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ARGAN SA
(ARG)
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Rating:65Neutral
Price Target:
€72.00
▼(-2.17% Downside)
Action:Downgraded
Date:10/25/26
The score is driven primarily by improving but still volatile financial performance (strong 2024–2025 profitability and better leverage, offset by prior earnings swings and uneven cash-flow strength). Attractive valuation (low P/E and high dividend yield) supports the rating, while weak near-term technical momentum limits upside conviction.
Positive Factors
Revenue Expansion
The sharp 2025 revenue expansion materially enlarges the base of income-producing activity and indicates strong recent operating growth. If sustained, a larger revenue platform can support recurring rental income, improve operating scale, and strengthen the company’s ability to fund future property development.
Negative Factors
Earnings Volatility
The wide swings in reported results, including a large 2023 loss, reduce confidence that recent profitability represents a stable earnings run rate. Such volatility can complicate planning, weaken the predictability of shareholder returns, and leave performance sensitive to future operating or valuation shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Expansion
The sharp 2025 revenue expansion materially enlarges the base of income-producing activity and indicates strong recent operating growth. If sustained, a larger revenue platform can support recurring rental income, improve operating scale, and strengthen the company’s ability to fund future property development.
Read all positive factors
ARGAN SA (ARG) vs. iShares MSCI France ETF (EWQ)
Market Cap
€1.74B
Dividend Yield5.12%
Average Volume (3M)18.50K
Price to Earnings (P/E)6.5
Beta (1Y)0.73
Revenue Growth4.56%
EPS Growth-9.69%
CountryFR
Employees28
SectorGeneral
Sector StrengthN/A
IndustryReal Estate - Development
Share Statistics
EPS (TTM)10.32
Shares Outstanding25,766,940
10 Day Avg. Volume26,317
30 Day Avg. Volume18,495
Financial Highlights & Ratios
PEG Ratio-2.51
Price to Book (P/B)0.70
Price to Sales (P/S)6.71
P/FCF Ratio9.01
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)5.62
Revenue Forecast (FY)€221.88M
ARGAN SA Business Overview & Revenue Model
Company Description
Argan SA is a French company dedicated to the comprehensive development and operation of logistics infrastructure, encompassing everything from design and construction to ownership, leasing, and management. Additionally, the company is involved in...
How the Company Makes Money
ARGAN SA makes money primarily through rental income generated from leasing its portfolio of logistics and distribution warehouses to corporate tenants. Its core revenue stream is recurring lease payments under commercial lease agreements, which m...
ARGAN SA Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
64
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 258.23M | 251.60M | 238.97M | 220.78M | 197.92M | 185.67M |
| Gross Profit | 221.29M | 214.80M | 200.89M | 180.63M | 161.10M | 153.63M |
| EBITDA | 375.98M | 292.44M | 295.55M | -222.97M | 150.25M | 147.41M |
| Net Income | 268.21M | 245.19M | 245.70M | -263.45M | 95.09M | 668.11M |
Balance Sheet | ||||||
| Total Assets | 4.89B | 4.36B | 4.26B | 4.07B | 4.44B | 4.50B |
| Cash, Cash Equivalents and Short-Term Investments | 320.47M | 27.58M | 85.69M | 51.96M | 169.25M | 523.16M |
| Total Debt | 2.21B | 1.79B | 1.87B | 2.01B | 2.04B | 2.21B |
| Total Liabilities | 2.37B | 1.91B | 2.00B | 2.15B | 2.18B | 2.34B |
| Stockholders Equity | 2.48B | 2.41B | 2.23B | 1.89B | 2.22B | 2.13B |
Cash Flow | ||||||
| Free Cash Flow | 183.57M | 187.51M | 173.52M | 186.15M | 135.76M | 48.20M |
| Operating Cash Flow | 186.33M | 198.97M | 173.68M | 186.29M | 135.92M | 172.19M |
| Investing Cash Flow | -157.50M | -74.94M | -34.77M | -161.19M | -246.29M | -68.95M |
| Financing Cash Flow | 259.33M | -182.60M | -105.16M | -142.45M | -243.58M | 382.49M |
ARGAN SA Technical Analysis
Negative
73.60
Price Trends
70.44
Negative
67.96
Negative
64.57
Positive
Market Momentum
-0.77
Negative
40.70
Neutral
17.13
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ARG, the sentiment is Negative. The current price of 73.6 is above the 20-day moving average (MA) of 67.68, above the 50-day MA of 70.44, and above the 200-day MA of 64.57, indicating a neutral trend. The MACD of -0.77 indicates Negative momentum. The RSI at 40.70 is Neutral, neither overbought nor oversold. The STOCH value of 17.13 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:ARG.
ARGAN SA Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | €4.46B | 31.67 | 6.65% | 1.37% | 12.18% | 2.47% | |
65 Neutral | €1.74B | 6.53 | 10.98% | 5.12% | 4.56% | -9.69% | |
59 Neutral | €873.57M | 7.41 | 10.30% | 6.40% | 7.76% | 18.31% | |
58 Neutral | €127.22M | 7.32 | 6.89% | 6.56% | -7.14% | 19.83% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | €1.82B | 48.57 | 2.27% | 10.84% | -20.40% | ― |
* General Sector Average
FR:ARG
ARGAN SA
67.40
3.44
5.38%
FR:ALTA
ALTAREA
73.80
-19.58
-20.97%
FR:BAIN
Monte-Carlo Societe des Bains de Mer
146.00
39.49
37.08%
FR:CBOT
CBO TERRITORIA
3.66
0.24
6.99%
FR:CFI
Compagnie Fonciere Internationale
1.21
0.19
18.05%
FR:CDA
Compagnie des Alpes
17.18
-3.16
-15.55%
ARGAN SA Corporate Events
ARGAN Auditor Backs Terms of Cross-Border Merger With WDP
Oct 20, 2026
ARGAN has made available to shareholders the report of the court-appointed merger auditor on its planned cross-border merger with Belgian logistics real estate group Warehouses De Pauw, ahead of a shareholder vote on 20 November 2026. The auditor ...
ARGAN Sets November Vote on €11 Payout and Cross-Border Merger with WDP
Oct 8, 2026
ARGAN has convened a Combined General Meeting for 20 November 2026 at the Palais Brongniart in Paris, where shareholders will vote on an extraordinary cash distribution of €11 per share to be paid ahead of its planned cross-border merger wit...
ARGAN lifts 2026 rental income target as investment program drives warehouse growth
Oct 1, 2026
ARGAN reported rental income of €166.2 million for the first nine months of 2026, a 5% year-on-year increase, supported by the full-year impact of projects delivered in 2025, modest rent indexation and a near-full EPRA occupancy rate of 99.9...
ARGAN’s AutOnom® Warehouses Use Solar Power and Heat Pumps to Cool Logistics Sites
Sep 22, 2026
ARGAN has expanded its AutOnom® concept, integrating reversible electric air-to-water heat pumps with on-site photovoltaic generation and storage to provide both heating in winter and active cooling in summer for its logistics warehouses. The...
ARGAN and CELIO expand AutOnom® logistics hub in Amblainville
Sep 17, 2026
ARGAN and fashion retailer CELIO have inaugurated the latest extension to CELIO’s AutOnom® logistics site in Amblainville, north of Paris, adding 12,000 sq.m and bringing the total warehouse area to 55,000 sq.m. The site, operational si...
ARGAN Put on Positive CreditWatch by S&P After Planned WDP Merger
Jul 27, 2026
Standard Poor’s has placed ARGAN’s BBB- issuer credit rating on Positive CreditWatch following the announced merger with Belgian logistics real estate group WDP. The rating agency signaled a potential upgrade to BBB once the transacti...
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.