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Patrimoine et Commerce
(PAT)
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Rating:74Outperform
Price Target:
€30.00
▲(28.76% Upside)
Action:Upgraded
Date:08/06/26
The score is driven by solid fundamentals with strong profitability and improving leverage, tempered by uneven cash-flow conversion and free-cash-flow volatility. Technicals are supportive with the price above key moving averages and positive MACD. Valuation adds support due to a ~5.3% yield and a moderate ~10.4 P/E.
Positive Factors
High Profitability
High reported net margins (~58% in 2025) indicate durable pricing power and low relative operating costs for a retail REIT. Persistently elevated margins support sustainable earnings and dividend capacity, improving resilience to modest revenue variability over months.
Negative Factors
Weak Cash Conversion
OCF covering only ~68% of reported 2025 earnings and volatile FCF (negative in 2022, down ~19% in 2025) means reported profits overstate readily available cash. This weak conversion raises structural risk for dividend funding, reinvestment and shock absorption.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability
High reported net margins (~58% in 2025) indicate durable pricing power and low relative operating costs for a retail REIT. Persistently elevated margins support sustainable earnings and dividend capacity, improving resilience to modest revenue variability over months.
Read all positive factors
Patrimoine et Commerce (PAT) vs. iShares MSCI France ETF (EWQ)
Market Cap
€430.47M
Dividend Yield5.26%
Average Volume (3M)1.01K
Price to Earnings (P/E)10.5
Beta (1Y)0.12
Revenue Growth-6.71%
EPS Growth4.10%
CountryFR
Employees7
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)2.64
Shares Outstanding16,284,788
10 Day Avg. Volume385
30 Day Avg. Volume1,014
Financial Highlights & Ratios
PEG Ratio-11.69
Price to Book (P/B)0.74
Price to Sales (P/S)5.12
P/FCF Ratio25.76
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.24
Revenue Forecast (FY)€55.20M
Patrimoine et Commerce Business Overview & Revenue Model
Company Description
Patrimoine et Commerce SA (P&C) is a French real estate company focused on the acquisition, development, and management of commercial properties across the nation. Its diverse portfolio consists of 31 commercial assets, totaling 129,280 square met...
How the Company Makes Money
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Patrimoine et Commerce Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 71.90M | 70.67M | 61.57M | 57.65M | 54.82M |
| Gross Profit | 52.90M | 52.38M | 46.66M | 44.60M | 41.71M |
| EBITDA | 54.80M | 43.86M | 40.29M | 38.10M | 36.18M |
| Net Income | 41.90M | 40.97M | 29.03M | 47.81M | 31.52M |
Balance Sheet | |||||
| Total Assets | 981.00M | 959.11M | 906.55M | 920.64M | 882.13M |
| Cash, Cash Equivalents and Short-Term Investments | 19.50M | 18.88M | 27.94M | 55.21M | 50.79M |
| Total Debt | 429.00M | 426.26M | 415.64M | 430.73M | 420.12M |
| Total Liabilities | 473.10M | 469.58M | 455.83M | 476.60M | 467.39M |
| Stockholders Equity | 498.00M | 478.49M | 439.25M | 431.23M | 400.17M |
Cash Flow | |||||
| Free Cash Flow | 14.30M | 17.14M | 21.87M | -29.15M | 20.07M |
| Operating Cash Flow | 31.20M | 44.00M | 41.08M | 32.30M | 36.08M |
| Investing Cash Flow | -9.90M | -28.60M | -17.66M | -22.23M | 3.17M |
| Financing Cash Flow | -20.70M | -24.53M | -50.68M | -5.60M | -54.62M |
Patrimoine et Commerce Technical Analysis
Positive
23.30
Price Trends
24.73
Positive
23.72
Positive
23.22
Positive
Market Momentum
0.61
Positive
63.92
Neutral
69.95
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:PAT, the sentiment is Positive. The current price of 23.3 is below the 20-day moving average (MA) of 26.05, below the 50-day MA of 24.73, and above the 200-day MA of 23.22, indicating a bullish trend. The MACD of 0.61 indicates Positive momentum. The RSI at 63.92 is Neutral, neither overbought nor oversold. The STOCH value of 69.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:PAT.
Patrimoine et Commerce Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | €2.34B | 7.87 | ― | 8.21% | -1.15% | -15.14% | |
74 Outperform | €430.47M | 10.51 | ― | 5.92% | -6.71% | 4.10% | |
74 Outperform | €11.15B | 8.23 | 11.02% | 4.92% | 3.02% | 15.66% | |
69 Neutral | €1.15B | 9.30 | 7.54% | 5.71% | 45.41% | 1859.21% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | €14.95B | 9.41 | 7.31% | 4.29% | -6.45% | 102.99% | |
55 Neutral | €1.10B | 20.39 | 5.80% | 8.50% | 3.19% | 70.45% |
* Real Estate Sector Average
FR:PAT
Patrimoine et Commerce
26.60
3.92
17.29%
FR:LI
Klepierre (ex Compagnie Fonciere Klepierre)
39.28
6.04
18.18%
FR:MERY
MERCIALYS
11.62
1.04
9.86%
FR:URW
Unibail Rodamco Westfield
103.40
18.31
21.52%
FR:CARM
Carmila SAS
16.68
0.10
0.62%
FR:FREY
Frey SA
35.60
7.81
28.09%
Patrimoine et Commerce Corporate Events
Patrimoine & Commerce Reports Late-July Share Buyback Transactions
Aug 3, 2026
Patrimoine Commerce has disclosed a series of share buyback transactions carried out between 27 and 31 July 2026 on Euronext Paris, purchasing a total of 1,208 of its own shares at a weighted average price of €26.98. These operations, condu...
Patrimoine & Commerce Details July Share Buyback Transactions
Jul 27, 2026
Patrimoine Commerce disclosed that it conducted a series of share buyback transactions on Euronext Paris between 20 and 24 July 2026, purchasing a total of 1,183 shares. The daily weighted average purchase price over the period was €27.01, ...
Patrimoine & Commerce posts resilient H1 2026 results amid portfolio optimization
Jul 23, 2026
Patrimoine Commerce reported first-half 2026 gross rents of €30.3m, up 5.6% year-on-year, with recurring net income essentially stable at €16.2m and net income down 12% to €10.6m. The portfolio’s appraised value reached &#...
Patrimoine & Commerce Details New Tranche of Share Buybacks on Euronext Paris
May 26, 2026
Patrimoine Commerce, the French real estate company focused on low-cost retail parks, reported that it conducted share buyback transactions on the Euronext Paris market between May 18 and May 22, 2026. Over this period, the company repurchased a ...
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.