Argan combines 100%-occupied French logistics assets and AutOnom® differentiation with a 6.7x P/E and 31.8% EPRA NTA discount.
Overview
Argan SA is France’s focused institutional logistics real estate developer and owner, operating as a listed SIIC with a strategy of building, owning and managing premium, pre-let warehouses in metropolitan France. Its AutOnom® buildings combine rooftop solar, battery storage and geothermal systems, giving blue-chip tenants lower energy volatility and up to a fourfold reduction in operational carbon emissions. The portfolio is concentrated along the French Backbone corridors and serves Carrefour, Decathlon, Puma, Ferrero, Danone and major 3PL operators. **H1 2026 confirmed exceptional operating resilience:** rental income rose 4% to €109.7 million, recurring net income was €77.5 million at a 71% margin, and occupancy reached 100% with an EPRA vacancy rate of 0.1%. Management raised 2026 rental-income guidance to over €221 million while maintaining approximately €6.00 recurring EPS and a €3.65 dividend target. The €500 million green bond issued in April 2026 refinanced the November maturity and removed near-term liquidity risk. At €64.00, the shares trade at 6.7x trailing P/E and a 31.8% discount to €93.8 EPRA NTA. The main catalysts are execution of the €200 million pipeline and lower rates, while leverage, Carrefour concentration and refinancing costs remain important constraints.