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ARGAN (ARG.PA) Stock Fundamental Analysis

EPA:ARG - Euronext Paris - Matif - FR0010481960 - REIT - Currency: EUR

67.6  +1.4 (+2.11%)

Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to ARG. ARG was compared to 42 industry peers in the Diversified REITs industry. ARG has a medium profitability rating, but doesn't score so well on its financial health evaluation. ARG has a decent growth rate and is not valued too expensively. Finally ARG also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

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5

1. Profitability

1.1 Basic Checks

In the past year ARG was profitable.
In the past year ARG had a positive cash flow from operations.
Of the past 5 years ARG 4 years were profitable.
In the past 5 years ARG always reported a positive cash flow from operatings.
ARG.PA Yearly Net Income VS EBIT VS OCF VS FCFARG.PA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 200M -200M 400M 600M

1.2 Ratios

Looking at the Return On Assets, with a value of 2.26%, ARG is in line with its industry, outperforming 54.76% of the companies in the same industry.
Looking at the Return On Equity, with a value of 4.55%, ARG is in line with its industry, outperforming 50.00% of the companies in the same industry.
ARG has a Return On Invested Capital (3.34%) which is in line with its industry peers.
ARG had an Average Return On Invested Capital over the past 3 years of 2.90%. This is in line with the industry average of 3.60%.
The 3 year average ROIC (2.90%) for ARG is below the current ROIC(3.34%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 2.26%
ROE 4.55%
ROIC 3.34%
ROA(3y)3.51%
ROA(5y)5.21%
ROE(3y)7.25%
ROE(5y)11.6%
ROIC(3y)2.9%
ROIC(5y)2.65%
ARG.PA Yearly ROA, ROE, ROICARG.PA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 10 -10 20 30

1.3 Margins

ARG has a better Profit Margin (48.87%) than 61.90% of its industry peers.
ARG has a better Operating Margin (92.90%) than 92.86% of its industry peers.
ARG's Operating Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 92.9%
PM (TTM) 48.87%
GM N/A
OM growth 3Y-0.27%
OM growth 5Y0.35%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
ARG.PA Yearly Profit, Operating, Gross MarginsARG.PA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 100 -100 200 300 400

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2

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so ARG is destroying value.
Compared to 1 year ago, ARG has more shares outstanding
The number of shares outstanding for ARG has been increased compared to 5 years ago.
Compared to 1 year ago, ARG has a worse debt to assets ratio.
ARG.PA Yearly Shares OutstandingARG.PA Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 5M 10M 15M 20M
ARG.PA Yearly Total Debt VS Total AssetsARG.PA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 1B 2B 3B 4B

2.2 Solvency

Based on the Altman-Z score of 1.22, we must say that ARG is in the distress zone and has some risk of bankruptcy.
ARG has a Altman-Z score of 1.22. This is in the better half of the industry: ARG outperforms 73.81% of its industry peers.
The Debt to FCF ratio of ARG is 11.78, which is on the high side as it means it would take ARG, 11.78 years of fcf income to pay off all of its debts.
Looking at the Debt to FCF ratio, with a value of 11.78, ARG is in line with its industry, outperforming 54.76% of the companies in the same industry.
ARG has a Debt/Equity ratio of 0.88. This is a neutral value indicating ARG is somewhat dependend on debt financing.
ARG's Debt to Equity ratio of 0.88 is on the low side compared to the rest of the industry. ARG is outperformed by 66.67% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.88
Debt/FCF 11.78
Altman-Z 1.22
ROIC/WACC0.6
WACC5.59%
ARG.PA Yearly LT Debt VS Equity VS FCFARG.PA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500M 1B 1.5B 2B

2.3 Liquidity

ARG has a Current Ratio of 0.65. This is a bad value and indicates that ARG is not financially healthy enough and could expect problems in meeting its short term obligations.
ARG's Current ratio of 0.65 is in line compared to the rest of the industry. ARG outperforms 59.52% of its industry peers.
A Quick Ratio of 0.65 indicates that ARG may have some problems paying its short term obligations.
ARG has a Quick ratio (0.65) which is comparable to the rest of the industry.
Industry RankSector Rank
Current Ratio 0.65
Quick Ratio 0.65
ARG.PA Yearly Current Assets VS Current LiabilitesARG.PA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M 800M

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5

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 118.49% over the past year.
Looking at the last year, ARG shows a quite strong growth in Revenue. The Revenue has grown by 9.10% in the last year.
The Revenue has been growing by 16.78% on average over the past years. This is quite good.
EPS 1Y (TTM)118.49%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%132.73%
Revenue 1Y (TTM)9.1%
Revenue growth 3Y8.93%
Revenue growth 5Y16.78%
Sales Q2Q%8.43%

3.2 Future

ARG is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 100.63% yearly.
ARG is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 5.01% yearly.
EPS Next Y1399.37%
EPS Next 2Y297.88%
EPS Next 3Y152.67%
EPS Next 5Y100.63%
Revenue Next Year7.27%
Revenue Next 2Y6.86%
Revenue Next 3Y5.27%
Revenue Next 5Y5.01%

3.3 Evolution

When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
ARG.PA Yearly Revenue VS EstimatesARG.PA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 50M 100M 150M 200M
ARG.PA Yearly EPS VS EstimatesARG.PA Yearly EPS VS EstimatesYearly EPS VS Estimates 2020 2021 2022 2023 2024 2025 2026 2027 0 2 4 6

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6

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 17.11, which indicates a rather expensive current valuation of ARG.
ARG's Price/Earnings ratio is in line with the industry average.
The average S&P500 Price/Earnings ratio is at 26.54. ARG is valued slightly cheaper when compared to this.
Based on the Price/Forward Earnings ratio of 11.30, the valuation of ARG can be described as reasonable.
ARG's Price/Forward Earnings ratio is in line with the industry average.
When comparing the Price/Forward Earnings ratio of ARG to the average of the S&P500 Index (35.28), we can say ARG is valued rather cheaply.
Industry RankSector Rank
PE 17.11
Fwd PE 11.3
ARG.PA Price Earnings VS Forward Price EarningsARG.PA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of ARG is on the same level as its industry peers.
Based on the Price/Free Cash Flow ratio, ARG is valued a bit cheaper than the industry average as 69.05% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 10.67
EV/EBITDA 19.81
ARG.PA Per share dataARG.PA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60 80

4.3 Compensation for Growth

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
ARG's earnings are expected to grow with 152.67% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.01
PEG (5Y)N/A
EPS Next 2Y297.88%
EPS Next 3Y152.67%

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7

5. Dividend

5.1 Amount

ARG has a Yearly Dividend Yield of 5.01%, which is a nice return.
ARG's Dividend Yield is comparable with the industry average which is at 5.44.
ARG's Dividend Yield is rather good when compared to the S&P500 average which is at 2.40.
Industry RankSector Rank
Dividend Yield 5.01%

5.2 History

The dividend of ARG is nicely growing with an annual growth rate of 35.57%!
Dividend Growth(5Y)35.57%
Div Incr Years2
Div Non Decr Years2
ARG.PA Yearly Dividends per shareARG.PA Yearly Dividends per shareYearly Dividends per share 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5 2

5.3 Sustainability

ARG pays out 55.64% of its income as dividend. This is a bit on the high side, but may be sustainable.
The dividend of ARG is growing, but earnings are growing more, so the dividend growth is sustainable.
DP55.64%
EPS Next 2Y297.88%
EPS Next 3Y152.67%
ARG.PA Yearly Income VS Free CF VS DividendARG.PA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 200M -200M 400M 600M
ARG.PA Dividend Payout.ARG.PA Dividend Payout, showing the Payout Ratio.ARG.PA Dividend Payout.PayoutRetained Earnings

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ARGAN

EPA:ARG (8/8/2025, 11:51:53 AM)

67.6

+1.4 (+2.11%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)07-17 2025-07-17
Earnings (Next)10-01 2025-10-01
Inst Owners34.29%
Inst Owner ChangeN/A
Ins Owners36.31%
Ins Owner ChangeN/A
Market Cap1.74B
Analysts78.33
Price Target81.35 (20.34%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 5.01%
Yearly Dividend2.68
Dividend Growth(5Y)35.57%
DP55.64%
Div Incr Years2
Div Non Decr Years2
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0.7%
PT rev (3m)-0.42%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)0%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)0%
Valuation
Industry RankSector Rank
PE 17.11
Fwd PE 11.3
P/S 9.01
P/FCF 10.67
P/OCF 10.66
P/B 0.84
P/tB 0.86
EV/EBITDA 19.81
EPS(TTM)3.95
EY5.84%
EPS(NY)5.98
Fwd EY8.85%
FCF(TTM)6.34
FCFY9.37%
OCF(TTM)6.34
OCFY9.38%
SpS7.51
BVpS80.62
TBVpS78.45
PEG (NY)0.01
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 2.26%
ROE 4.55%
ROCE 4.55%
ROIC 3.34%
ROICexc 3.4%
ROICexgc 3.45%
OM 92.9%
PM (TTM) 48.87%
GM N/A
FCFM 84.42%
ROA(3y)3.51%
ROA(5y)5.21%
ROE(3y)7.25%
ROE(5y)11.6%
ROIC(3y)2.9%
ROIC(5y)2.65%
ROICexc(3y)3.09%
ROICexc(5y)2.78%
ROICexgc(3y)3.14%
ROICexgc(5y)2.83%
ROCE(3y)3.95%
ROCE(5y)3.61%
ROICexcg growth 3Y2.21%
ROICexcg growth 5Y-3.66%
ROICexc growth 3Y2.31%
ROICexc growth 5Y-3.95%
OM growth 3Y-0.27%
OM growth 5Y0.35%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
F-Score7
Asset Turnover0.05
Health
Industry RankSector Rank
Debt/Equity 0.88
Debt/FCF 11.78
Debt/EBITDA 10.16
Cap/Depr 31.68%
Cap/Sales 0.04%
Interest Coverage 250
Cash Conversion 90.79%
Profit Quality 172.75%
Current Ratio 0.65
Quick Ratio 0.65
Altman-Z 1.22
F-Score7
WACC5.59%
ROIC/WACC0.6
Cap/Depr(3y)51.95%
Cap/Depr(5y)N/A
Cap/Sales(3y)0.08%
Cap/Sales(5y)62.23%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)118.49%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%132.73%
EPS Next Y1399.37%
EPS Next 2Y297.88%
EPS Next 3Y152.67%
EPS Next 5Y100.63%
Revenue 1Y (TTM)9.1%
Revenue growth 3Y8.93%
Revenue growth 5Y16.78%
Sales Q2Q%8.43%
Revenue Next Year7.27%
Revenue Next 2Y6.86%
Revenue Next 3Y5.27%
Revenue Next 5Y5.01%
EBIT growth 1Y10.22%
EBIT growth 3Y8.63%
EBIT growth 5Y17.18%
EBIT Next Year381.03%
EBIT Next 3Y71.92%
EBIT Next 5Y50.92%
FCF growth 1Y21.46%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y21.4%
OCF growth 3Y12.24%
OCF growth 5Y18.05%