Added to YB: 2025-06-03
Pitch date: 2025-05-30
ALTPC.PA [bullish]
Société Marseillaise du Tunnel Prado Carénage
-3.51%
current return
Author Info
Mahad is a contrarian value investor with a focus on DCF analysis and a disciplined margin of safety approach. Sign up for the newsletter.
Company Info
Société Marseillaise du Tunnel Prado Carénage constructs and operates tunnels in France. The company financing operates the Prado Carénage, Rège and Prado Sud, and Prado South tunnels.
Market Cap
EUR 173.4M
Pitch Price
EUR 28.50
Price Target
52.16 (+90%)
Dividend
7.41%
EV/EBITDA
6.36
P/E
18.36
EV/Sales
4.60
Sector
Transportation Infrastructure
Category
dividend
Quick Pitch: ALTPC – A Finite Cash Cow in Marseille
ALTPC.PA: Marseille tunnel toll operator with €38.1M revenue, 36.5% op margin. Strong moat, 7.3% dividend yield, €44M cash (25% of mkt cap). Fair value €52.16 (73% upside). Risks: concession ends 2033, flat traffic growth, no reinvestment plan with ROE at 11.4%. Stable income generator.
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