ENXTPA:PAT

Stock Analysis Report

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Patrimoine et Commerce

Executive Summary

Patrimoine et Commerce SA, a real estate company, engages in the acquisition, development, and operation of commercial real estate properties in France. More Details


Snowflake Analysis

Good value second-rate dividend payer.

Share Price & News

How has Patrimoine et Commerce's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: PAT has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-0.7%

PAT

3.9%

FR REITs

0.4%

FR Market


1 Year Return

-19.7%

PAT

-35.4%

FR REITs

-6.0%

FR Market

Return vs Industry: PAT exceeded the French REITs industry which returned -38.2% over the past year.

Return vs Market: PAT underperformed the French Market which returned -8.5% over the past year.


Shareholder returns

PATIndustryMarket
7 Day-0.7%3.9%0.4%
30 Day-7.7%-7.1%-1.8%
90 Day-8.6%-15.8%-3.2%
1 Year-12.4%-19.7%-30.9%-35.4%-3.9%-6.0%
3 Year-31.6%-44.8%-23.2%-35.7%4.1%-5.0%
5 Year-12.0%-35.1%-3.7%-28.0%34.4%14.4%

Price Volatility Vs. Market

How volatile is Patrimoine et Commerce's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Patrimoine et Commerce undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: PAT (€13.25) is trading below our estimate of fair value (€41.66)

Significantly Below Fair Value: PAT is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: PAT's PE Ratio (7.1x) is in line with the FR REITs industry average.

PE vs Market: PAT is good value based on its PE Ratio (7.1x) compared to the French market (17x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate PAT's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: PAT is good value based on its PB Ratio (0.5x) compared to the FR REITs industry average (0.6x).


Next Steps

Future Growth

How is Patrimoine et Commerce forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

28.4%

Forecasted Real Estate industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Patrimoine et Commerce has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has Patrimoine et Commerce performed over the past 5 years?

0.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: PAT has a large one-off loss of €8.6M impacting its June 30 2020 financial results.

Growing Profit Margin: PAT's current net profit margins (47.1%) are lower than last year (60.1%).


Past Earnings Growth Analysis

Earnings Trend: PAT's earnings have grown by 0.8% per year over the past 5 years.

Accelerating Growth: PAT's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: PAT had negative earnings growth (-21.2%) over the past year, making it difficult to compare to the REITs industry average (5.7%).


Return on Equity

High ROE: PAT's Return on Equity (5.2%) is considered low.


Next Steps

Financial Health

How is Patrimoine et Commerce's financial position?


Financial Position Analysis

Short Term Liabilities: PAT's short term assets (€75.0M) do not cover its short term liabilities (€106.0M).

Long Term Liabilities: PAT's short term assets (€75.0M) do not cover its long term liabilities (€384.0M).


Debt to Equity History and Analysis

Debt Level: PAT's debt to equity ratio (99.4%) is considered high.

Reducing Debt: PAT's debt to equity ratio has increased from 71.7% to 99.4% over the past 5 years.

Debt Coverage: PAT's debt is not well covered by operating cash flow (11.5%).

Interest Coverage: PAT's interest payments on its debt are well covered by EBIT (3.9x coverage).


Balance Sheet


Next Steps

Dividend

What is Patrimoine et Commerce current dividend yield, its reliability and sustainability?

9.43%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: PAT's dividend (9.43%) is higher than the bottom 25% of dividend payers in the French market (1.54%).

High Dividend: PAT's dividend (9.43%) is in the top 25% of dividend payers in the French market (5.22%)


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, PAT has been paying a dividend for less than 10 years.

Growing Dividend: PAT's dividend payments have increased, but the company has only paid a dividend for 7 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (56.5%), PAT's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

5.5yrs

Average board tenure


CEO

Patrimoine et Commerce has no CEO, or we have no data on them.


Board Members

NamePositionTenureCompensationOwnership
Eric Ranjard
Independent Member of Supervisory Boardno data€27.00kno data
Christian Louis-Victor
Chairman of the Supervisory Board5.5yrs€10.00kno data
Lydia Le Clair
Member of Supervisory Boardno data€12.00kno data
Pierre-André Perissol
Independent Member of the Supervisory Board5.5yrs€8.00kno data
Marie-Noëlle Vergely
Member of the Supervisory Boardno data€6.00k0.000010%
€ 18.3
Marianne Robbe
Member of the Supervisory Boardno data€8.00kno data
Jean-Michel Boukhers
Independent Member of Supervisory Boardno data€10.00kno data
Axel Bernia
Member of the Supervisory Board2yrs€6.00kno data
Chantal Du Rivau
Member of Supervisory Board6.17yrsno datano data
Marie Tournier
Independent Member of the Supervisory Board6.17yrs€8.00kno data
Emmanuel Chabas
Member of Supervisory Boardno datano datano data
Margaux Graff
Member of Supervisory Boardno data€8.00kno data

5.5yrs

Average Tenure

67yo

Average Age

Experienced Board: PAT's board of directors are considered experienced (5.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Patrimoine et Commerce SA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Patrimoine et Commerce SA
  • Ticker: PAT
  • Exchange: ENXTPA
  • Founded: 1994
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Market Cap: €182.891m
  • Shares outstanding: 13.80m
  • Website: https://www.patrimoine-commerce.com

Number of Employees


Location

  • Patrimoine et Commerce SA
  • 7/9 rue Nationale
  • Boulogne-Billancourt
  • Ile-de-France
  • 92100
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
PATENXTPA (Euronext Paris)YesCommon StockFREURMar 1998
0P30LSE (London Stock Exchange)YesCommon StockGBEURMar 1998
PATPBATS-CHIXE (BATS 'Chi-X Europe')YesCommon StockGBEURMar 1998

Biography

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 a ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/09/30 21:37
End of Day Share Price2020/09/30 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.