaks. The finite life of the concession and small scale are structural risks.

Income Statement

62Positive

Balance Sheet

68Positive

Cash Flow

74Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	39.51M	39.47M	38.05M	37.75M	35.02M	32.53M
Gross Profit	17.19M	16.57M	33.26M	28.46M	18.55M	29.48M
EBITDA	27.06M	26.68M	30.45M	29.62M	27.80M	25.02M
Net Income	10.97M	10.52M	9.44M	11.94M	12.97M	10.67M
Balance Sheet
Total Assets	108.95M	121.19M	129.40M	139.26M	144.44M	141.59M
Cash, Cash Equivalents and Short-Term Investments	42.80M	48.92M	43.98M	41.74M	46.96M	46.96M
Total Debt	34.12M	37.99M	45.87M	53.30M	59.84M	56.93M
Total Liabilities	45.99M	50.46M	56.35M	63.39M	69.43M	68.45M
Stockholders Equity	62.96M	70.73M	73.05M	75.87M	75.01M	73.14M
Cash Flow
Free Cash Flow	23.49M	25.52M	22.06M	12.42M	7.96M	13.29M
Operating Cash Flow	25.27M	26.92M	24.20M	22.14M	18.71M	25.29M
Investing Cash Flow	-1.77M	-1.40M	-2.14M	-9.73M	-10.75M	-12.00M
Financing Cash Flow	-21.53M	-20.59M	-19.82M	-17.63M	-7.96M	-5.69M

Societe Marseillaise du Tunnel Prado Carenage Technical Analysis

Technical Analysis SentimentNegative

Last Price20.80

Price Trends

50DMA22.83Negative

100DMA24.90Negative

200DMA25.74Negative

Market Momentum

MACD-0.42Negative

RSI45.54Neutral

STOCH30.56Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ALTPC, the sentiment is Negative. The current price of 20.80 is above the 20-day moving average (MA) of 20.67, below the 50-day MA of 22.83, and below the 200-day MA of 25.74, indicating a neutral trend. The MACD of -0.42 indicates Negative momentum. The RSI at 45.54 is Neutral, neither overbought nor oversold. The STOCH value of 30.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:ALTPC.

Societe Marseillaise du Tunnel Prado Carenage Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

FR:ALTPC against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FR:DBG	68Neutral	EUR 1.29B	9.78	11.53%	1.60%	-2.88%	24.77%
FR:ALTPC	64Neutral	EUR 121.42M	11.24	16.42%	11.06%	3.19%	6.65%
FR:CDA	62Neutral	EUR 999.68M	8.47	10.30%	5.60%	7.76%	18.31%
FR:GLO	62Neutral	EUR 899.92M	10.18	16.60%	3.24%	5.59%	-0.11%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
FR:ICAD	46Neutral	EUR 1.15B	-6.14	-5.03%	12.66%	-9.09%	-0.01%
FR:NXI	31Underperform	EUR 252.67M	-1.44	-11.00%	―	-15.41%	-15.26%

* General Sector Average

Performance Comparison

FR:ALTPC and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
FR:ALTPC	Societe Marseillaise du Tunnel Prado Carenage	20.80	-4.26	-17.01%
FR:CDA	Compagnie des Alpes	19.66	0.69	3.65%
FR:DBG	Derichebourg SA	8.12	2.31	39.67%
FR:GLO	GL EVENTS	30.85	4.46	16.90%
FR:ICAD	Icade SA	15.17	-3.85	-20.23%
FR:NXI	NEXITY	4.54	-4.41	-49.27%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 04, 2026

Societe Marseillaise du Tunnel Prado Carenage AI Stock Analysis