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PATRIMOINE ET COMMERCE-REGR (PAT.PA) Stock Fundamental Analysis

EPA:PAT - Euronext Paris - Matif - FR0011027135 - Common Stock - Currency: EUR

24  -0.4 (-1.64%)

Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to PAT. PAT was compared to 40 industry peers in the Diversified REITs industry. PAT scores excellent on profitability, but there are concerns on its financial health. PAT scores decently on growth, while it is valued quite cheap. This could make an interesting combination. Finally PAT also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

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7

1. Profitability

1.1 Basic Checks

PAT had positive earnings in the past year.
In the past year PAT had a positive cash flow from operations.
In the past 5 years PAT has always been profitable.
In the past 5 years PAT always reported a positive cash flow from operatings.
PAT.PA Yearly Net Income VS EBIT VS OCF VS FCFPAT.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 2024 0 20M -20M 40M -40M

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 72.50% of the companies in the same industry.
PAT has a better Return On Equity (8.56%) than 72.50% of its industry peers.
PAT has a Return On Invested Capital of 3.76%. This is in the better half of the industry: PAT outperforms 62.50% 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 3.66%.
The 3 year average ROIC (3.57%) for PAT is below the current ROIC(3.76%), indicating increased profibility in the last year.
Industry RankSector 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%
PAT.PA Yearly ROA, ROE, ROICPAT.PA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2 4 6 8 10

1.3 Margins

Looking at the Profit Margin, with a value of 72.32%, PAT is in the better half of the industry, outperforming 77.50% of the companies in the same industry.
PAT's Profit Margin has improved in the last couple of years.
The Operating Margin of PAT (76.86%) is better than 65.00% of its industry peers.
PAT's Operating Margin has declined in the last couple of years.
PAT's Gross Margin of 89.83% is fine compared to the rest of the industry. PAT outperforms 77.50% of its industry peers.
In the last couple of years the Gross Margin of PAT has remained more or less at the same level.
Industry RankSector 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%
PAT.PA Yearly Profit, Operating, Gross MarginsPAT.PA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60 80 100

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2

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.
The debt/assets ratio for PAT has been reduced compared to a year ago.
PAT.PA Yearly Shares OutstandingPAT.PA Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5M 10M 15M
PAT.PA Yearly Total Debt VS Total AssetsPAT.PA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M

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 comparable to the rest of the industry.
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.
With a Debt to FCF ratio value of 14.65, PAT perfoms like the industry average, outperforming 47.50% of the companies in the same industry.
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 in line with its industry peers.
Industry RankSector Rank
Debt/Equity 0.73
Debt/FCF 14.65
Altman-Z 1.01
ROIC/WACC0.77
WACC4.87%
PAT.PA Yearly LT Debt VS Equity VS FCFPAT.PA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100M 200M 300M 400M

2.3 Liquidity

PAT has a Current 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.
With a Current ratio value of 0.41, PAT perfoms like the industry average, outperforming 45.00% of the companies in the same industry.
A Quick Ratio of 0.41 indicates that PAT may have some problems paying its short term obligations.
With a Quick ratio value of 0.41, PAT perfoms like the industry average, outperforming 45.00% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.41
Quick Ratio 0.41
PAT.PA Yearly Current Assets VS Current LiabilitesPAT.PA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M 100M

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6

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.
PAT shows a small growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 7.44% yearly.
PAT shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 12.11%.
PAT shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 4.13% yearly.
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

Based on estimates for the next years, PAT will show a very strong growth in Earnings Per Share. The EPS will grow by 25.59% on average per year.
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

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
PAT.PA Yearly Revenue VS EstimatesPAT.PA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 20M 40M 60M
PAT.PA Yearly EPS VS EstimatesPAT.PA Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1 2 3 4

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7

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 9.09 indicates a reasonable valuation of PAT.
Based on the Price/Earnings ratio, PAT is valued a bit cheaper than 77.50% of the companies in the same industry.
PAT is valuated cheaply when we compare the Price/Earnings ratio to 26.34, which is the current average of the S&P500 Index.
With a Price/Forward Earnings ratio of 9.04, the valuation of PAT can be described as very reasonable.
Compared to the rest of the industry, the Price/Forward Earnings ratio of PAT indicates a rather cheap valuation: PAT is cheaper than 82.50% of the companies listed in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 22.19, PAT is valued rather cheaply.
Industry RankSector Rank
PE 9.09
Fwd PE 9.04
PAT.PA Price Earnings VS Forward Price EarningsPAT.PA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

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 RankSector Rank
P/FCF 13.17
EV/EBITDA 17.86
PAT.PA Per share dataPAT.PA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20 25

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.
The decent profitability rating of PAT 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%

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7

5. Dividend

5.1 Amount

PAT has a Yearly Dividend Yield of 5.58%, which is a nice return.
PAT's Dividend Yield is comparable with the industry average which is at 5.52.
PAT's Dividend Yield is rather good when compared to the S&P500 average which is at 2.40.
Industry RankSector Rank
Dividend Yield 5.58%

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 Years4
PAT.PA Yearly Dividends per sharePAT.PA Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 2025 0.2 0.4 0.6 0.8 1

5.3 Sustainability

50.51% of the earnings are spent on dividend by PAT. 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%
PAT.PA Yearly Income VS Free CF VS DividendPAT.PA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20M -20M 40M -40M
PAT.PA Dividend Payout.PAT.PA Dividend Payout, showing the Payout Ratio.PAT.PA Dividend Payout.PayoutRetained Earnings

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PATRIMOINE ET COMMERCE-REGR

EPA:PAT (6/19/2025, 7:00:00 PM)

24

-0.4 (-1.64%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)02-19 2025-02-19/amc
Earnings (Next)07-23 2025-07-23
Inst Owners29.07%
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 RankSector Rank
Dividend Yield 5.58%
Yearly Dividend1.34
Dividend Growth(5Y)1.91%
DP50.51%
Div Incr Years3
Div Non Decr Years4
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)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)0%
Valuation
Industry RankSector 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 RankSector 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 RankSector 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
WACC4.87%
ROIC/WACC0.77
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%