olivLaw · European equity research
Patrimoine & Commerce PAT.PA
France · Euronext Paris · ISIN FR0011027135 · Vertical: Listed companies from France
Patrimoine & Commerce is a French real estate company organised as a partnership limited by shares, which holds and manages a portfolio of commercial properties financed largely through bank loans and leasing. For the period at hand, the relevant points are its debt level, financing cost and share capital, all detailed in the annual report for the year ended 31 December 2025. The Loan to Value ratio stood at 42.7 % at 31 December 2025.
At the close of 05 Nov 2026, Patrimoine & Commerce (PAT.PA) stock was 20.60 EUR (+0.00% on the day), with market capitalisation 327.3 m EUR, P/E 7.8 on diluted EPS of 2.64 EUR over the last 12 months, beta 0.13, 52-week range 20.00–27.40 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 30.1
- weak (30–45)
- Bollinger (20, 2)
- 19.52 – 23.05
- in the lower half of the band · %B 0.31 · band width 16.6%
- SMA 50 / 200
- 23.21 / 24.20
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.78 / -0.85
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.6% | −0.6% | −9.0 pp | — |
| 3 months | −22.6% | −4.2% | −18.4 pp | — |
| 6 months | −13.8% | +4.3% | −18.1 pp | — |
| Year to date | −11.2% | +7.5% | −18.7 pp | — |
| 1 year | −16.3% | +9.9% | −26.2 pp | −8.8% |
| 3 years | +15.7% | +49.8% | −34.1 pp | −10.0% |
| 5 years | +21.2% | +42.8% | −21.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 7.6, median 8.8, max 9.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 29.0 m | 41.0 m | 41.9 m |
| Net income YoY | unavailable | +41.1% | +2.4% |
| Diluted EPS | 1.91 | 2.66 | 2.64 |
| Diluted EPS YoY | unavailable | +39.3% | −0.8% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 19.5 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 507.9 m EUR
- Total assets
- 981.0 m EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 8.4%
- ROA
- 4.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cost of revenue | 0 | 2.1 m | 0 | esef· 24 Mar 2026verified |
| Gross profit | 0 | 1.8 m | 0 | esef· 24 Mar 2026verified |
| Operating income | 40.0 m | 54.1 m | 54.3 m | esef· 24 Mar 2026verified |
| Depreciation & amortisation | 104.0 k | 107.0 k | 274.0 k | esef· 24 Mar 2026verified |
| EBITDA | 40.1 m ≈ | 54.2 m ≈ | 54.5 m ≈ | esef· 24 Mar 2026derived |
| Income tax | -145.0 k | 163.0 k | 348.0 k | esef· 24 Mar 2026verified |
| Net income | 29.0 m | 41.0 m | 41.9 m | esef· 24 Mar 2026verified |
| Diluted EPS | 1.91 | 2.66 | 2.64 | esef· 24 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 27.9 m | 18.9 m | 19.5 m | esef· 24 Mar 2026verified |
| Inventories | 0 | 14.0 k | 0 | esef· 24 Mar 2026verified |
| Total assets | 906.5 m | 959.1 m | 981.0 m | esef· 24 Mar 2026verified |
| Total liabilities | 906.5 m | 959.1 m | 981.0 m | esef· 24 Mar 2026verified |
| Equity | 450.7 m | 489.5 m | 507.9 m | esef· 24 Mar 2026verified |
| Shares outstanding at year end | 15.2 m | 15.4 m | 15.9 m | esef· 24 Mar 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 1 of at least 6
- score weight coverage: 10.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 327.3 m EUR
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 30.33 – 77.85 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E30.33 – 77.85 (Mid 46.98)21 companies used · median multiple 17.8x · quartiles 11.5x – 29.5x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA, BN.PA
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 1 of at least 6; score weight coverage: 10.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 7.8x | 83 (vs peers) | 100% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial83/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PATRIMOINE ET COMMERCE (PAT.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 8.6%.
The estimated value range is 30.33–77.85 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 46.98 EUR, the price of 20.60 EUR leaves a potential of 128.1% (value / price − 1) and a margin of safety of 56.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 10.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 7.8x
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| BN.PADanone | 44.1 bn | 21.9 | 11.9% | 7.4% | −0.9% | −11% / +16% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for PAT.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Patrimoine & Commerce is a French real estate company organised as a partnership limited by shares, which holds and manages a portfolio of commercial properties financed largely through bank loans and leasing. For the period at hand, the relevant points are its debt level, financing cost and share capital, all detailed in the annual report for the year ended 31 December 2025 1. The Loan to Value ratio stood at 42.7 % at 31 December 2025 1.
SWOT
Strengths
Weaknesses
Opportunities
- Recent refinancings could lower the cost of debt if the credit market becomes more favourable 1.
- The ongoing capital increase could strengthen the balance sheet and support new acquisitions or developments 1.
- Property development projects, such as the one at Massieux, could create additional revenue 1.
Risks
- High indebtednesshigh
Gross debt exceeds 419 million EUR, and part of it depends on future refinancing 1.
- Interest rate exposuremedium
The unhedged portion with a variable rate could raise costs if reference rates move 1.
- Financial covenantsmedium
Six loans carry DSCR, LTV or ICR thresholds, a breach of which could trigger lender action 1.
- Property valuationmedium
A decline in the portfolio's value could reduce borrowing capacity and affect LTV indicators 1.
- Tax risklow
The report acknowledges that exposure to tax developments and differing interpretations of rules remains residual but present 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
- Net debt remains high, and reliance on refinancing could become a problem if credit markets deteriorate 1.
- The unhedged variable-rate portion could squeeze margins if rates rise or hedging instruments expire 1.
- Financial thresholds on several loans could limit management's room for manoeuvre if property values fall 1.
What to watch
- Trend in the Loan to Value ratio against contractual thresholds2026
- Completion of the capital increase approved in February 2026Q1 2026
- Pace of refinancing and cost of new loans2026
- Compliance with DSCR and ICR covenants on the six loansnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company is organised as a partnership limited by shares, managed by a general partner and overseen by a supervisory board, with a single managing partner, Duval Gestion SAS 1. The activity described in the report is real estate, financed through amortising loans secured on property and real estate leasing contracts 1. The value of the properties, excluding duties, was 893.9 million EUR at 31 December 2025 1.
The funding structure combines bank loans, a bond issue and lease debt, and in 2025 several refinancings took place, including the 50 million EUR corporate loan 1. Many loans carry no covenants, but six of them, with 113.3 million EUR outstanding, are subject to financial thresholds such as DSCR, LTV or ICR 1. The report states that the company publishes no profit forecast or estimate 1.
On the equity side, the general partner recorded in February 2026 the subscription by two entities of the SMA BTP group to a capital increase, while another reserved investor could not subscribe 1. The company does not sell mass-market products or services; its business is property asset management, and the financing sources it expects remain bank loans 1.
Segments
Market context
The report provides no market data or market share figures for the commercial real estate sector, so no quantitative conclusion about competitive position can be drawn from it 1. The source mainly documents the company's own situation rather than the macroeconomic context of the French market.
Financing cost is a relevant factor, since 71 % of group debt bears a fixed rate and the rest, exposed to rate changes, is partly hedged with financial instruments 1. If reference rates rise, the cost of unhedged debt could weigh on the company's financial margin.
Trends
- Active refinancingmixed
In 2025 the company refinanced several loans, including the bond issue and assets in Poitiers, Martinique and Alençon, which kept its access to credit open 1. Continuing this approach depends on bank conditions and the availability of funding.
- Interest rate hedgingtailwind
Hedging instruments covered 89 % of total debt relative to the fixed or hedged tranche 1. This protection reduces exposure to rising rates but may limit gains if interest rates fall.
- Capital increasetailwind
In February 2026 the board approved a capital increase of 12.3 million EUR, part of which was subscribed by SMA BTP and SMAVIE BTP 1. If the full subscription is completed, share capital would rise to 171,044,610 EUR 1.
- Pressure from covenantsheadwind
Six loans with financial thresholds, totalling 113.3 million EUR, require compliance with indicators such as DSCR and LTV 1. If property values fall, the LTV thresholds could become harder to meet.
Competitive position
The analysed source does not name competitors and contains no comparative data on other real estate companies. An analysis of competitive position would require external documents, which are not available in this set of sources 1.
The differentiation the company describes relates to its governance structure and its access to bank funding, not to comparisons with other operators 1. A potential disadvantage is its reliance on bank loans to finance new projects, a point the report states explicitly 1.
- No competitors named in source
The annual report does not name other operators in commercial real estate, so no direct comparison can be drawn from this source.
- French commercial property operators
A general category of companies owning commercial property in France, not individually identified in the source.
- Real estate leasing companies
Providers of property leasing finance, a tool the group uses, but no names are given in the report.
- Lending banks
Institutions that extended loans to the group, acting as financiers rather than direct competitors.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Patrimoine & Commerce · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.