PATRIZIA SE

DB:PAT Stock Report

Market Cap: €650.2m

PATRIZIA Valuation

Is PAT undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of PAT when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PAT (€7.36) is trading above our estimate of fair value (€3.14)

Significantly Below Fair Value: PAT is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PAT?

Key metric: As PAT is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for PAT. This is calculated by dividing PAT's market cap by their current revenue.
What is PAT's PS Ratio?
PS Ratio2.4x
Sales€271.19m
Market Cap€650.17m

Price to Sales Ratio vs Peers

How does PAT's PS Ratio compare to its peers?

The above table shows the PS ratio for PAT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.9x
DIC Branicks Group
0.7x-21.8%€186.4m
FC9 FCR Immobilien
2.5x5.1%€97.2m
GWK3 GAG Immobilien
1.9xn/a€800.4m
SPB Sedlmayr Grund und Immobilien
6.7xn/a€903.2m
PAT PATRIZIA
2.4x3.8%€650.2m

Price-To-Sales vs Peers: PAT is good value based on its Price-To-Sales Ratio (2.4x) compared to the peer average (2.9x).

Price to Sales Ratio vs Industry

How does PAT's PS Ratio compare vs other companies in the DE Real Estate Industry?

10 CompaniesPrice / SalesEstimated GrowthMarket Cap
DIC Branicks Group
0.7x-21.8%US$194.06m
DMRE DEMIRE Deutsche Mittelstand Real Estate
0.5x-42.0%US$85.70m
ADJ Adler Group
0.1xn/aUS$48.82m
NUVA Noratis
0.3x16.6%US$16.01m
PAT 2.4xIndustry Avg. 3.7xNo. of Companies10PS02.85.68.411.214+
10 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: PAT is good value based on its Price-To-Sales Ratio (2.4x) compared to the German Real Estate industry average (3.7x).

Price to Sales Ratio vs Fair Ratio

What is PAT's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PAT PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2.4x
Fair PS Ratio6.6x

Price-To-Sales vs Fair Ratio: PAT is good value based on its Price-To-Sales Ratio (2.4x) compared to the estimated Fair Price-To-Sales Ratio (6.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst PAT forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€7.36
€9.08
+23.4%
9.9%€9.90€7.50n/a5
Nov ’25€7.77
€9.48
+22.0%
5.8%€10.30€8.70n/a5
Oct ’25€8.89
€9.40
+5.7%
14.0%€11.50€7.50n/a5
Sep ’25€7.95
€9.40
+18.2%
14.0%€11.50€7.50n/a5
Aug ’25€7.38
€9.84
+33.3%
11.1%€11.50€8.70n/a5
Jul ’25€7.14
€10.34
+44.8%
13.2%€12.00€8.70n/a5
Jun ’25€8.04
€10.58
+31.6%
11.0%€12.00€8.70n/a5
May ’25€8.37
€10.74
+28.3%
13.3%€12.50€8.50n/a5
Apr ’25€8.60
€10.68
+24.2%
13.5%€12.50€8.50n/a5
Mar ’25€7.40
€10.68
+44.3%
13.5%€12.50€8.50n/a5
Feb ’25€7.96
€10.36
+30.2%
11.1%€12.00€8.50n/a5
Jan ’25€8.32
€10.16
+22.1%
12.5%€12.00€8.50n/a5
Dec ’24€7.06
€10.16
+43.9%
12.5%€12.00€8.50n/a5
Nov ’24€7.64
€10.70
+40.1%
12.1%€12.00€8.50€7.775
Oct ’24€7.62
€10.80
+41.7%
12.5%€12.00€8.50€8.895
Sep ’24€8.60
€11.26
+30.9%
16.6%€14.00€8.50€7.955
Aug ’24€9.23
€11.52
+24.8%
15.6%€14.00€9.00€7.385
Jul ’24€10.74
€13.00
+21.0%
11.7%€15.00€10.50€7.145
Jun ’24€8.80
€13.00
+47.7%
11.7%€15.00€10.50€8.045
May ’24€9.62
€13.00
+35.1%
11.7%€15.00€10.50€8.375
Apr ’24€9.49
€13.20
+39.1%
11.9%€15.00€10.50€8.605
Mar ’24€10.70
€13.06
+22.1%
10.9%€14.30€10.50€7.405
Feb ’24€11.54
€11.76
+1.9%
26.1%€14.50€8.00€7.965
Jan ’24€10.48
€11.86
+13.2%
26.7%€14.80€8.00€8.325
Dec ’23€9.72
€11.82
+21.6%
26.4%€14.60€8.00€7.065
Nov ’23€7.66
€15.18
+98.2%
43.5%€23.60€8.00€7.645

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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