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Patrimoine et Commerce
(PAT)
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Rating:74Outperform
Price Target:
€26.00
â–²(11.59% 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
Strong profitability
Persistently high gross and net margins indicate that the portfolio generates substantial profitability from its operating base. This provides internal capacity to support property management, maintain assets, and absorb some operating pressure, although the unusually high 2022 margin makes the exact level less predictable.
Negative Factors
Uneven cash conversion and volatile free cash flow
Uneven conversion of reported earnings into cash can limit the funds available for debt reduction, property investment, and shareholder distributions. The prior negative free-cash-flow year and renewed 2025 decline suggest that profitability does not translate consistently into surplus cash, reducing predictability of financial resources.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability
Persistently high gross and net margins indicate that the portfolio generates substantial profitability from its operating base. This provides internal capacity to support property management, maintain assets, and absorb some operating pressure, although the unusually high 2022 margin makes the exact level less predictable.
Read all positive factors
Patrimoine et Commerce (PAT) vs. iShares MSCI France ETF (EWQ)
Market Cap
€378.88M
Dividend Yield6.01%
Average Volume (3M)453.00
Price to Earnings (P/E)9.2
Beta (1Y)0.16
Revenue Growth0.55%
EPS Growth4.43%
CountryFR
Employees7
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)2.53
Shares Outstanding16,284,788
10 Day Avg. Volume390
30 Day Avg. Volume453
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
Patrimoine et Commerce primarily makes money by leasing space in its commercial real estate portfolio to tenants under rental contracts. Its core revenue stream is rental income (base rent) paid by tenants, potentially supplemented by recoveries o...
Patrimoine et Commerce Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 63.41M | 71.90M | 70.67M | 61.57M | 57.65M | 54.82M |
| Gross Profit | 54.22M | 52.90M | 52.38M | 46.66M | 44.60M | 41.71M |
| EBITDA | 55.02M | 54.80M | 43.86M | 40.29M | 38.10M | 36.18M |
| Net Income | 40.40M | 41.90M | 40.97M | 29.03M | 47.81M | 31.52M |
Balance Sheet | ||||||
| Total Assets | 1.03B | 981.00M | 959.11M | 906.55M | 920.64M | 882.13M |
| Cash, Cash Equivalents and Short-Term Investments | 49.75M | 19.50M | 18.88M | 27.94M | 55.21M | 50.79M |
| Total Debt | 450.72M | 429.00M | 426.26M | 415.64M | 430.73M | 420.12M |
| Total Liabilities | 536.57M | 473.10M | 469.58M | 455.83M | 476.60M | 467.39M |
| Stockholders Equity | 485.76M | 498.00M | 478.49M | 439.25M | 431.23M | 400.17M |
Cash Flow | ||||||
| Free Cash Flow | 14.03M | 14.30M | 17.14M | 21.87M | -29.15M | 20.07M |
| Operating Cash Flow | 33.29M | 31.20M | 44.00M | 41.08M | 32.30M | 36.08M |
| Investing Cash Flow | -8.83M | -9.90M | -28.60M | -17.66M | -22.23M | 3.17M |
| Financing Cash Flow | -760.00K | -20.70M | -24.53M | -50.68M | -5.60M | -54.62M |
Patrimoine et Commerce Technical Analysis
Negative
23.30
Price Trends
25.27
Negative
24.57
Negative
23.65
Negative
Market Momentum
-0.48
Positive
29.65
Positive
40.91
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 24.02, below the 50-day MA of 25.27, and below the 200-day MA of 23.65, indicating a bearish trend. The MACD of -0.48 indicates Positive momentum. The RSI at 29.65 is Positive, neither overbought nor oversold. The STOCH value of 40.91 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | €1.99B | 6.70 | ― | 9.58% | -1.15% | -15.14% | |
74 Outperform | €378.88M | 9.21 | ― | 6.01% | 0.55% | 4.43% | |
74 Outperform | €9.70B | 7.22 | 14.54% | 5.52% | 3.02% | 15.66% | |
69 Neutral | €1.11B | 9.03 | 11.70% | 5.78% | 45.41% | 1859.21% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | €12.65B | 8.06 | 8.88% | 5.08% | -6.45% | 102.99% | |
55 Neutral | €880.53M | 16.53 | 5.00% | 10.62% | 3.19% | 70.45% |
* Real Estate Sector Average
FR:PAT
Patrimoine et Commerce
23.30
-0.23
-0.99%
FR:LI
Klepierre (ex Compagnie Fonciere Klepierre)
34.44
4.14
13.66%
FR:MERY
MERCIALYS
9.42
-0.55
-5.52%
FR:URW
Unibail Rodamco Westfield
88.58
4.08
4.83%
FR:CARM
Carmila SAS
14.20
-1.39
-8.89%
FR:FREY
Frey SA
34.60
8.89
34.56%
Patrimoine et Commerce Corporate Events
Patrimoine & Commerce updates share capital and voting rights
Oct 2, 2026
Patrimoine Commerce has disclosed its share capital and voting rights as of 30 September 2026, reporting 16,284,789 shares outstanding. The company indicated 29,096,629 theoretical voting rights and 29,062,506 exercisable voting rights, reflectin...
Patrimoine & Commerce Publishes Half-Year 2026 Financial Report
Sep 30, 2026
Patrimoine Commerce has published and filed its half-year financial report for the period ended 30 June 2026 with the Autorité des marchés financiers, making the document available to the public via its website and on request. The repor...
Patrimoine & Commerce reports September share buybacks on Euronext Paris
Sep 28, 2026
Patrimoine Commerce disclosed that it repurchased 588 of its own shares on the Euronext Paris market between 21 and 25 September 2026 at a weighted average price of €24.02. The transactions, carried out outside of the company’s liquid...
Patrimoine & Commerce Details September Share Buyback Transactions
Sep 21, 2026
Patrimoine Commerce reported a series of share buyback transactions carried out between 14 and 18 September 2026 on Euronext Paris. Over this period, the company repurchased a total of 648 shares of its own stock at a daily weighted average price...
Patrimoine & Commerce details September share buyback transactions
Sep 14, 2026
Patrimoine Commerce has disclosed a series of share buyback transactions carried out on its own stock between 7 and 11 September 2026 on Euronext Paris. Over this period, the company repurchased a total of 519 shares at a daily weighted average p...
Patrimoine & Commerce Reports New Share Buybacks Amid Retail Property Growth Strategy
Sep 7, 2026
Patrimoine Commerce, a listed French real estate owner and operator, manages over 560,000 square meters of primarily retail properties located in retail parks near medium-sized French cities. The company is traded on Euronext Paris under the tick...
Patrimoine & Commerce Updates Share Capital and Voting Rights Figures
Sep 2, 2026
Patrimoine Commerce has reported the latest figures for its share capital and voting rights as of 31 August 2026, in line with French regulatory requirements. The company’s share capital stands at 16,284,789 shares, corresponding to a theor...
Patrimoine & Commerce details late-August share buyback activity
Aug 31, 2026
Patrimoine Commerce, a French listed real estate owner and operator, manages over 560,000 square meters of mainly retail assets located in retail parks near medium-sized cities across France. The company aims to grow further through a well-identi...
Patrimoine & Commerce Reports August Share Buyback Transactions
Aug 24, 2026
Patrimoine Commerce has disclosed a series of share buyback transactions carried out between 17 and 21 August 2026 on Euronext Paris. Over this period, the company repurchased a total of 605 shares at a daily weighted average price of €26.3...
Patrimoine & Commerce Reports August Share Buyback Transactions
Aug 17, 2026
Patrimoine Commerce has disclosed a new series of share buyback transactions executed on Euronext Paris between 10 and 14 August 2026. Over this period, the company repurchased a total of 659 of its own shares at a daily weighted average price of...
Patrimoine & Commerce Details August Share Buyback Activity
Aug 10, 2026
Patrimoine Commerce, a French retail real estate specialist, manages over 560,000 square metres of properties in retail parks near medium-sized cities and is listed on Euronext Paris. Its portfolio mixes development and operating assets, underpin...
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 &#...
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.