PATRIMOINE ET COMMERCE-REGR (PAT.PA) Stock Fundamental Analysis
EPA:PAT - Euronext Paris - Matif - FR0011027135 - Common Stock - Currency: EUR
Taking everything into account, PAT scores 5 out of 10 in our fundamental rating. PAT was compared to 42 industry peers in the Diversified REITs industry. While PAT has a great profitability rating, there are quite some concerns on its financial health. A decent growth rate in combination with a cheap valuation! Better keep an eye on PAT. PAT also has an excellent dividend rating.
1. Profitability
1.1 Basic Checks
In the past year PAT was profitable.
PAT had a positive operating cash flow in the past year.
PAT had positive earnings in each of the past 5 years.
Each year in the past 5 years PAT had a positive operating cash flow.
1.2 Ratios
Looking at the Return On Assets, with a value of 4.27%, PAT is in the better half of the industry, outperforming 76.19% of the companies in the same industry.
PAT has a Return On Equity of 8.56%. This is in the better half of the industry: PAT outperforms 76.19% of its industry peers.
PAT's Return On Invested Capital of 3.76% is fine compared to the rest of the industry. PAT outperforms 66.67% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for PAT is in line with the industry average of 3.70%.
The 3 year average ROIC (3.57%) for PAT is below the current ROIC(3.76%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.27% | ||
| ROE | 8.56% | ||
| ROIC | 3.76% |
ROA(3y)4.22%
ROA(5y)3.64%
ROE(3y)8.75%
ROE(5y)7.76%
ROIC(3y)3.57%
ROIC(5y)3.5%
1.3 Margins
PAT has a better Profit Margin (72.32%) than 78.57% of its industry peers.
PAT's Profit Margin has improved in the last couple of years.
With a decent Operating Margin value of 76.86%, PAT is doing good in the industry, outperforming 66.67% of the companies in the same industry.
In the last couple of years the Operating Margin of PAT has declined.
The Gross Margin of PAT (89.83%) is better than 80.95% of its industry peers.
PAT's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 76.86% | ||
| PM (TTM) | 72.32% | ||
| GM | 89.83% |
OM growth 3Y-2.02%
OM growth 5Y-2.83%
PM growth 3Y0.28%
PM growth 5Y5.42%
GM growth 3Y-1.1%
GM growth 5Y-0.61%
2. Health
2.1 Basic Checks
With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), PAT is destroying value.
PAT has more shares outstanding than it did 1 year ago.
PAT has more shares outstanding than it did 5 years ago.
Compared to 1 year ago, PAT has an improved debt to assets ratio.
2.2 Solvency
Based on the Altman-Z score of 1.01, we must say that PAT is in the distress zone and has some risk of bankruptcy.
The Altman-Z score of PAT (1.01) is better than 61.90% of its industry peers.
PAT has a debt to FCF ratio of 14.65. This is a negative value and a sign of low solvency as PAT would need 14.65 years to pay back of all of its debts.
PAT has a Debt to FCF ratio of 14.65. This is comparable to the rest of the industry: PAT outperforms 47.62% of its industry peers.
PAT has a Debt/Equity ratio of 0.73. This is a neutral value indicating PAT is somewhat dependend on debt financing.
PAT has a Debt to Equity ratio (0.73) which is comparable to the rest of the industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.73 | ||
| Debt/FCF | 14.65 | ||
| Altman-Z | 1.01 |
ROIC/WACC0.76
WACC4.94%
2.3 Liquidity
A Current Ratio of 0.41 indicates that PAT may have some problems paying its short term obligations.
Looking at the Current ratio, with a value of 0.41, PAT is in line with its industry, outperforming 50.00% of the companies in the same industry.
PAT has a Quick Ratio of 0.41. This is a bad value and indicates that PAT is not financially healthy enough and could expect problems in meeting its short term obligations.
Looking at the Quick ratio, with a value of 0.41, PAT is in line with its industry, outperforming 50.00% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.41 | ||
| Quick Ratio | 0.41 |
3. Growth
3.1 Past
PAT shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 38.17%, which is quite impressive.
The Earnings Per Share has been growing slightly by 7.44% on average over the past years.
The Revenue has grown by 12.11% in the past year. This is quite good.
Measured over the past years, PAT shows a small growth in Revenue. The Revenue has been growing by 4.13% on average per year.
EPS 1Y (TTM)38.17%
EPS 3Y7.68%
EPS 5Y7.44%
EPS Q2Q%55.3%
Revenue 1Y (TTM)12.11%
Revenue growth 3Y8.83%
Revenue growth 5Y4.13%
Sales Q2Q%17.84%
3.2 Future
The Earnings Per Share is expected to grow by 25.59% on average over the next years. This is a very strong growth
Based on estimates for the next years, PAT will show a small growth in Revenue. The Revenue will grow by 7.59% on average per year.
EPS Next Y25.24%
EPS Next 2Y20.12%
EPS Next 3Y25.59%
EPS Next 5YN/A
Revenue Next Year11.32%
Revenue Next 2Y9.03%
Revenue Next 3Y7.59%
Revenue Next 5YN/A
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.
4. Valuation
4.1 Price/Earnings Ratio
Based on the Price/Earnings ratio of 9.09, the valuation of PAT can be described as reasonable.
Based on the Price/Earnings ratio, PAT is valued a bit cheaper than 76.19% of the companies in the same industry.
The average S&P500 Price/Earnings ratio is at 28.10. PAT is valued rather cheaply when compared to this.
A Price/Forward Earnings ratio of 9.04 indicates a reasonable valuation of PAT.
Based on the Price/Forward Earnings ratio, PAT is valued cheaply inside the industry as 83.33% of the companies are valued more expensively.
PAT's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 20.74.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 9.09 | ||
| Fwd PE | 9.04 |
4.2 Price Multiples
The rest of the industry has a similar Enterprise Value to EBITDA ratio as PAT.
PAT's Price/Free Cash Flow ratio is in line with the industry average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 13.17 | ||
| EV/EBITDA | 17.86 |
4.3 Compensation for Growth
PAT's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
PAT has a very decent profitability rating, which may justify a higher PE ratio.
A more expensive valuation may be justified as PAT's earnings are expected to grow with 25.59% in the coming years.
PEG (NY)0.36
PEG (5Y)1.22
EPS Next 2Y20.12%
EPS Next 3Y25.59%
5. Dividend
5.1 Amount
PAT has a Yearly Dividend Yield of 5.70%, which is a nice return.
PAT's Dividend Yield is comparable with the industry average which is at 7.56.
Compared to an average S&P500 Dividend Yield of 2.43, PAT pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.7% |
5.2 History
The dividend of PAT has a limited annual growth rate of 1.91%.
Dividend Growth(5Y)1.91%
Div Incr Years3
Div Non Decr Years3
5.3 Sustainability
PAT pays out 50.51% of its income as dividend. This is a bit on the high side, but may be sustainable.
The dividend of PAT is growing, but earnings are growing more, so the dividend growth is sustainable.
DP50.51%
EPS Next 2Y20.12%
EPS Next 3Y25.59%
EPA:PAT (5/5/2025, 7:00:00 PM)
24
0 (0%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners32.52%
Inst Owner ChangeN/A
Ins Owners6.31%
Ins Owner ChangeN/A
Market Cap383.28M
Analysts84
Price Target25.5 (6.25%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.7% |
Yearly Dividend1.34
Dividend Growth(5Y)1.91%
DP50.51%
Div Incr Years3
Div Non Decr Years3
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)11.11%
PT rev (3m)19.05%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)22.33%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)9.26%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 9.09 | ||
| Fwd PE | 9.04 | ||
| P/S | 6.77 | ||
| P/FCF | 13.17 | ||
| P/OCF | 8.71 | ||
| P/B | 0.8 | ||
| P/tB | 0.8 | ||
| EV/EBITDA | 17.86 |
EPS(TTM)2.64
EY11%
EPS(NY)2.66
Fwd EY11.07%
FCF(TTM)1.82
FCFY7.59%
OCF(TTM)2.76
OCFY11.48%
SpS3.55
BVpS29.96
TBVpS29.96
PEG (NY)0.36
PEG (5Y)1.22
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.27% | ||
| ROE | 8.56% | ||
| ROCE | 5.18% | ||
| ROIC | 3.76% | ||
| ROICexc | 3.85% | ||
| ROICexgc | 3.85% | ||
| OM | 76.86% | ||
| PM (TTM) | 72.32% | ||
| GM | 89.83% | ||
| FCFM | 51.36% |
ROA(3y)4.22%
ROA(5y)3.64%
ROE(3y)8.75%
ROE(5y)7.76%
ROIC(3y)3.57%
ROIC(5y)3.5%
ROICexc(3y)3.8%
ROICexc(5y)3.87%
ROICexgc(3y)3.8%
ROICexgc(5y)3.87%
ROCE(3y)4.91%
ROCE(5y)4.8%
ROICexcg growth 3Y0.81%
ROICexcg growth 5Y-1.2%
ROICexc growth 3Y0.81%
ROICexc growth 5Y-1.2%
OM growth 3Y-2.02%
OM growth 5Y-2.83%
PM growth 3Y0.28%
PM growth 5Y5.42%
GM growth 3Y-1.1%
GM growth 5Y-0.61%
F-Score6
Asset Turnover0.06
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.73 | ||
| Debt/FCF | 14.65 | ||
| Debt/EBITDA | 8.04 | ||
| Cap/Depr | 7530.3% | ||
| Cap/Sales | 26.32% | ||
| Interest Coverage | 3.64 | ||
| Cash Conversion | 100.62% | ||
| Profit Quality | 71.02% | ||
| Current Ratio | 0.41 | ||
| Quick Ratio | 0.41 | ||
| Altman-Z | 1.01 |
F-Score6
WACC4.94%
ROIC/WACC0.76
Cap/Depr(3y)14486%
Cap/Depr(5y)46663.9%
Cap/Sales(3y)64.67%
Cap/Sales(5y)49.18%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)38.17%
EPS 3Y7.68%
EPS 5Y7.44%
EPS Q2Q%55.3%
EPS Next Y25.24%
EPS Next 2Y20.12%
EPS Next 3Y25.59%
EPS Next 5YN/A
Revenue 1Y (TTM)12.11%
Revenue growth 3Y8.83%
Revenue growth 5Y4.13%
Sales Q2Q%17.84%
Revenue Next Year11.32%
Revenue Next 2Y9.03%
Revenue Next 3Y7.59%
Revenue Next 5YN/A
EBIT growth 1Y6.64%
EBIT growth 3Y6.63%
EBIT growth 5Y1.19%
EBIT Next Year139.13%
EBIT Next 3Y37.66%
EBIT Next 5YN/A
FCF growth 1Y33.03%
FCF growth 3Y13.18%
FCF growth 5YN/A
OCF growth 1Y7.12%
OCF growth 3Y6.84%
OCF growth 5Y-0.24%