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PATRIZIA SE (PAT.DE) Stock Fundamental Analysis

FRA:PAT - Deutsche Boerse Ag - DE000PAT1AG3 - Common Stock - Currency: EUR

7.66  +0.14 (+1.86%)

Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to PAT. PAT was compared to 73 industry peers in the Real Estate Management & Development industry. The financial health of PAT is average, but there are quite some concerns on its profitability. PAT has a expensive valuation and it also scores bad on growth. PAT also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

PAT had positive earnings in the past year.
PAT had a positive operating cash flow in the past year.
Of the past 5 years PAT 4 years were profitable.
PAT had a positive operating cash flow in 4 of the past 5 years.
PAT.DE Yearly Net Income VS EBIT VS OCF VS FCFPAT.DE 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 100M 200M 300M 400M 500M

1.2 Ratios

Looking at the Return On Assets, with a value of -1.09%, PAT is in line with its industry, outperforming 56.52% of the companies in the same industry.
With a Return On Equity value of -1.93%, PAT perfoms like the industry average, outperforming 56.52% of the companies in the same industry.
Industry RankSector Rank
ROA -1.09%
ROE -1.93%
ROIC N/A
ROA(3y)0.99%
ROA(5y)1.51%
ROE(3y)1.6%
ROE(5y)2.45%
ROIC(3y)N/A
ROIC(5y)N/A
PAT.DE Yearly ROA, ROE, ROICPAT.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 10 20 30

1.3 Margins

PAT's Profit Margin has declined in the last couple of years.
PAT has a Gross Margin of 93.50%. This is amongst the best in the industry. PAT outperforms 91.30% of its industry peers.
In the last couple of years the Gross Margin of PAT has grown nicely.
The Profit Margin and Operating Margin are not available for PAT so they could not be analyzed.
Industry RankSector Rank
OM N/A
PM (TTM) N/A
GM 93.5%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-45.94%
PM growth 5Y-33.07%
GM growth 3Y0.06%
GM growth 5Y2.01%
PAT.DE Yearly Profit, Operating, Gross MarginsPAT.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 20 40 60 80

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4

2. Health

2.1 Basic Checks

PAT does not have a ROIC to compare to the WACC, probably because it is not profitable.
PAT has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.
PAT.DE Yearly Shares OutstandingPAT.DE Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 20M 40M 60M 80M
PAT.DE Yearly Total Debt VS Total AssetsPAT.DE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 500M 1B 1.5B 2B

2.2 Solvency

Based on the Altman-Z score of 1.21, we must say that PAT is in the distress zone and has some risk of bankruptcy.
PAT has a Altman-Z score of 1.21. This is in the better half of the industry: PAT outperforms 78.26% of its industry peers.
The Debt to FCF ratio of PAT is 15.86, which is on the high side as it means it would take PAT, 15.86 years of fcf income to pay off all of its debts.
With a decent Debt to FCF ratio value of 15.86, PAT is doing good in the industry, outperforming 78.26% of the companies in the same industry.
PAT has a Debt/Equity ratio of 0.34. This is a healthy value indicating a solid balance between debt and equity.
The Debt to Equity ratio of PAT (0.34) is better than 79.71% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.34
Debt/FCF 15.86
Altman-Z 1.21
ROIC/WACCN/A
WACC5.49%
PAT.DE Yearly LT Debt VS Equity VS FCFPAT.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 200M 400M 600M 800M 1B

2.3 Liquidity

PAT has a Current Ratio of 1.17. This is a normal value and indicates that PAT is financially healthy and should not expect problems in meeting its short term obligations.
PAT has a Current ratio (1.17) which is comparable to the rest of the industry.
PAT has a Quick Ratio of 1.17. This is a normal value and indicates that PAT is financially healthy and should not expect problems in meeting its short term obligations.
Looking at the Quick ratio, with a value of 1.17, PAT is in the better half of the industry, outperforming 73.91% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.17
Quick Ratio 1.17
PAT.DE Yearly Current Assets VS Current LiabilitesPAT.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M 800M 1B

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3

3. Growth

3.1 Past

The earnings per share for PAT have decreased strongly by -1095.19% in the last year.
Measured over the past years, PAT shows a very negative growth in Earnings Per Share. The EPS has been decreasing by -34.79% on average per year.
The Revenue for PAT has decreased by -12.46% in the past year. This is quite bad
Measured over the past years, PAT shows a decrease in Revenue. The Revenue has been decreasing by -3.61% on average per year.
EPS 1Y (TTM)-1095.19%
EPS 3Y-45.59%
EPS 5Y-34.79%
EPS Q2Q%-197.94%
Revenue 1Y (TTM)-12.46%
Revenue growth 3Y-1.03%
Revenue growth 5Y-3.61%
Sales Q2Q%-18.35%

3.2 Future

The Earnings Per Share is expected to grow by 87.96% on average over the next years. This is a very strong growth
PAT is expected to show a decrease in Revenue. In the coming years, the Revenue will decrease by -1.01% yearly.
EPS Next Y-89.9%
EPS Next 2Y99.74%
EPS Next 3Y87.96%
EPS Next 5YN/A
Revenue Next Year-7.5%
Revenue Next 2Y-1.33%
Revenue Next 3Y1.55%
Revenue Next 5Y-1.01%

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
PAT.DE Yearly Revenue VS EstimatesPAT.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 200M 400M 600M 800M
PAT.DE Yearly EPS VS EstimatesPAT.DE Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 0 0.5 1 1.5 2 2.5

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3

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 153.20, PAT can be considered very expensive at the moment.
The rest of the industry has a similar Price/Earnings ratio as PAT.
The average S&P500 Price/Earnings ratio is at 28.90. PAT is valued rather expensively when compared to this.
PAT is valuated quite expensively with a Price/Forward Earnings ratio of 38.40.
PAT's Price/Forward Earnings is on the same level as the industry average.
PAT is valuated expensively when we compare the Price/Forward Earnings ratio to 21.58, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 153.2
Fwd PE 38.4
PAT.DE Price Earnings VS Forward Price EarningsPAT.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 50 100 150

4.2 Price Multiples

PAT's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. PAT is cheaper than 62.32% of the companies in the same industry.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of PAT indicates a somewhat cheap valuation: PAT is cheaper than 62.32% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 29.37
EV/EBITDA 38.68
PAT.DE Per share dataPAT.DE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 2 4 6 8 10

4.3 Compensation for Growth

A more expensive valuation may be justified as PAT's earnings are expected to grow with 87.96% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y99.74%
EPS Next 3Y87.96%

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7

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 4.52%, PAT is a good candidate for dividend investing.
PAT's Dividend Yield is a higher than the industry average which is at 7.13.
PAT's Dividend Yield is rather good when compared to the S&P500 average which is at 2.38.
Industry RankSector Rank
Dividend Yield 4.52%

5.2 History

On average, the dividend of PAT grows each year by 6.98%, which is quite nice.
Dividend Growth(5Y)6.98%
Div Incr Years1
Div Non Decr Years2
PAT.DE Yearly Dividends per sharePAT.DE Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 0.1 0.2 0.3 0.4 0.5

5.3 Sustainability

PAT has negative earnings and hence a negative payout ratio. The dividend may be in danger.
The dividend of PAT is growing, but earnings are growing more, so the dividend growth is sustainable.
DP-136.53%
EPS Next 2Y99.74%
EPS Next 3Y87.96%
PAT.DE Yearly Income VS Free CF VS DividendPAT.DE Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 100M 200M 300M 400M

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PATRIZIA SE

FRA:PAT (3/14/2025, 7:00:00 PM)

7.66

+0.14 (+1.86%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryReal Estate Management & Development
Earnings (Last)02-27 2025-02-27/amc
Earnings (Next)05-13 2025-05-13
Inst Owners18.55%
Inst Owner ChangeN/A
Ins Owners52.6%
Ins Owner ChangeN/A
Market Cap707.40M
Analysts80
Price Target9.72 (26.89%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 4.52%
Yearly Dividend0.33
Dividend Growth(5Y)6.98%
DP-136.53%
Div Incr Years1
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%
PT rev (3m)0%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-73.07%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.17%
Valuation
Industry RankSector Rank
PE 153.2
Fwd PE 38.4
P/S 2.61
P/FCF 29.37
P/OCF 14.71
P/B 0.64
P/tB 1.1
EV/EBITDA 38.68
EPS(TTM)0.05
EY0.65%
EPS(NY)0.2
Fwd EY2.6%
FCF(TTM)0.26
FCFY3.4%
OCF(TTM)0.52
OCFY6.8%
SpS2.94
BVpS12.04
TBVpS6.98
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -1.09%
ROE -1.93%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM 93.5%
FCFM 8.88%
ROA(3y)0.99%
ROA(5y)1.51%
ROE(3y)1.6%
ROE(5y)2.45%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-45.94%
PM growth 5Y-33.07%
GM growth 3Y0.06%
GM growth 5Y2.01%
F-Score4
Asset Turnover0.14
Health
Industry RankSector Rank
Debt/Equity 0.34
Debt/FCF 15.86
Debt/EBITDA 16.61
Cap/Depr 48.64%
Cap/Sales 8.85%
Interest Coverage N/A
Cash Conversion 213.68%
Profit Quality N/A
Current Ratio 1.17
Quick Ratio 1.17
Altman-Z 1.21
F-Score4
WACC5.49%
ROIC/WACCN/A
Cap/Depr(3y)16.4%
Cap/Depr(5y)21.85%
Cap/Sales(3y)2.28%
Cap/Sales(5y)3.05%
Profit Quality(3y)919.4%
Profit Quality(5y)603.76%
High Growth Momentum
Growth
EPS 1Y (TTM)-1095.19%
EPS 3Y-45.59%
EPS 5Y-34.79%
EPS Q2Q%-197.94%
EPS Next Y-89.9%
EPS Next 2Y99.74%
EPS Next 3Y87.96%
EPS Next 5YN/A
Revenue 1Y (TTM)-12.46%
Revenue growth 3Y-1.03%
Revenue growth 5Y-3.61%
Sales Q2Q%-18.35%
Revenue Next Year-7.5%
Revenue Next 2Y-1.33%
Revenue Next 3Y1.55%
Revenue Next 5Y-1.01%
EBIT growth 1Y-276.04%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year100.6%
EBIT Next 3Y50.35%
EBIT Next 5YN/A
FCF growth 1Y-72.73%
FCF growth 3Y0.87%
FCF growth 5YN/A
OCF growth 1Y-49.31%
OCF growth 3Y-3.78%
OCF growth 5YN/A