Patrizia Immobilien AG (DE:PAT)
XETRA:PAT
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Patrizia Immobilien
(XETRA:PAT)
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Rating:53Neutral
Price Target:
€8.00
▲(7.24% Upside)
Action:Reiterated
Date:03/29/26
The score is held back primarily by weak technicals (price below key moving averages with negative MACD and low RSI) and uneven profitability across recent years. Offsetting factors are a manageable leverage profile, a strong 2025 cash flow rebound, and a solid dividend yield, though the high P/E tempers valuation support.
Positive Factors
Recurring fee-based business model
Patrizia’s core revenue is anchored in recurring management fees tied to assets under management, complemented by transaction and performance fees. That fee annuity creates a durable earnings base less reliant on one-off sales, supporting predictable cash generation and long-term client relationships.
Negative Factors
Uneven revenue and profitability
Persistent volatility in top-line and margins—declines in 2023–2024 with only modest recovery in 2025—indicates inconsistent fee capture and sensitivity to market and transaction cycles. This undermines earnings predictability and complicates long-term planning for capital deployment and investor commitments.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring fee-based business model
Patrizia’s core revenue is anchored in recurring management fees tied to assets under management, complemented by transaction and performance fees. That fee annuity creates a durable earnings base less reliant on one-off sales, supporting predictable cash generation and long-term client relationships.
Read all positive factors
Patrizia Immobilien (PAT) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€681.60M
Dividend Yield4.33%
Average Volume (3M)70.27K
Price to Earnings (P/E)29.5
Beta (1Y)0.72
Revenue Growth2.47%
EPS Growth72.49%
CountryDE
Employees887
SectorGeneral
Sector StrengthN/A
IndustryReal Estate - Services
Share Statistics
EPS (TTM)0.13
Shares Outstanding92,351,480
10 Day Avg. Volume120,692
30 Day Avg. Volume70,270
Financial Highlights & Ratios
PEG Ratio2.09
Price to Book (P/B)0.67
Price to Sales (P/S)2.83
P/FCF Ratio12.82
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€10.33Price Target Upside38.52% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.26
Revenue Forecast (FY)€279.03M
Patrizia Immobilien Business Overview & Revenue Model
Company Description
Patrizia Se stands as a prominent global leader in real asset investments. For 38 years, this internationally active company has consistently delivered diverse investment opportunities in real estate and infrastructure, catering to institutional, ...
How the Company Makes Money
PATrizia primarily makes money by managing assets on behalf of investors and earning recurring and transaction-related fees across the lifecycle of its investment products. The core revenue streams are typically: (1) Management fees: recurring fee...
Patrizia Immobilien Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
64
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 122.85M | 265.92M | 255.67M | 292.43M | 346.29M | 318.16M |
| Gross Profit | 102.33M | 192.85M | 238.22M | 246.56M | 274.67M | 296.91M |
| EBITDA | 36.57M | 59.80M | 27.75M | 55.25M | 69.14M | 131.35M |
| Net Income | 12.47M | 17.97M | 12.87M | -5.81M | 7.28M | 47.90M |
Balance Sheet | ||||||
| Total Assets | 1.70B | 1.70B | 1.73B | 2.00B | 2.05B | 2.06B |
| Cash, Cash Equivalents and Short-Term Investments | 139.51M | 175.15M | 185.09M | 350.68M | 451.50M | 357.01M |
| Total Debt | 322.27M | 323.59M | 326.45M | 375.92M | 276.98M | 439.46M |
| Total Liabilities | 527.14M | 539.03M | 610.80M | 803.32M | 720.54M | 742.96M |
| Stockholders Equity | 1.14B | 1.13B | 1.08B | 1.16B | 1.26B | 1.28B |
Cash Flow | ||||||
| Free Cash Flow | 31.12M | 58.64M | -7.66M | 65.44M | 114.97M | 22.18M |
| Operating Cash Flow | 31.26M | 58.84M | 10.82M | 73.83M | 120.91M | 29.34M |
| Investing Cash Flow | -25.57M | -3.20M | -238.36M | -12.89M | 76.85M | -42.50M |
| Financing Cash Flow | -31.98M | -34.46M | 32.08M | -70.57M | -186.87M | -144.63M |
Patrizia Immobilien Technical Analysis
Positive
7.46
Price Trends
7.14
Positive
7.27
Positive
7.26
Positive
Market Momentum
0.16
Negative
64.55
Neutral
74.58
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:PAT, the sentiment is Positive. The current price of 7.46 is above the 20-day moving average (MA) of 7.32, above the 50-day MA of 7.14, and above the 200-day MA of 7.26, indicating a bullish trend. The MACD of 0.16 indicates Negative momentum. The RSI at 64.55 is Neutral, neither overbought nor oversold. The STOCH value of 74.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:PAT.
Patrizia Immobilien Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | €1.53B | 3.27 | 11.65% | ― | 0.72% | 89.13% | |
63 Neutral | €2.57B | 3.63 | 6.88% | ― | 0.71% | 123.72% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | €17.61B | 5.15 | 13.06% | 5.08% | -20.27% | ― | |
53 Neutral | €681.60M | 29.51 | 2.22% | 4.33% | 2.47% | 72.49% | |
49 Neutral | €6.19B | 20.52 | 5.16% | ― | -11.60% | ― |
* General Sector Average
DE:PAT
Patrizia Immobilien
7.72
-0.17
-2.13%
DE:VNA
Vonovia
20.90
-6.71
-24.30%
DE:AT1
Aroundtown SA
2.37
-0.62
-20.83%
DE:CCAP
Corestate Capital Holding SA
0.23
-0.01
-6.12%
DE:GYC
Grand City Properties SA
9.27
-1.69
-15.42%
DE:O5G
CPI PROPERTY GROUP S.A.
0.74
-0.08
-9.76%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.