PATRIMOINE ET COMMERCE-REGR (PAT.PA) Stock Fundamental Analysis
EPA:PAT - Euronext Paris - Matif - FR0011027135 - Common Stock - Currency: EUR
We assign a fundamental rating of 5 out of 10 to PAT. PAT was compared to 43 industry peers in the Diversified REITs industry. PAT scores excellent on profitability, but there are concerns on its financial health. PAT is not valued too expensively and it also shows a decent growth rate.
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.
1.2 Ratios
Looking at the Return On Assets, with a value of 3.41%, PAT is in the better half of the industry, outperforming 77.50% of the companies in the same industry.
PAT has a better Return On Equity (7.19%) than 77.50% of its industry peers.
PAT's Return On Invested Capital of 3.80% is fine compared to the rest of the industry. PAT outperforms 65.00% 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 3.77%.
The last Return On Invested Capital (3.80%) for PAT is above the 3 year average (3.41%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.41% | ||
| ROE | 7.19% | ||
| ROIC | 3.8% |
ROA(3y)3.99%
ROA(5y)3.37%
ROE(3y)8.52%
ROE(5y)7.44%
ROIC(3y)3.41%
ROIC(5y)3.52%
1.3 Margins
PAT's Profit Margin of 59.79% is amongst the best of the industry. PAT outperforms 82.50% of its industry peers.
In the last couple of years the Profit Margin of PAT has remained more or less at the same level.
Looking at the Operating Margin, with a value of 79.53%, PAT is in the better half of the industry, outperforming 75.00% of the companies in the same industry.
In the last couple of years the Operating Margin of PAT has remained more or less at the same level.
Looking at the Gross Margin, with a value of 92.81%, PAT belongs to the top of the industry, outperforming 82.50% of the companies in the same industry.
In the last couple of years the Gross Margin of PAT has remained more or less at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 79.53% | ||
| PM (TTM) | 59.79% | ||
| GM | 92.81% |
OM growth 3Y-0.55%
OM growth 5Y-0.54%
PM growth 3Y14.02%
PM growth 5Y0.58%
GM growth 3Y-0.49%
GM growth 5Y-0.08%
2. Health
2.1 Basic Checks
With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), PAT is destroying value.
Compared to 1 year ago, PAT has less shares outstanding
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 0.93, we must say that PAT is in the distress zone and has some risk of bankruptcy.
PAT has a Altman-Z score (0.93) which is in line with its industry peers.
PAT has a debt to FCF ratio of 12.22. This is a negative value and a sign of low solvency as PAT would need 12.22 years to pay back of all of its debts.
PAT has a Debt to FCF ratio of 12.22. This is comparable to the rest of the industry: PAT outperforms 45.00% of its industry peers.
A Debt/Equity ratio of 0.80 indicates that PAT is somewhat dependend on debt financing.
The Debt to Equity ratio of PAT (0.80) is worse than 60.00% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.8 | ||
| Debt/FCF | 12.22 | ||
| Altman-Z | 0.93 |
ROIC/WACC0.87
WACC4.36%
2.3 Liquidity
PAT has a Current Ratio of 0.50. This is a bad value and indicates that PAT is not financially healthy enough and could expect problems in meeting its short term obligations.
PAT has a Current ratio of 0.50. This is comparable to the rest of the industry: PAT outperforms 47.50% of its industry peers.
PAT has a Quick Ratio of 0.50. This is a bad value and indicates that PAT is not financially healthy enough and could expect problems in meeting its short term obligations.
PAT has a Quick ratio (0.50) which is in line with its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.5 | ||
| Quick Ratio | 0.5 |
3. Growth
3.1 Past
PAT shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -3.58%.
Measured over the past 5 years, PAT shows a small growth in Earnings Per Share. The EPS has been growing by 1.49% on average per year.
The Revenue has been growing slightly by 6.06% in the past year.
PAT shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 3.15% yearly.
EPS 1Y (TTM)-3.58%
EPS 3Y15.11%
EPS 5Y1.49%
EPS Q2Q%16.61%
Revenue 1Y (TTM)6.06%
Revenue growth 3Y3.25%
Revenue growth 5Y3.15%
Sales Q2Q%6.12%
3.2 Future
The Earnings Per Share is expected to grow by 4.35% on average over the next years.
PAT is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 2.99% yearly.
EPS Next Y7.97%
EPS Next 2Y5.14%
EPS Next 3Y4.35%
EPS Next 5YN/A
Revenue Next Year5.26%
Revenue Next 2Y3.56%
Revenue Next 3Y2.99%
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 stable: in the next years the growth will be about the same than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
A Price/Earnings ratio of 10.00 indicates a reasonable valuation of PAT.
80.00% of the companies in the same industry are more expensive than PAT, based on the Price/Earnings ratio.
Compared to an average S&P500 Price/Earnings ratio of 29.63, PAT is valued rather cheaply.
PAT is valuated reasonably with a Price/Forward Earnings ratio of 9.44.
Compared to the rest of the industry, the Price/Forward Earnings ratio of PAT indicates a somewhat cheap valuation: PAT is cheaper than 65.00% of the companies listed in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 22.68, PAT is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 10 | ||
| Fwd PE | 9.44 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, PAT is valued a bit cheaper than the industry average as 62.50% of the companies are valued more expensively.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of PAT is on the same level as its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 9.91 | ||
| EV/EBITDA | 16.74 |
4.3 Compensation for Growth
The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
PAT has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)1.25
PEG (5Y)6.71
EPS Next 2Y5.14%
EPS Next 3Y4.35%
5. Dividend
5.1 Amount
PAT has a Yearly Dividend Yield of 3.96%.
Compared to an average industry Dividend Yield of 8.20, PAT is paying slightly less dividend.
Compared to an average S&P500 Dividend Yield of 2.29, PAT pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.96% |
5.2 History
The dividend of PAT is nicely growing with an annual growth rate of 30.17%!
Dividend Growth(5Y)30.17%
Div Incr Years3
Div Non Decr Years3
5.3 Sustainability
64.26% of the earnings are spent on dividend by PAT. This is not a sustainable payout ratio.
The dividend of PAT is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP64.26%
EPS Next 2Y5.14%
EPS Next 3Y4.35%
EPA:PAT (2/21/2025, 7:00:00 PM)
20.5
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 Cap327.38M
Analysts84
Price Target21.42 (4.49%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.96% |
Yearly Dividend1.33
Dividend Growth(5Y)30.17%
DP64.26%
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)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)0%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)0%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 10 | ||
| Fwd PE | 9.44 | ||
| P/S | 6.29 | ||
| P/FCF | 9.91 | ||
| P/OCF | 8.23 | ||
| P/B | 0.76 | ||
| P/tB | 0.76 | ||
| EV/EBITDA | 16.74 |
EPS(TTM)2.05
EY10%
EPS(NY)2.17
Fwd EY10.59%
FCF(TTM)2.07
FCFY10.09%
OCF(TTM)2.49
OCFY12.16%
SpS3.26
BVpS27.1
TBVpS27.1
PEG (NY)1.25
PEG (5Y)6.71
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.41% | ||
| ROE | 7.19% | ||
| ROCE | 5.24% | ||
| ROIC | 3.8% | ||
| ROICexc | 3.93% | ||
| ROICexgc | 3.93% | ||
| OM | 79.53% | ||
| PM (TTM) | 59.79% | ||
| GM | 92.81% | ||
| FCFM | 63.49% |
ROA(3y)3.99%
ROA(5y)3.37%
ROE(3y)8.52%
ROE(5y)7.44%
ROIC(3y)3.41%
ROIC(5y)3.52%
ROICexc(3y)3.77%
ROICexc(5y)3.92%
ROICexgc(3y)3.77%
ROICexgc(5y)3.92%
ROCE(3y)4.68%
ROCE(5y)4.82%
ROICexcg growth 3Y-3.1%
ROICexcg growth 5Y0.04%
ROICexc growth 3Y-3.1%
ROICexc growth 5Y0.04%
OM growth 3Y-0.55%
OM growth 5Y-0.54%
PM growth 3Y14.02%
PM growth 5Y0.58%
GM growth 3Y-0.49%
GM growth 5Y-0.08%
F-Score6
Asset Turnover0.06
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.8 | ||
| Debt/FCF | 12.22 | ||
| Debt/EBITDA | 8.33 | ||
| Cap/Depr | 3677.72% | ||
| Cap/Sales | 13.01% | ||
| Interest Coverage | 3.75 | ||
| Cash Conversion | 95.76% | ||
| Profit Quality | 106.2% | ||
| Current Ratio | 0.5 | ||
| Quick Ratio | 0.5 | ||
| Altman-Z | 0.93 |
F-Score6
WACC4.36%
ROIC/WACC0.87
Cap/Depr(3y)16146.4%
Cap/Depr(5y)52172.4%
Cap/Sales(3y)68.05%
Cap/Sales(5y)67.12%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-3.58%
EPS 3Y15.11%
EPS 5Y1.49%
EPS Q2Q%16.61%
EPS Next Y7.97%
EPS Next 2Y5.14%
EPS Next 3Y4.35%
EPS Next 5YN/A
Revenue 1Y (TTM)6.06%
Revenue growth 3Y3.25%
Revenue growth 5Y3.15%
Sales Q2Q%6.12%
Revenue Next Year5.26%
Revenue Next 2Y3.56%
Revenue Next 3Y2.99%
Revenue Next 5YN/A
EBIT growth 1Y4.76%
EBIT growth 3Y2.69%
EBIT growth 5Y2.6%
EBIT Next Year63.64%
EBIT Next 3Y27.87%
EBIT Next 5YN/A
FCF growth 1Y274.82%
FCF growth 3Y-5.79%
FCF growth 5Y30.15%
OCF growth 1Y-10.55%
OCF growth 3Y7.3%
OCF growth 5Y-1.68%