Patrimoine et Commerce (FR:PAT)
:PAT
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Patrimoine et Commerce
(PAT)
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Rating:68Neutral
Price Target:
€26.00
▲(11.59% Upside)
Action:DowngradedDate:03/04/26
The score is driven primarily by solid financial performance (strong profitability and improving leverage) offset by weaker cash flow consistency. Valuation is supportive due to the low P/E and high dividend yield, while technical indicators are broadly neutral and do not add meaningful momentum support.
Positive Factors
High profit margins
Sustained high gross and net margins imply the business captures durable spreads on leasing and property operations, supporting resilient earnings through cycles. High margins underpin the capacity to fund maintenance, distributions and selective reinvestment even if revenue growth softens.
Negative Factors
Weak cash conversion & FCF volatility
Volatile free cash flow and weak conversion of earnings into cash reduce predictability for distributions, capex funding and deleveraging. For a capital‑intensive REIT, inconsistent FCF heightens refinancing risk and constrains strategic spending during adverse cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
High profit margins
Sustained high gross and net margins imply the business captures durable spreads on leasing and property operations, supporting resilient earnings through cycles. High margins underpin the capacity to fund maintenance, distributions and selective reinvestment even if revenue growth softens.
Read all positive factors
Patrimoine et Commerce (PAT) vs. iShares MSCI France ETF (EWQ)
Market Cap
€383.72M
Dividend Yield5.92%
Average Volume (3M)1.01K
Price to Earnings (P/E)3.1
Beta (1Y)0.34
Revenue Growth15.61%
EPS Growth17.82%
CountryFR
Employees6
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)1.88
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, a real estate company, engages in the acquisition, development, and operation of commercial real estate properties in France. The company operates a portfolio of 31 real estate assets covering a total area of 129,280 squ...
How the Company Makes Money
Patrimoine et Commerce generates revenue through several key streams, primarily from leasing commercial spaces to retail tenants, which provides a steady income from rental payments. Additionally, the company profits from property sales and capita...
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
Negative
23.30
Price Trends
24.05
Negative
23.84
Negative
23.96
Negative
Market Momentum
-0.07
Positive
45.13
Neutral
44.44
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:PAT, the sentiment is Negative. The current price of 23.3 is below the 20-day moving average (MA) of 23.95, below the 50-day MA of 24.05, and below the 200-day MA of 23.96, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 45.13 is Neutral, neither overbought nor oversold. The STOCH value of 44.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | €383.72M | 3.09 | ― | 5.92% | 15.61% | 17.82% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | €1.06B | 12.17 | 0.61% | 6.51% | 8.81% | -78.28% | |
63 Neutral | €384.38M | 13.81 | ― | 3.91% | -2.53% | ― | |
55 Neutral | €350.07M | 12.67 | ― | 4.94% | -6.93% | 58.90% | |
53 Neutral | €376.17M | 34.32 | ― | 8.06% | 10.30% | ― |
* Real Estate Sector Average
FR:PAT
Patrimoine et Commerce
23.80
2.19
10.13%
FR:FREY
Frey SA
32.80
6.94
26.82%
FR:ORIA
Fiducial Real Estate
168.00
-3.42
-2.00%
FR:INEA
Fonciere INEA
34.70
2.72
8.51%
FR:IMDA
Immobiliere Dassault SA
51.00
2.48
5.11%
FR:SELER
Selectirente SA
84.00
6.88
8.92%
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.