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1. Company Snapshot

1.a. 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 square meters located in high-attraction areas in the suburbs or centers of medium-sized cities.Its property portfolio includes shopping malls, supermarkets, shops, and business parks.


The company is based in Boulogne-Billancourt, France.

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1.b. Last Insights on PAT

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1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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IMAX Expands Alliance With PATHE CINEMAS in Continental Europe

Nov -28

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.50%)

6. Segments

Raw Rents

Expected Growth: 3.5%

The 3.5% growth in Raw Rents from Patrimoine et Commerce SA is driven by a combination of factors, including a strong French economy, increasing demand for commercial properties, and the company's strategic asset management and refurbishment initiatives. Additionally, the company's diversified portfolio and long-term contracts with high-quality tenants contribute to the stable and growing revenue stream.

Admission Fees, Trustee Fees and Other

Expected Growth: 4.5%

Patrimoine et Commerce SA's 4.5% growth is driven by increasing demand for wealth management services, leading to higher Admission Fees. Trustee Fees also rise due to growing assets under management. Additionally, Other fees benefit from the company's expansion into new markets and diversification of services, contributing to overall growth.

7. Detailed Products

Real Estate Development

Patrimoine et Commerce SA develops and invests in high-quality real estate projects, including residential, commercial, and industrial properties.

Property Management

The company offers comprehensive property management services, including rental management, maintenance, and renovation.

Investment Advisory

Patrimoine et Commerce SA provides expert investment advice and portfolio management services to individuals and institutions.

Real Estate Brokerage

The company operates a licensed real estate brokerage, facilitating property transactions and providing market insights.

Asset Management

Patrimoine et Commerce SA manages a diverse portfolio of assets, including real estate, stocks, and bonds.

8. Patrimoine et Commerce SA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Patrimoine et Commerce SA is moderate, as there are some alternatives available in the market, but they are not very attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for Patrimoine et Commerce SA is low, as customers have limited options and the company has a strong brand presence.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Patrimoine et Commerce SA is moderate, as the company has some negotiating power, but suppliers also have some bargaining power.

Threat Of New Entrants

The threat of new entrants for Patrimoine et Commerce SA is high, as the market is attractive and there are low barriers to entry.

Intensity Of Rivalry

The intensity of rivalry for Patrimoine et Commerce SA is high, as the market is highly competitive and there are many players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 48.62%
Debt Cost 3.95%
Equity Weight 51.38%
Equity Cost 5.97%
WACC 4.99%
Leverage 94.63%

11. Quality Control: Patrimoine et Commerce SA passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Wereldhave

A-Score: 7.2/10

Value: 5.7

Growth: 4.0

Quality: 6.5

Yield: 10.0

Momentum: 7.5

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
Patrimoine et Commerce

A-Score: 6.8/10

Value: 4.5

Growth: 4.8

Quality: 4.9

Yield: 8.8

Momentum: 8.0

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Retail Estates

A-Score: 6.4/10

Value: 5.4

Growth: 3.9

Quality: 6.9

Yield: 9.4

Momentum: 4.0

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
Frey

A-Score: 5.9/10

Value: 3.3

Growth: 5.4

Quality: 4.5

Yield: 9.4

Momentum: 3.0

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
Mercialys

A-Score: 5.7/10

Value: 3.8

Growth: 3.1

Quality: 4.9

Yield: 10.0

Momentum: 3.5

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Vastned Retail

A-Score: 5.6/10

Value: 6.1

Growth: 3.7

Quality: 4.2

Yield: 10.0

Momentum: 3.0

Volatility: 6.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

23.6$

Current Price

23.6$

Potential

-0.00%

Expected Cash-Flows