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PATRIZIA SE (PAT.DE) Stock Fundamental Analysis

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

7.6  +0.14 (+1.88%)

Fundamental Rating

4

PAT gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 69 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 is valued expensive and it does not seem to be growing. Finally 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.
PAT had positive earnings in 4 of the past 5 years.
Of the past 5 years PAT 4 years had a positive operating cash flow.
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 57.33% of the companies in the same industry.
PAT's Return On Equity of -1.93% is in line compared to the rest of the industry. PAT outperforms 56.00% of its industry peers.
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

In the last couple of years the Profit Margin of PAT has declined.
PAT's Gross Margin of 93.50% is amongst the best of the industry. PAT outperforms 92.00% 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.
There is no outstanding debt for PAT. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and 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

PAT has an Altman-Z score of 1.21. This is a bad value and indicates that PAT is not financially healthy and even 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 77.33% of its industry peers.
PAT has a debt to FCF ratio of 15.86. This is a negative value and a sign of low solvency as PAT would need 15.86 years to pay back of all of its debts.
The Debt to FCF ratio of PAT (15.86) is better than 80.00% of its industry peers.
A Debt/Equity ratio of 0.34 indicates that PAT is not too dependend on debt financing.
The Debt to Equity ratio of PAT (0.34) is better than 74.67% 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

A Current Ratio of 1.17 indicates that PAT should not have too much problems paying its short term obligations.
PAT's Current ratio of 1.17 is in line compared to the rest of the industry. PAT outperforms 54.67% of its industry peers.
A Quick Ratio of 1.17 indicates that PAT should not have too much problems paying its short term obligations.
PAT has a better Quick ratio (1.17) than 73.33% of its industry peers.
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.
PAT shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -34.79% yearly.
Looking at the last year, PAT shows a very negative growth in Revenue. The Revenue has decreased by -12.46% in the last year.
PAT shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -3.61% yearly.
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
Based on estimates for the next years, PAT will show a decrease in Revenue. The Revenue will decrease by -0.27% on average per year.
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-0.27%

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
PAT.DE Yearly Revenue VS EstimatesPAT.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 200M 400M 600M 800M
PAT.DE Yearly EPS VS EstimatesPAT.DE Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 0 0.5 1 1.5 2 2.5

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3

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 152.00 indicates a quite expensive valuation of PAT.
Compared to the rest of the industry, the Price/Earnings ratio of PAT is on the same level as its industry peers.
When comparing the Price/Earnings ratio of PAT to the average of the S&P500 Index (29.35), we can say PAT is valued expensively.
Based on the Price/Forward Earnings ratio of 38.10, the valuation of PAT can be described as expensive.
Based on the Price/Forward Earnings ratio, PAT is valued a bit cheaper than the industry average as 62.67% of the companies are valued more expensively.
When comparing the Price/Forward Earnings ratio of PAT to the average of the S&P500 Index (22.10), we can say PAT is valued expensively.
Industry RankSector Rank
PE 152
Fwd PE 38.1
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

64.00% of the companies in the same industry are more expensive than PAT, based on the Enterprise Value to EBITDA ratio.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of PAT indicates a somewhat cheap valuation: PAT is cheaper than 66.67% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 29.14
EV/EBITDA 38.44
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

PAT's earnings are expected to grow with 87.96% in the coming years. This may justify a more expensive valuation.
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

PAT has a Yearly Dividend Yield of 4.56%, which is a nice return.
PAT's Dividend Yield is a higher than the industry average which is at 7.29.
PAT's Dividend Yield is rather good when compared to the S&P500 average which is at 2.33.
Industry RankSector Rank
Dividend Yield 4.56%

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.
PAT's earnings are growing more than its dividend. This makes the dividend growth 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 (3/7/2025, 7:00:00 PM)

7.6

+0.14 (+1.88%)

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 Cap701.86M
Analysts80
Price Target9.72 (27.89%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 4.56%
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 152
Fwd PE 38.1
P/S 2.59
P/FCF 29.14
P/OCF 14.6
P/B 0.63
P/tB 1.09
EV/EBITDA 38.44
EPS(TTM)0.05
EY0.66%
EPS(NY)0.2
Fwd EY2.62%
FCF(TTM)0.26
FCFY3.43%
OCF(TTM)0.52
OCFY6.85%
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-0.27%
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