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PAX

Patria Investments NasdaqGS:PAX Stock Report

Last Price

US$13.16

Market Cap

US$1.9b

7D

-3.6%

1Y

-19.4%

Updated

29 Sep, 2022

Data

Company Financials +
PAX fundamental analysis
Snowflake Score
Valuation2/6
Future Growth6/6
Past Performance2/6
Financial Health6/6
Dividends2/6

PAX Stock Overview

Patria Investments Limited operates as a private market investment firm focused on investing in Latin America.

Patria Investments Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Patria Investments
Historical stock prices
Current Share PriceUS$13.16
52 Week HighUS$19.49
52 Week LowUS$12.43
Beta0
1 Month Change-7.19%
3 Month Change-2.88%
1 Year Change-19.41%
3 Year Changen/a
5 Year Changen/a
Change since IPO-33.87%

Recent News & Updates

Sep 19

Patria Investments hires new CFO

Patria Investments (NASDAQ:PAX) announced that Ms. Ana Russo will join the firm on October 3, 2022 as incoming CFO and member of management committee. Mr. Marco Nicola D’Ippolito, who has been serving as CFO since January 2017, will then begin a transition process to transfer oversight of fund administration, finance, accounting, planning and technology functions to Ms. Russo. Mr. D’Ippolito will thereafter assume the role of Chief Corporate Development Officer. Ms. Ana Russo is a seasoned finance and business executive with significant global experience. She has broad finance expertise, having managed a full range of finance functions throughout her career, as a department head and Brazil CFO (for Philip Morris International and earlier in her career with Remy Cointreau) and Central America & Caribbean and Latin America & Canada CFO (for Philip Morris International)

Aug 12
Patria Investments' (NASDAQ:PAX) Dividend Will Be Reduced To $0.169

Patria Investments' (NASDAQ:PAX) Dividend Will Be Reduced To $0.169

Patria Investments Limited ( NASDAQ:PAX ) is reducing its dividend from last year's comparable payment to $0.169 on the...

Shareholder Returns

PAXUS Capital MarketsUS Market
7D-3.6%-3.4%-3.1%
1Y-19.4%-24.0%-21.5%

Return vs Industry: PAX exceeded the US Capital Markets industry which returned -23.7% over the past year.

Return vs Market: PAX matched the US Market which returned -20.3% over the past year.

Price Volatility

Is PAX's price volatile compared to industry and market?
PAX volatility
PAX Average Weekly Movement5.6%
Capital Markets Industry Average Movement0.4%
Market Average Movement6.9%
10% most volatile stocks in US Market15.7%
10% least volatile stocks in US Market2.8%

Stable Share Price: PAX is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: PAX's weekly volatility (6%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1994390Alexandre de Assumpcao Saighhttps://www.patria.com

Patria Investments Limited operates as a private market investment firm focused on investing in Latin America. The company offers asset management services to investors focusing on private equity funds, infrastructure development funds, co-investments funds, constructivist equity funds, and real estate and credit funds. Patria Investments Limited was founded in 1994 and is headquartered in Grand Cayman, the Cayman Islands.

Patria Investments Fundamentals Summary

How do Patria Investments's earnings and revenue compare to its market cap?
PAX fundamental statistics
Market CapUS$1.94b
Earnings (TTM)US$70.18m
Revenue (TTM)US$196.52m

27.6x

P/E Ratio

9.9x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
PAX income statement (TTM)
RevenueUS$196.52m
Cost of RevenueUS$73.75m
Gross ProfitUS$122.77m
Other ExpensesUS$52.59m
EarningsUS$70.18m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.48
Gross Margin62.47%
Net Profit Margin35.71%
Debt/Equity Ratio0%

How did PAX perform over the long term?

See historical performance and comparison

Dividends

5.4%

Current Dividend Yield

106%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

PAX key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue8.2x
Enterprise Value/EBITDA18.4x
PEG Ratio0.8x

Price to Earnings Ratio vs Peers

How does PAX's PE Ratio compare to its peers?

PAX PE Ratio vs Peers
The above table shows the PE ratio for PAX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average45.3x
ASZ Austerlitz Acquisition Corporation II
31.2xn/aUS$1.9b
CVII Churchill Capital Corp VII
26.4xn/aUS$1.7b
VCTR Victory Capital Holdings
5.4x30.7%US$1.6b
HTGC Hercules Capital
118.2x123.9%US$1.4b
PAX Patria Investments
27.6x34.2%US$1.9b

Price-To-Earnings vs Peers: PAX is good value based on its Price-To-Earnings Ratio (27.6x) compared to the peer average (45.3x).


Price to Earnings Ratio vs Industry

How does PAX's PE Ratio compare vs other companies in the US Capital Markets Industry?

Price-To-Earnings vs Industry: PAX is expensive based on its Price-To-Earnings Ratio (27.6x) compared to the US Capital Markets industry average (25.1x)


Price to Earnings Ratio vs Fair Ratio

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

PAX PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio27.6x
Fair PE Ratio18.8x

Price-To-Earnings vs Fair Ratio: PAX is expensive based on its Price-To-Earnings Ratio (27.6x) compared to the estimated Fair Price-To-Earnings Ratio (18.8x).


Share Price vs Fair Value

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

Below Fair Value: PAX ($13.16) is trading above our estimate of fair value ($11.88)

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


Analyst Price Targets

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

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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Future Growth

How is Patria Investments forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

Future Growth Score

6/6

Future Growth Score 6/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


34.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: PAX's forecast earnings growth (34.2% per year) is above the savings rate (1.9%).

Earnings vs Market: PAX's earnings (34.2% per year) are forecast to grow faster than the US market (14.8% per year).

High Growth Earnings: PAX's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: PAX's revenue (25.2% per year) is forecast to grow faster than the US market (7.7% per year).

High Growth Revenue: PAX's revenue (25.2% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: PAX's Return on Equity is forecast to be high in 3 years time (29.1%)


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Past Performance

How has Patria Investments performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


25.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: PAX has high quality earnings.

Growing Profit Margin: PAX's current net profit margins (35.7%) are lower than last year (57.8%).


Past Earnings Growth Analysis

Earnings Trend: PAX's earnings have grown significantly by 25% per year over the past 5 years.

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

Earnings vs Industry: PAX had negative earnings growth (-43.4%) over the past year, making it difficult to compare to the Capital Markets industry average (33.2%).


Return on Equity

High ROE: PAX's Return on Equity (12.9%) is considered low.


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Financial Health

How is Patria Investments's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: PAX's short term assets ($492.9M) exceed its short term liabilities ($313.9M).

Long Term Liabilities: PAX's short term assets ($492.9M) exceed its long term liabilities ($53.3M).


Debt to Equity History and Analysis

Debt Level: PAX is debt free.

Reducing Debt: PAX has not had any debt for past 5 years.

Debt Coverage: PAX has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: PAX has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


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Dividend

What is Patria Investments's current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


5.39%

Current Dividend Yield

Dividend Yield vs Market

Patria Investments Dividend Yield vs Market
How does Patria Investments dividend yield compare to the market?
SegmentDividend Yield
Company (Patria Investments)5.4%
Market Bottom 25% (US)1.7%
Market Top 25% (US)4.7%
Industry Average (Capital Markets)2.9%
Analyst forecast in 3 Years (Patria Investments)8.2%

Notable Dividend: PAX's dividend (5.39%) is higher than the bottom 25% of dividend payers in the US market (1.64%).

High Dividend: PAX's dividend (5.39%) is in the top 25% of dividend payers in the US market (4.61%)


Stability and Growth of Payments

Stable Dividend: Too early to tell whether PAX's dividend payments have been stable as they only just started paying a dividend.

Growing Dividend: Too early to tell if PAX's dividend payments are increasing as they only just started paying a dividend.


Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (105.9%), PAX's dividend payments are not well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (108.4%), PAX's dividend payments are not well covered by cash flows.


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Management

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

5.7yrs

Average management tenure


CEO

Alexandre de Assumpcao Saigh (54 yo)

12.67yrs

Tenure

Mr. Alexandre Teixeira de Assumpção Saigh serves as Chief Executive Officer and Director at Patria Investments Limited since 2010. Mr. de Assumpção Saigh is also a Senior Managing Partner of Patria Investm...


Leadership Team

Experienced Management: PAX's management team is seasoned and experienced (5.7 years average tenure).


Board Members

Experienced Board: PAX's board of directors are not considered experienced ( 1.7 years average tenure), which suggests a new board.


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

What is the ownership structure of PAX?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders3,617,2602.5%
General Public8,958,8086.1%
Institutions52,716,86235.8%
Private Companies81,900,00055.6%

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 8.1%.


Top Shareholders

Top 25 shareholders own 92.28% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
55.64%
Patria Holdings Limited
81,900,000$1.1b0%no data
9.09%
Capital Research and Management Company
13,377,494$176.0m0%0.01%
4.45%
Blackstone Inc.
6,544,619$86.1m0%0.24%
3.69%
FMR LLC
5,424,749$71.4m0%0.01%
2.97%
Wellington Management Group LLP
4,378,766$57.6m2.34%0.01%
2.52%
Grandeur Peak Global Advisors, LLC
3,706,918$48.8m6.01%1.11%
2.46%
Pablo Echeverria Benitez
3,617,260$47.6m0%no data
1.77%
Adage Capital Management, L.P.
2,599,244$34.2m-2%0.08%
1.12%
Samlyn Capital, LLC
1,654,973$21.8m8.89%0.43%
1.08%
Fidelity International Ltd
1,586,503$20.9m-6.28%0.01%
0.99%
Janus Henderson Group plc
1,460,236$19.2m0%0.01%
0.97%
Pertento Partners LLP
1,435,116$18.9m19.17%7.57%
0.95%
American Century Investment Management Inc
1,399,054$18.4m8.8%0.01%
0.83%
William Blair Investment Management, LLC
1,226,996$16.1m2.71%0.03%
0.71%
Tiger Legatus Capital Management, LLC
1,040,000$13.7m0%30.38%
0.65%
TimesSquare Capital Management, LLC
960,100$12.6m-9%0.15%
0.51%
Boston Partners Global Investors, Inc.
750,000$9.9m0%0.01%
0.48%
Millennium Management LLC
707,633$9.3m771.53%0.01%
0.32%
Invesco Capital Management LLC
464,225$6.1m6.32%no data
0.24%
Full18 Capital LLC
348,583$4.6m0%1.44%
0.2%
JPMorgan Chase & Co, Private Banking and Investment Banking Investments
300,000$3.9m0%no data
0.19%
Mondrian Investment Partners Limited
276,107$3.6m27.63%0.03%
0.17%
T. Rowe Price Group, Inc.
253,956$3.3m0%no data
0.15%
Wellington Shields Capital Management, LLC
219,760$2.9m0%0.15%
0.14%
Renaissance Technologies LLC
199,200$2.6m55.26%no data

Company Information

Patria Investments Limited's employee growth, exchange listings and data sources


Key Information

  • Name: Patria Investments Limited
  • Ticker: PAX
  • Exchange: NasdaqGS
  • Founded: 1994
  • Industry: Asset Management and Custody Banks
  • Sector: Diversified Financials
  • Implied Market Cap: US$1.937b
  • Shares outstanding: 147.19m
  • Website: https://www.patria.com

Number of Employees


Location

  • Patria Investments Limited
  • 18 Forum Lane
  • 3rd Floor
  • Grand Cayman
  • Grand Cayman
  • KY1-9006
  • Cayman Islands


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
PAXNasdaqGS (Nasdaq Global Select)YesClass A Common SharesUSUSDJan 2021

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/29 00:00
End of Day Share Price2022/09/29 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.